Recording Sales from three different stores

Contributing User Acaa
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Recording Sales from three different stores

Hi All,

 

I am working for a retail store with three shops. Previously the recording of sales from the three stores has been done through a GJ (Credit Sales and Debit bank) and the memo section used to identify which store the sales is from. Unfortunatley this means I can't easily identify sales per store. 

 

I am taking over from someone and would like to change this. I would like to create three sales account numbers - 4-1000 (store one); 4-1001 (store2); 4-1003(Store3) use these to record sales in the GL. The company uses a different system to cost jobs so individual customer invocies are not recorded in MYOB. The accounts department receives sales receipt each day and we make a journal entry to record the sales receipt.

 

Should I wait until the new financial year to make this change or do it now?

 

Regards,

Pam

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Ultimate Partner GDay53
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Re: Recording Sales from three different stores

@Acaa

 

Three different accounts would work well but you could also use Jobs or Categories to split them as well.

As to when to start - that is a question for the owner or accountant.

It may be easier to start 1/1/18 as far as you are concerned but for the accountant 1/7/18 may be a better date.

 

 

Graeme Day
Registered BAS Agent #24745540
First Class Accounts Clayfield
Mobile: 0402 841 627
gday@firstclassaccounts.com
MYOB Certified Consultant
MYOB Diamond Partner
Contributing User Acaa
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Re: Recording Sales from three different stores

Hi,

 

Thank you for your response below. I didnt think of the alternatives suggested but they would work well.

 

Thanks for the suggestion.

 

Pam

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Ultimate Partner Seattle
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Re: Recording Sales from three different stores

@Acaa @GDay53

 

Many Tax Accountants prefer to have one Sales figure as this is used for preparation of the Tax Return.

This is not my preferred method for a Business Owner.

 

It appears that you are able to distinguish each Stores Sales from the EFTPOS.

I like your method of having a separate ledger for each store.

 

Additionally, Margins (GPM, NPM) for each store should be calculated.

 

Duncan  

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
Contributing User Acaa
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Re: Recording Sales from three different stores

Hi Duncan,

 

Thank you for the response below.

 

Regards,

Pam

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