FMCG Store, Retail Store Accounting under GST

fmcg retail store accounting

Accounting is an art of recording financial transactions in books. Today we are discussing accounting process for FMCG Store. FMCG Store means a store which sold out fast moving consumer goods. Mainly daily uses products such as soap, milk, chocolates, dairy products, fruit and vegetables, sugar, coffee, tea  and some common drugs etc. All these items are selling quickly and consume daily. FMCG Store also known as general store, kirana store, retail store, grocery shop, general Retail shop.

Accounting for FMCG Store, General Store, Kirana Store, Retail Store, Grocery Shop

After GST implementation in India many people want to know the process of recording transaction with gst in books. We are using Tally ERP 9 to meet our accounting needs and post all transactions

1.     Create New Company in Tally. 

2.     Activate GST -

  1. Press F11 in Gateway of tally->Statutory and Taxation->Press Yes to GST
  2. Press Yes to GST detail option and fill all the GST detail with your company GSTN no.
  3. Save all information using CTRL+A.

3.Create Masters or Ledgers for FMCG Accounting-

  1. First of all create some sundry debtors, sundry creditors and expenses ledgers.
  2. To Create Ledgers go to Gateway of tally->Accounts Info->Create->Ledger.
  3. Create GST tax ledgers such as CGST, SGST and IGST.

4.     Create Inventory Ledgers-

  1. As per your inventory needs create some stock groups for this go to Gateway of tally ->Inventory Info -> Stock Group ->Create.
  2. Create Stock Items with proper unit of measure such as pcs, gm, kg, ml, lt, nos.,cases, box etc.
  3. Apply proper GST rate and HSN number in GST detail option.

5.     Post some Purchase Entries-

  1. Go to Gateway of tally ->Accounting Vouchers -> Press F9 for Purchase Voucher

6.     Post Sales Entries

  1. If you want to give primary or secondary discount to your customers then activate following option.
    1. Press f11->F2->Set Yes to Separate discount column in invoice.
    2. Create a ledger Sec. Discount under Indirect ExpensesSelect type of ledger as discount.
  1. GST Applicable –NO.
  1. In Sales Voucher Press F12 Twice and Set Yes to cash and trade discount option.
  2. Post sale entries.

For more detail and to learn practical accounting process with Tally erp 9, you can watch our YouTube video.

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