Example 1: Simple Situation with Basic Need
A business distributes and sells books in two different stores. They want to set up the accounting system to see the sales for textbooks separately from the other books and they want to also see the sales of each item for each store. To accomplish this, they want to record sales and cost of goods sold in the following categories:
Textbook Sales Revenue in Store A
Textbook Revenue in Store B
Textbook Cost of Goods Sold in Store A
Textbook Cost of Goods Sold in Store B
Book Sales Revenue in Store A
Book Sales Revenue in Store B
Book Cost of Goods Sold in Store A
Book Cost of Goods Sold in Store B
To accomplish this, the business will first need to set up accounts for each of these categories in their chart of accounts. Once they define the accounts, the Interface Codes can be set up to post the proper amounts to these accounts when sales are made. The clerks in each store would only need to enter the customer, the method of payment, and the item being sold; the software will properly post the sale based on the setup.
Published date: 09/30/2021