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How to keep a store’s accounting

January 1, 2020
How to keep a store's accounting

When opening a shop or store, it is essential to keep the accounting and then make the corresponding tax declaration before the Administration or competent body. For this, it will be necessary to take control of the purchases and sales, that is, of the expenses and income of our store. There are consultancies and agencies responsible for performing this task, although if it is a small business we can do it ourselves, so in a How we explain how to keep the accounting of a store

Steps to follow:

1. First, it should be noted that the taxation of any business is mandatory, since it must be submitted to the Tax Agency or the competent body of each country. Depending on the legal type of your business, the requirements may vary.

2. In this way, to make the taxation of your store or trade you must make a balance between purchases and sales, that is, between what you spend and what you enter.

3. The documentation that is usually necessary to carry out the taxation of a store will be * Sales invoices with receipts of collections.

  • Sales invoices with receipts for collections.
  • Purchase Invoices and / or other type of proof of expenses
  • Bank statements

 

4. It is important to know that the accounting of a company is managed annually. In the three months after the year ended, we must close the accounts of that calendar year. They have 6 months after the end of the year to present the accounts in the commercial register, which is mandatory.

5. Although the taxation of a store can continue to be carried out with the traditional method, with paper and pen, currently we usually work with accounting software or software that makes taxation more bearable.

6. Also, it should be noted that the most advisable for people who have never taken the taxation of a business is to opt for an adviser or manager to help with the task. Currently, there are online management portals with professionals who can make accounting much easier.