ITECH SOLUTIONS Retail Software
Trade retails ‘s Reports of information has been designed to give you maximum benefit of the data that has been entered through Software.
Trade retail is Point Of Sale software solution for retail store, Multi Location , Chain Retail.
Whether you have a single store or a chain of stores, Itech Solutions retail can be implemented very quickly and starts increasing your efficiency and profits in a very short time. With inbuilt financial and inventory management, it gives you the overall picture and highlights the areas which need management attention.
i) Extensive support of barcodes reduces manual entry and the resulting errors.
ii) Fast checkout at the billing counters with universal barcode based POS, results in higher customer satisfaction and more repeat visits.
iii) Fast moving, slow moving and dead stock items are highlighted to help you maintain the ideal inventory levels reducing the holding costs and interest.
iv) Itemised salesperson Reports increases efficiency of sales staff.
v) Chain and franchisee management.
There is two part of the application for Manage the tasks are,
1) Back office Application
Retail Store is the Back office tool for manage the Retail business.
2) Point of sale Application
Retail POS is the Application at the retail terminal for make quick sale entry.
Purchase is the cost of buying inventory during a period for the purpose of sale in the ordinary course of the business. It is therefore a kind of expense and is hence included in the income statement within the cost of goods sold. Purchases may include buying of raw materials in the case of a manufacturing concern or finished goods in the case of a retail business.However, in accounting, we have to differentiate between purchases as explained above and other purchases such as those involving the procurement of a fixed assets (e.g. factory machine or building). Such purchases are capitalized in the statement of financial position of the entity (i.e. recognized as assets of the entity) rather than being expensed in the income statement.
Accounting for Purchases
As purchase results in increase in the expense and decrease in assets of the entity, expense must be debited while assets must be credited. A purchase also results in increase in inventory, however the accounting for inventory is kept separate from accounting for purchase as will be further discussed in the inventory accounting section.A purchase may be made on Cash or on Credit.
Revenue is the gross inflow of economic benefits during the period arising in the course of the ordinary activities of an entity when those inflows result in increase in equity, other than increases relating to contributions from equity participants. Sale Revenue is the gross inflow of economic benefits. It must not be netted off against expenses.
Sale is generated through the ordinary activities of the business. Incomes generated through activities that are not part of the core business operations of the business are not classified as sale revenue but are classified instead as gains. For instance, sale revenue of a business whose main aim is to sell biscuits is income generated from selling biscuits. If the business sells one of its factory machines, income from the transaction would be classified as a gain rather than sale revenue.
Sale revenue is an increase in equity during an accounting period except for such increases caused by the contributions from owners (equity participants). Sale revenue must result in increase in net assets (equity) of the entity such as by inflow of cash or other assets. However, net assets of an entity may increase simply by further capital investment by its owners even though such increase in net assets cannot be regarded as sale revenue.
Sale revenue may arise from the following sources:
Sale of goods
Provision of services
Revenue from use of entity’s assets by third parties such as interest, royalties and dividends.
Accounting for Sales
As sale results in increase in the income and assets of the entity, assets must be debited whereas income must be credited. A sale also results in the reduction of inventory, however the accounting for inventory is kept separate from sale accounting as will be further discussed in the inventory accounting section. A sale may be made on cash or on credit.