In the modern business world, accounting is one of the essential elements of the success of any organization. Among the important aspects of accounting are: the calculation of purchases and sales of enterprises; it represents the backbone of profit and loss analysis; the development of businesses; and, with the development of technology,
Advanced accounting programs, such as the Qoyod accounting program, can be used to facilitate this vital process rather than relying on traditional manual work and electronic tables, as it can greatly automate the process, save time and effort, and use it as an essential foundation for success and sustainability in the business world. In this article, we will learn how to calculate procurement and sales restrictions through this program, so follow with us.
How to calculate purchases and sales through the Qoyod program
When it comes to calculating purchases and sales through the Qoyod accounting program, there are several steps and procedures to follow. I will explain them to you in turn in this paragraph.
But first, let’s find out: What are the restrictions on buying and selling? In short, it is a set of rules and regulations governing purchases in the financial markets, imposed by the financial and regulatory authorities, while the steps for calculating purchases and sales through the Qoyod program can be summarized as follows:
Basic data preparation
Before you can calculate purchases and sales through Qoyod, you must enter the basic data of customers and suppliers in the program.
This may require entering information such as the company name, address, and phone number, as well as preferred payment methods.
Establishment of invoices and orders
After entering basic data, you can create sales invoices and purchase orders in the program, and details of the item sold or purchased must be specified, such as description, quantity, price, and any discounts, if any.
To be able to know the nature of your purchase account, you must record it in Qoyod when you purchase goods or services from suppliers.
This includes entering invoice details, such as supplier name, date of purchase, goods purchased, quantity, and price.
When selling goods or services to customers, they must be recorded in the accounting program to be able to know the nature of the sales account.
It is worth noting that you may have different options, such as creating an instant invoice or recording sales by entering the invoice details manually. Remember that you must record the details of the item sold, such as quantity, price, and any discounts.
Recording of payments and receipts
In order to be able to calculate your company’s purchases and sales, payments and receipts must be recorded.
When paid to suppliers or received from customers, these payments and receipts must be recorded in the accounting record program, as well as the method of payment or receipt, such as cash, check, bank transfer, etc.
Preparation of financial lists
After recording the purchases, sales, payments, and receipts, you can prepare the necessary financial lists in the Qoyod accounting program.
You can generate a list of income to see total sales, costs, and profits, and you can generate a list of balances to check the balances due to suppliers and customers.
Audit of data
It is important to review the data recorded in the program periodically; to verify their validity and accuracy, it must be ensured that all purchases, sales, payments, and receipts are properly recorded and there are no errors.
Calculating the cost of purchases through the Qoyod program
It is necessary to know the difference between purchases and sales in relation to the cost calculation, and in this paragraph we will learn about each of them successively with something more detailed than before:
Creating a Purchase Account: Create a purchase account and name it “Purchases,” “Purchased Items,” or whatever works for you.
Enter purchase invoices: You must enter all purchase invoices, including vendor details, purchase date, and total invoice amount.
Set labels: Appropriate labels can be selected for purchases in the software, dividing purchases into different categories based on the type of item purchased.
Record payments: When you pay purchase invoices, the corresponding payments must be recorded in the program.
For those who wonder, is the purchase account a credit or a debit? In this case, the purchase account is designated as a debit account and the treasury account, or bank account, as a credit account. Remember that Qoyod can calculate purchases in the chart of accounts with ease, so try it now.
Thanks to this software, you can prepare detailed reports on purchases, showing the total purchases in a specific period of time, the details of each invoice, purchase, supplier you purchased from, and any additional information you need to analyze the financial data.
How do you calculate sales through the program?
To account for sales through the Qoyod accounting program, there are a number of basic steps to be followed, which can be summarized as follows:
Create a sales account.
Initially, you must create a sales account in the accounting program Qoyod; this account can be called “Sales Account” or “Revenue,” and it is a branch under the income account.
Recording of business operations
Once the appropriate account is available, business operations leading to sales can be recorded. For example, if the company sells a customer, the transaction can be recorded by entering information such as the date of sale, name of the customer, and value of the sale in the program.
Identification of account numbers
Qoyod relies on the accounting account numbering system, with unique numbers assigned to each account, which are differentiated and classified according to different accounting categories.
To clarify, the appropriate account number must be assigned to the sales account and recorded in the program.
Qoyod is able to prepare various financial reports, including: Sales Report: This report presents the total sales recorded in a specified time period, such as a month, quarter, or year.
This report can be used to analyze sales performance and make decisions based on the financial statements.
It should be noted that the method of calculating and recording purchases and sales in the program may vary among companies according to the nature of their business and their own accounting structure, and it may also require that program preparations be allocated in accordance with the requirements of the company and applicable accounting regulations.
The importance of calculating purchases and sales through the Qoyod program
The Qoyod program helps in organizing and recording all financial operations related to purchases and sales, which provides many benefits and advantages to the company, which can be summarized as follows:
Tracking and recording all financial transactions
First of all, Koyod can be used to create sales invoices, purchase materials and products, record payments and receipts, track the movement of balances, thus facilitating the audit and financial control processes, and provide the company with an accurate view of current and past financial operations.
Provide valuable information
Second, the purchasing and sales account provides the company with valuable information for making strategic decisions. Through analyzing procurement and sales data, the company can identify the most profitable goods and services and the most productive customers, in addition to analyzing market trends and customer needs.
Facilitate financial and tax reporting.
Qoyod can generate detailed financial reports that include information such as total sales, cost of purchases, and profits and losses, which are necessary to meet financial and tax disclosure requirements and facilitate the submission of tax returns easily and accurately.
Reducing human error
When using Qoyod to record financial transactions, reduce reliance on manual labor, thereby reducing opportunities for data entry errors, ensuring greater accuracy of financial statements, and contributing to improved quality of financial reports.
Enhancing operational efficiency
Instead of relying on time-consuming and faulty manual work, the program can carry out operations more effectively and quickly. As a result, the employee tries to focus his efforts on other important tasks within the company, thereby enhancing overall productivity.
We can say that calculating purchases and sales through Qoyod accounting software represents a crucial step in achieving the financial success of any organization. This program provides strength and accuracy in recording and tracking financial operations, making it easier for you to manage suppliers, monitor costs, and analyze financial performance.
It also makes you able to focus on growth and business development strategies instead of spending your time and efforts on routine financial work.
This enables you to make informed financial decisions based on careful analysis of numbers and data and identify the strengths and weaknesses of the company’s performance, as its strength lies in transforming complex accounting work into easy and organized operations, so using this program gives you confidence and the ability to make the right financial decisions and achieve positive results for your company.
Do not hesitate to take advantage of the benefits of this advanced accounting program to improve the management of your business and achieve financial success. It is worth noting that this program offers you a point-of-sale system, warehouses, and electronic invoice systems at unparalleled prices.
Dear reader, calculating purchases and sales has never been so easy and accurate, but Qoyod accounting software makes it a reality, so try Qoyod now for free for about two weeks and see for yourself what it can do.