A grocery store refers to a retail trade in which the sale of food products is carried out directly to the consumer to meet personal needs. Bookkeeping in a local grocery store can be a challenging task at times. Sales in the store, which is a stationary outlet, are processed by issuing a cash receipt for the purchase, reflecting the purchase amount. After the verifications from the cash register, the cashier enters the amount of the daily revenue in the cashier-operator book. Every day, information from this journal should be recorded in bookkeeping entries that reflect the daily income received from the sale of food products.
Bookkeeping in the grocery store should be conducted based on the correct combination of synthetic and analytical accounting. Synthetic accounting should be maintained in the “sales” section. In the column “credit” of this account, the selling price of the goods sold, including VAT (Value added tax), is reflected. The column “Debit” indicates:
- Expenses for the procurement of goods
- Expenses for the organization of trading activities
- The amount of VAT
- Excises
At the end of each month, the store bookkeeper must enter all this information into the bookkeeping documents and write the expenses from the total amount of revenue received to determine the amount of the monthly gross income from retail food. The specifics of determining the number of write-offs and gross profit will depend on the methods of valuing commodity stocks, which can be carried out at purchasing or sales rates.
Operations of sales accounting when determining the purchase price for purchase prices
When organizing a retail sale of products, the consumer does not prepare invoices for goods that indicate the purchase price of the goods sold and its quantity in keeping records of transactions. When determining the discount price, a bookkeeper must compose a formula that will allow him to make calculations necessary for bookkeeping.
The total value of sold goods is calculated by summing the commodity balance in the accounting prices at the beginning of the month, and the accounting prices’ received goods during the reporting period. From the obtained result, it is necessary to subtract the balance of the commodity mass in the accounting prices, formed at the end of the reporting period.
To determine the accounting prices of incoming goods, the bookkeeper must use the primary accounting documentation based on which the inbound goods are accepted. The balance of accounting is determined by using an inventory, or a procedure for removing balances. Inventory is carried out at the end of the month. This is so that the balance at the end of the reporting month always corresponds to the balance of the next reporting period at the time of its commencement.
Features of accounting for goods at retail rates
The bookkeeping for calculating the total monthly income of a retail outlet at retail prices is done more simply by using computer technologies, barcodes, and scanners that accept digitized information about goods. With the help of such digital technologies, automation of the sales process is carried out. In the end, the manufacturer uses a barcode on the product packaging. This barcode contains all the necessary information about the product, the manufacturer, the seller, and the commodity characteristics.
When accepting goods, employees enter all this information into the store database using a unique reading scanner. If the product does not have a barcode, you have to enter data into the computer manually. When buying goods, the cashier can read all the information reflected in the final check in the form of the total daily revenue received from the sale of products at discount prices.
At the end of the month, the store bookkeeper must draw up an initial balance sheet and compare the credit and debit turnover amounts received on the synthetic account. Calculation of the high cost of the commodity figure is carried out when using sales prices as discount prices, and it is carried out by subtracting the trade markup on the goods sold from the selling price.
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