Accounting Software For Bookstores
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Reading is an age long activities we love – it helps us know more, and learn a specific subject. Do you own a bookstore or bookshop and are looking for the best bookstore inventory and management software for your business? this guide will you understand how we deployed QuickBooks to manage a client’s business, track sales, inventory and generate financial report real time.
Are you a publisher, do you own an online or offline bookstore or bookshop and are looking for the best bookstore inventory and management software for your small or large business? this guide will you understand how we deployed QuickBooks to manage a client’s business, track sales, inventory and generate financial report real time.
One key area bookstore owners are concerned about is how they can accurately monitor their inventories which could be further split into categories – business, management, finance, family, Christian, relationship, technology, etc – They are always too keen to know what their sales figure is, how many books are in each of these sessions, their cost and total value at specific intervals.
Here is how I implemented QuickBooks Pro 2017 for a bookstore:
- I requested a list of account heads and their various balances as at a specific conversion date. These are account receivables, VAT, payables, banks, an organised list of all the books stating the quantity available, cost and their respective sessions, fixed assets, other receivable and payable.
- After confirming that these requirements are available, I installed QuickBooks on their network since they wanted a multi-user setups that will give different staff simultaneous access to the data file.
- The next step is the implementation where I had to bring in all the balances into the software while checking the statement of financial position, also known as the balance sheet, to verify the accuracy of my entries.
- On the stock side, I had to create categories for the book and entered each book by its title and descriptions with their respective cost, selling prices and quantity available in store as the conversion date.
- Other payables like rent owed, utility bills, salaries due for the month and expenses were also entered appropriately.
- Since every business owners are mandated to deduct VAT or sales tax on all sales transactions, payable to relevant tax authorities, I also attached VAT to all product sales during setup for base calculations.
- For the receivable and payable balances, I requested for a breakdown of all customers name, vendor or book suppliers details with the amount expected to be received and paid to these key businesses as the selected date. This will be added together to give you what is generally known as debtors and creditors balance.
- I explored the banking section to record all payment for expenses incurred, track cash deposit from sales made into my client’s bank account, transfer funds from one bank to account and view bank transaction details.
- The type of reports you should see in this type of accounting software implementation for bookstores are profit or loss, balance sheet, cash flow, stock report, sales report, purchases report, petty cash and banking reports which could further be drilled down to daily, weekly or monthly.
- To avoid discrepancies between your QuickBooks balance and bank statement figure, there is a reconciliation window built to track all omitted or missing transactions in either your bank transactions in the book or on the statement as at the end of the month.
If you want to me to set you up on QuickBooks, send a mail to firstname.lastname@example.org