Typical accounts (bank accounts in nominal structure) for a retail business? - The Book-keepers Forum (UK)

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TOPIC: Typical accounts (bank accounts in nominal structure) for a retail business?

Count1314

Senior Member

Status: Offline

Posts: 236

Date: Wed Apr 29 08:23 2009

Typical accounts (bank accounts in nominal structure) for a retail business?	Permalink

I have experience of accounting for certain types of business and so my questions will seem a bit dumb to the more experienced bookkeepers out there. Usually in, say, a service company, the purchases are made by either cheque (current account) or in rare cases cash (petty cash account) and similarly, sales posted to the current account. So, credit cards and deposit/loan accounts etc aside, there are two main types of bank account. In retail however, there is the cash till/takings which will be different to the petty cash account (assuming back office will keep one as normal). The cash till will be used for both takings and cash purchases. How is this generally accounted for in a retail business? Also, rather than booking 'out of till' purchases as cash purchases (and therefore lose the ability to analyse by supplier in Sage), would you recommend setting up creditor accounts for all of these suppliers? This is for the type of company who does not keep stock as such and is continually purchasing/selling 'turning over' stock on a daily basis. __________________

TraceyAnn

Veteran Member

Status: Offline

Posts: 39

Date: Wed Apr 29 08:43 2009

	Permalink
IF you need to set up creditor accounts then they get paid from the cash account. I use code 1230 as it is unlikely this sort of shop will have petty cash. Any sales will be recorded straight as cash receipts. __________________

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