GENERAL THEORY ON ACCOUNTING FOR SALES,
Importance of accounting for sales and determining business result in
1.1.1 Definition of sales and determining business result.
Selling is the process in which the seller transfers the ownership of goods to the buyer in order to collect money or collect money from the buyer.
In a commercial enterprise, selling represents the final and crucial step in the business process, transforming goods from their physical form (commodity) into monetary value This process is essential for both general and commercial services enterprises, highlighting key characteristics that define effective sales strategies.
- There is an exchange agreement between the buyer and the seller The seller agrees to sell, the buyer agrees to buy, the buyer pays or accepts to pay.
- There is a change in ownership of goods: the owner loses ownership and the buyer has ownership of the purchased goods.
Selling goods generates revenue known as sales, which is essential for businesses to assess their primary performance and overall success.
Business results represent the outcomes of activities conducted within a specific accounting period, serving as key indicators for assessing the performance of enterprises during that timeframe.
Evaluating business results involves comparing expenses incurred with income generated over a specific period When income exceeds costs, the sales outcome is deemed profitable; conversely, if income falls short of costs, the result indicates a loss This assessment is typically performed at the end of a designated period, such as monthly, quarterly, or annually, based on the business's specific characteristics and management needs.
1.1.2 Methods of sales and payment.
The sale of goods in enterprises can be carried out by the following methods:
Wholesale involves the sale of products from one enterprise to other businesses, stores, or agents in large quantities This process allows these entities to resell the products or use them to meet various economic needs Typically, wholesale transactions are conducted through two primary forms.
- The form of wholesale through warehouse: goods are sold to customers from the enterprise's stockpile and are done in two ways:
Direct selling is a method where businesses provide goods directly to customers from a warehouse or storage location A sale is deemed complete when the customer receives the products and signs an invoice to acknowledge the transaction The documentation involved in this process includes a sales invoice or VAT invoice, along with a delivery slip prepared by the seller.
The shipment process involves the periodic delivery of goods to customers according to an economic contract and a specified delivery plan These goods are transported to the agreed-upon location, such as a station, port, or the customer's warehouse, as outlined in the contract.
Ownership of goods remains with the seller until the customer acknowledges receipt and agrees to payment The transfer of ownership signifies a completed sale, recognized by the business Shipping costs are determined by the contract between the enterprise and the buyer, and proper documentation such as sales invoices, VAT invoices, or stock invoices issued by the enterprise is required for the transaction.
Direct wholesale involves a seller purchasing goods directly from a supplier to sell to customers without the items passing through the seller's warehouse This sales model encompasses various smaller formats.
Wholesale hand delivery, also known as direct wholesale, involves commercial enterprises purchasing goods from suppliers for direct delivery to authorized buyers at a mutually agreed location The transaction is deemed complete once the buyer fully receives the goods and signs the receipt on the enterprise's sale vouchers, with payment terms outlined in the signed contract between both parties.
Wholesale shipping involves commercial enterprises purchasing goods from suppliers and directly transporting them to buyers, either through their own means or by outsourcing logistics The ownership of the goods remains with the enterprise until the buyer confirms receipt or completes the payment, at which point the transaction is considered finalized Shipping costs are typically outlined in the contract and can be the responsibility of either the seller or the buyer.
The final stage of goods transportation from manufacturers to consumers is crucial, as it marks the completion of the circulation process, allowing for the realization of both full value and utility Retailers typically operate with small volumes and maintain stable pricing during this phase.
- Direct cash sales: sales are completed directly with customers.
Customers pay money, sellers deliver goods to customers.
- Selling by agent mode: Selling businesses sign contracts with agents, deliver goods to these establishments for sale and pay commissions for selling them.
- Sales by installment or deferred payment: Sales businesses only collect a part of the customer's money, the rest will be paid by installments and must bear a certain amount of interest
There are also other forms of selling such as selling online, on television
Instant payment by cash, bank deposit
This payment method requires buyers to pay the business in cash or via bank deposit upon receiving goods It is commonly utilized by small customers who purchase limited quantities and can make immediate payments at the time of delivery.
In this payment method, the buyer receives the goods upfront and agrees to pay for them after a specified period At the end of this timeframe, the buyer is responsible for settling the total purchase amount along with an additional fee, which represents the interest accrued during the delay.
The installment payment method is a lending approach where the payment amounts remain consistent throughout the repayment period Interest is calculated based on the principal balance and the actual number of days in the repayment term, ensuring that both the principal and interest payments are made simultaneously.
Financial Accounting for sales and business result in the enterprise
1.2.1 Financial Accounting for sales revenue in the enterprise
Revenue and other income represent the total economic benefits an enterprise receives during an accounting period from its regular business operations and additional activities, which contribute to equity growth, excluding any capital contributions from shareholders or owners.
Revenue is the total value of economic benefits the enterprise receives in the accounting period, arising from its normal production and business activities, contributing to increasing equity.
According to Circular 133/2016/TT-BTC
Revenue represents the economic advantage that enhances a business's equity, excluding shareholder contributions It is acknowledged at the moment a transaction occurs, provided that it is probable that economic benefits will be received, and is measured by the fair value of the amounts expected, regardless of the timing of payment.
Based on different criteria, revenue can be classified as follows:
Classification of revenue by content, revenue includes:
- Revenue from sales: is the revenue from the sale of products that enterprises produce, sales of purchased goods and sale of investment properties.
Revenue from service provision refers to the income generated from fulfilling contractual obligations over one or more accounting periods This includes earnings from services such as transportation, tourism, and leasing of fixed assets through operating leases.
Internal sales turnover refers to the revenue generated from the consumption of products, goods, and services within a company It represents the economic benefits derived from the sale of these items among interdependent units within the same corporation, based on an internal pricing structure.
- Revenue from financial activities: is the revenue from interests, royalties, dividends, divided profits and other financial activities of the enterprise.
Classifying revenue by time criteria, revenue includes:
- Earned revenue: is the revenue from fulfilling the obligation to transfer ownership and use right of goods, or to complete the delivery of a service.
Unearned revenue refers to the funds a company receives from customers before delivering goods or services This type of revenue is classified as a liability, as the company has an obligation to provide the agreed-upon products or services to the customer Until the delivery is completed, the company holds the customer's payment without fulfilling its commitment, highlighting the nature of unearned revenue as a pending obligation.
In addition, depending on each specific business, the revenue can be divided by consumption items, by places of consumption, by amount of consumption (wholesale sales, retail sales), etc.
Sales of goods and services are the entire amount earned from goods and services which are sold by the enterprise.
According to VAS 14 "Revenue and other income", revenue is recognized when 5 conditions are satisfied:
- The business has transferred most of the risks and benefits associated with ownership of the product or goods to the buyer.
- The enterprise no longer holds the right to manage goods as the owner of goods or the control right of goods.
- The revenue can be measured reliably.
- The business gains economic benefits from the sale.
- Identifying the costs associated with the sale.
For products, goods and services which are subject to VAT by the deduction method, the revenue from goods sold and service rendered is the VAT-exclusive sale price.
For products and services exempt from VAT or subject to VAT under the direct method, the total revenue generated from sales is equivalent to the full payment received.
VAT invoice or commercial invoice
Other documents which relating to providing goods or rendering services.
Account 511- Revenue to record revenue from sale of products, goods and supplying of services in the accounting periods.
This account has some sub- account:
Account 5111- Goods sale: to record sales and net revenue of goods those have been sold during the period;
Account 5112- Finished product sale: to record sales and net sales revenue of products (finished goods, unfinished goods) self manufactured by the business; which have been sold during the period
Account 5113- Service sale: to record revenue and net revenue from services which provided to customers those have been sold during the period.
Account 511 -Indirect taxs payable (VAT, excise taxes, export taxes…)
-Transferring net revenue to account 911 "Determining business results".
-Sales of products, goods, investment properties and service provision of enterprises carried out in the accounting period.
1.2.1.6 Accounting for some major transactions
Diagram 1 1 - Accounting for Sales of goods and services
(1) Revenue from sales of goods and services
(3) Excise duty, export tax, VAT according to direct method
+ The presentation of accounting for revenue is showing on in code 01: Revenue from sale of goods and rendering services
To prepare the "Revenue from Sale of Goods and Rendering Services" for a fiscal year, accountants rely on data from the previous year’s income statement and the accounting records from account 511.
Accountants prepare the "Revenue from sale of goods and rendering services" for the current year by referencing the actual revenue earned during the period, which will be transferred from account 511 to account 911 at the end of the period For the previous year's column, they rely on the income statement from the prior year.
1.2.2 Financial Accounting for Revenue deductions
Trade discounts, sales allowances, sales returns, excise taxes, export duties, and value-added taxes paid through the direct method are subtracted from the initial turnover to determine net income, which is essential for calculating business results within the accounting period.
A trade discount is a price reduction offered by sellers to customers who purchase products in large quantities This discount can be based on the volume of individual shipments or the total cumulative purchases made over a specific time frame, depending on the seller's trade discount policy.
A sales allowance is a discount provided to buyers for inferior goods, items that do not meet specifications, or products with outdated tastes While both trade discounts and sales allowances serve to reduce costs for buyers, they arise from distinct circumstances.
A sale return refers to the value of goods that customers have returned due to various reasons, such as breaches of commitment, violations of economic contracts, or the receipt of lost or inferior products When a business acknowledges the value of these returned items, it must record a reduction in the cost of goods sold for that period.
According to Circular 133/2016/TT-TCT, Vietnamese accounting system uses account 511, Revenue deductions are recorded in the debit side of account 511
1.2.2.4 Accounting for some major transactions
Diagram 1.2 - Accounting for Revenue deductions
+ The presentation of accounting for revenue is showing on in code 02: Deduction
Transfer revenue in the period
+To prepare the “Deduction” for a fiscal year, accountants based on the following data: Previous year’s income statement; Data on accounting books of account 511
Accountants utilize the accumulated data from the debit of account 511 for the current period to prepare the "Current Year" column, while the "Previous Year" column is based on the income statement from the prior year.
1.2.3 Financial Accounting for Cost of goods sold
1.2.3.1 The concept of cost of goods sold and inventory costing method
Cost of goods sold (COGS) refers to the total expenses incurred by a business in the process of selling its products This includes the costs associated with inventory, selling expenses, and administrative expenses Understanding COGS is essential for evaluating a company's profitability and overall financial health.
In case of goods purchased for immediate sale, not through warehouse
Cost of goods sold = Actual purchase price of goods purchased from a supplier + Cost related to the purchase process
In case of issued goods for sale
Cost of goods sold = Actual purchase price of goods sold + Purchase charge allocated to goods sold
The actual purchase price of goods sold encompasses the amount payable to the seller along with any applicable import taxes When an enterprise acquires goods for resale that require processing or preliminary processing, the total purchase value must also incorporate the costs associated with these processing activities.
Management accounting for sales and determining business result
Management accounting involves the systematic collection, processing, and analysis of economic and financial information to meet administrative needs and support internal decision-making within an organization, as defined by the Law on Accounting No 88/2015/QH13.
Management accounting plays a crucial role in evaluating sales and business results, as it encompasses various activities that drive revenue, including sales, investments, and financial operations In commercial enterprises, sales revenue is a significant contributor to overall performance, making management accounting essential for tracking and analyzing these results Thus, effective management accounting for sales and business outcomes is vital for the success of any enterprise.
1.3.2 Content of management accounting for sales and business results
- Determine the selling price of the product
- Management accounting for sales revenue and business results
Businesses set product selling prices based on principles that ensure costs are covered and expected returns are met They consider various conditions, circumstances, and types of pricing strategies to establish a fair and reasonable selling price.
Enterprises can organize sales accounting according to many criteria depending on management requirements and conditions of enterprises and meet the requirements of determining business results in each period.
For commercial enterprises, the direct method of pricing is often deemed the most effective approach to set product prices This method involves determining the selling price of a product using a specific formula that takes into account various factors influencing profitability.
The selling price of products = Original cost + Additional money (1.14)
Original cost includes cost of goods sold and all variable cost such as variable selling expenses, variable administration expenses.
The additional money must offset all expenses in the period, including original cost, fixed selling expenese, fixed administration expenses and the expected profit.
Additional money = Original cost x Percentage extra
Percentage extra Fixed selling expenses +
+ Expected return Output x Variable cost per unit (Original cost) Expected return = Capital investment x Percentage of return
1.3.2.2 Management accounting for sales revenue and business results
Management accounting for sales revenue
Management accounting for sales revenue is similar to financial accounting, including revenue from normal business activities and income from other activities.
Management accounting for sales revenue in enterprises is organized to serve the request of providing information to corporate manager as follows:
- Details by sales and payment methods: revenue from cash sales, sales through agents, installment sales, unearnes revenue, barter sales
- Details by governance requirements: external sales, internal sales, export sales and domestic sales.
A sales budget is an essential tool that estimates sales revenue and associated overheads for a specific period Accurate sales forecasting enhances resource allocation, boosts profitability, and minimizes waste By predicting market demand for goods or services, businesses can effectively prepare their sales budgets.
Management accounting for business results
Management accounting for business results is similar to financial accounting, including the results from normal business activities and the results from other activities.
Results from sales is the difference between revenue (output) and cost (input) of the number of products, goods and services sold and supplied.
Revenue (output) is the difference between the proceeds from sales and the revenue deductions
The cost of goods sold (COGS) encompasses the total expenses associated with the production and sale of products and services, including purchase costs, selling expenses, and administrative expenses These costs are typically allocated based on a specific formula to accurately reflect the financial performance of the goods and services provided.
1.3.3 The organization for management accounting for sales and business results
To meet the revenue management requirements, businesses need to organize a detailed accounting of each revenue.
Management accounting for sales and business results relies on original accounting documents mandated by the Ministry of Finance, including VAT invoices, sales invoices, Goods Receipt Notes (GRNs), Goods Dispatch Notes (GDNs), payment vouchers, and debit notes.
Revenue management accounting is conducted using detailed books and management accounting accounts, which can be established at levels 2, 3, and 4 This structure allows for comprehensive tracking of revenue details for each specific object and product.
Reports: Reports on management accounting for sales and business results are flexible according to the requirements of the administrator and business production characteristics of the enterprise, including:
- Report on revenue, expenses and profits of each product, goods or services
- Report the volume of goods sold during the period by customers, selling prices, discounts and other promotions method.
- Detailed reports on product (service) formation and consumption
- Detailed reports on receivables according to debt term, debtors and debt collection capacity
- Sales reports by sales method and payment method
In addition, based on the requirements of management and administration in each specific period, enterprises can adjust and prepare other management accounting reports.
ACCOUNTING FOR SALES AND DETERMINING
Overview of New and Nice Interior Joint Stock Company
2.1.1 General information of New and Nice Interior Joint Stock Company
Trading name: NEW AND NICE INTERIOR JOINT STOCK COMPANY
Address: No 340, Khuong Dinh Street Ha Dinh Ward, Thanh Xuan
District, Ha Noi, Viet Nam
Legal representative: Mr Nguyen Van De
Managed by: Thanh Xuan District Tax Department
Transaction Bank: MB – Kim Lien Branch
New and Nice Interior JoinT Stock Company was established with a business registration license issued by Hanoi Tax Department on May 12 th , 2012.
New and Nice Interior Joint Stock Company is a legally recognized entity in Vietnam, operating as a joint stock company It possesses its own seal and maintains a bank account, adhering to the regulations set forth by Vietnamese corporate law.
Since its establishment, New and Beautiful Furniture Joint Stock Company has evolved from a small enterprise into a prominent player in the furniture industry Since 2012, the company has consistently enhanced its organizational structure and broadened its distribution network nationwide, offering a diverse range of furniture products Additionally, it boasts a skilled design team specializing in interior design, capable of creating customized solutions for both residential spaces and large-scale spa facilities.
At New and Beautiful Furniture Joint Stock Company, our commitment to knowledgeable service and a strong sense of responsibility drives us to deliver high-quality furniture and spa equipment from renowned brands in the Vietnamese market We cater to all interior design needs, offering a diverse range of products including beds, wardrobes, tables and chairs, desk clocks, wooden trolleys, and rattan baskets, ensuring both quality and quantity to meet our customers' expectations.
After over eight years in operation, the company has undergone significant changes in both its operational methods and human resources While production scale remains modest, leadership has fostered a dynamic work environment supported by a scientific management system The dedicated team of skilled workers and enthusiastic leaders is committed to strengthening the company's profitability Through collective efforts, the company is steadily establishing its reputation in the active furniture industry and aims to expand its business network, ultimately creating more jobs and enhancing the quality of life for its employees.
The company is dedicated to enhancing people's lives through the provision of comfortable and luxurious furniture, focusing on high product quality to attract more customers and elevate its reputation both in the Vietnamese market and internationally.
New and Nice Interior Joint Stock Company is a multi-industry company, operating in the following fields:
+ Retail sale of household electrical appliances, beds, wardrobes, tables, chairs and similar furniture, temples and lighting sets, and other household appliances
+ Wholesale agricultural and raw materials
+ Manufacture of beds, wardrobes, tables, chairs
+ Retail sale of medical equipment, cosmetics, hygiene products in specialized stores
2.1.3 Characteristics of organizing management mechanism
Diagram 2 1 - Organizational structure Functions of each department:
According to the above management model, problems arising in functional departments will be managed by functional officers Regarding to
Board of Director Board of Director
The Sales Department is tasked with addressing the company's challenges, with the director holding ultimate responsibility for resolving these issues The director will provide the final solutions and is fully accountable for the decisions made.
The Director holds accountability to both the Company and the State for employee welfare and business performance, overseeing the formulation of development strategies and long-term plans Responsibilities include assigning tasks, conducting inspections, and making decisions regarding appointments, dismissals, rewards, and disciplinary actions based on council reviews Additionally, the Director is directly responsible for managing personnel, finance, investment, and training initiatives.
The Deputy Director serves as the primary assistant to the Director, empowered to act on their behalf in the Director's absence This role involves significant responsibilities, including accountability to both the Director and legal authorities for decisions made while negotiating and signing various economic contracts with domestic and international clients.
The team is responsible for advising and assisting the Director in personnel organization, ensuring effective management of employee needs, salary administration, and safeguarding the company's inspection, emulation, military, and administrative standards.
The role involves advising the Company Director on financial and accounting management, overseeing asset monitoring, and optimizing capital utilization, while ensuring the comprehensive execution of all bookkeeping operations across the organization.
The Sales department encompasses both the Purchasing and Sales divisions, tasked with formulating and advising on product marketing and sales strategies It oversees the distribution of procured products, manages consumption contracts, and conducts inspections to ensure quality for customers Additionally, it is responsible for delivering exceptional customer service.
Preserve and manage the company’s goods, check the quality and quantity of goods before entering the warehouse, input and output goods when there are requirement.
2.1.4 Characteristics of organizing accounting system
Diagram 2 2 - Organization of accounting apparatus
The chief accountant plays a crucial role in overseeing the financial and accounting operations of the entire company This position requires a highly qualified individual with a strong understanding of current state accounting regulations, enabling them to effectively advise and direct various departments in their financial practices.
Warehouse and Fixed assets Accountant
Warehouse and Fixed assets Accountant
Sales accountant cum Tax Accountant
Sales accountant cum Tax Accountant
An accountant plays a crucial role in a company by ensuring timely and accurate financial reporting, collaborating with the board of directors to identify strengths and weaknesses in financial operations This position is essential for making informed decisions and holds the accountant accountable to the company director for the integrity of all financial accounting figures.
Warehouse and Fixed assets accountant:
A Warehouse and Fixed Assets Accountant plays a crucial role in managing invoicing and monitoring the details of goods within the warehouse and fixed assets of the company This includes overseeing the buying and selling of assets, as well as the receipt, delivery, and inventory of goods They are responsible for reconciling invoices and vouchers with actual figures provided by the stockkeeper, aiming to minimize risks and losses for the organization.
A Sales Accountant is responsible for overseeing and documenting all aspects of an enterprise's sales operations This includes recording sales invoices, tracking sales revenue and VAT payable, maintaining detailed records of goods sold, and managing invoices and vouchers Additionally, the Sales Accountant prepares necessary sales reports in accordance with regulatory requirements.
Work directly with the tax authorities when there is a problem.
Check and compare VAT invoices with input and output tax lists
Prepare general report on output VAT of the whole enterprise, classified by tax rate.
Prepare a general report on input VAT of the whole enterprise in accordance with the deductible distribution rate.
Monitor reports on budget remittance, budget backlog and tax refund of enterprises.
Prepare tax refund documents when there arises.
Prepare general tax declaration periodically or unexpectedly
Check input bills, detect illegal invoices notification to relevant establishments.
Close the tax report of the business.
Check the report on the use of tax invoices to report to the tax department.
Make a list of storage and preservation of VAT invoices over time, the order of numbers is not lost or damaged.
Plan for value added tax, enterprise income, pay to the state budget
Financial Accounting for sales and determining business result in New
2.2.1 Financial Accounting for Revenue in New and Nice Interior Joint Stock Company
Debit notices, Credit notices of banks
Diagram 2 4 - Revenue accounting entries process
Every day, based on the VAT invoices, receipts, credit advices, accounting note, etc the accountants record the transactions related to revenue from goods sold in the accounting software.
- When customers purchase, the company will issue invoices to customers Revenue is determined as follows:
Revenue = Quantity of goods sold * Unit price (excluded VAT)
- After receiving the invoice, customers will pay the company in two forms: cash or bank transfer.
- After the company receives the money, accountants will enter data into the accounting software by each form of payment:
+ Customers pay in cash: the accountant will make a cash receipt and record into cash book (Acc 111)
+ Customers pay by bank transfer: the accountant rely on the bank's credit advice to enter data into book of Cash at bank (Account 112)
On December 29, 2019, under sales contract No 0001730, the Hai Phong Branch of Vinpearl Joint Stock Company initiated a purchase requisition for goods This requisition was subsequently forwarded to the sales department for the issuance of VAT invoices.
New and Nice Interior Joint Stock Company
No 340, Khuong Đinh Street, Ha Dinh Ward, Thanh Xuan District, Hanoi
Date 29 month 12 year 2019 Company: Hai Phong Branch – Vinpearl Joint Stock Company
No Items Unit Quantity Cost per unit Amount
2 Đong ho de ban unit 11 420.000 4.620.000
Total amount in words: Sixteen million one hundred fifty nine thousand dong
Upon receiving a purchase requisition, the warehouse department verifies that the available goods align with the customer's specified quality and quantity If the criteria are satisfied, the warehouse keeper issues a release note, retrieves the goods, and processes the sale as per the purchase request The material accountant prepares a delivery note based on the requisition, which consists of two copies.
+ Copy 2: Transfer to the goods accountant kept.
Once the delivery note is received, it is handed over to the warehouse keeper to execute the output procedures, who then signs and retains copy 1 Meanwhile, copy 2 is forwarded to the material accountant, who subsequently submits the delivery note to the chief accountant for approval and records it in the accounting books Finally, the release note is presented to the Director for periodic approval, as the documents have already been pre-approved, requiring only the Director's signature Company: New and Beautiful Furniture Joint Stock Company.
Mẫu số: 02 – VT Ban hành theo Thông tư số133/2016/TT- BTC ngày 26/8/2016 của Bộ Tài chính)
Họ tên người nhận hàng: Nguyễn Hoàng Long, Địa chỉ (bộ phận): Mua hàng Địa chỉ: Chi nhánh Hải Phòng – Công ty cổ phần Vinpearl
Lý do xuất kho: Xuất kho bán hàng theo giấy đề nghị mua hàng
Xuất tại kho: Kho hàng hóa 1, Địa điểm: Phường Hạ Đình, Quận Thanh Xuân, Hà Nội
Tên, nhãn hiệu, quy cách , phẩm chất, vật tư, dụng cụ, sản phẩm, hàng hóa
Mã số Đơn vị tính
Số lượng Đơn giá Thành tiền
1 Xe đẩy gỗ XD1 Cái 03 1.890.000 5.670.000
2 Đồng hồ để bàn DH2 Cái 11 420.000 4.620.000
Tổng số tiền (viết bằng chữ): Mười bốn triệu sáu trăm chín mươi nghìn đồng
Số chứng từ gốc kèm theo: 02 chứng từ gốc
Ngày 29 tháng 12 năm 2019 Người lập phiếu
Người nhận hàng (Ký, họ tên)
Thủ kho (Ký, họ tên)
Kế toán trưởng (Ký, họ tên)
Thủ trưởng đơn vị (Ký,họ tên, đóng dấu)
To establish the opening balance on the warehouse card, it is essential to utilize the inventory record, which includes contributions from the warehouse accountant, warehouse keeper, and supervisor This balance should be compared with the inventory figures in the accounting books The warehouse card is recorded based on warehouse receipt and release notes, while warehouse tags are employed to monitor each type of goods and material codes, allowing the warehouse keeper to effectively track the quantities of goods imported and exported.
After leaving the warehouse, the sales department issues sales invoices as follows:
At the sales department, VAT invoices are made into 3 copies:
- Copy 2: (in red) Delivered to the buyer.
Once the sales team generates the VAT invoice, it must be presented to the director for signature and stamping Alternatively, if authorized, the Deputy Director can sign and stamp the invoice on the left side above the document.
System screen → Sales module → Add →:
- Choose: Selling goods and services in the country
- Unselect: "Included goods delivery note"
→ Enter data: as in the picture → Save
For this sales invoice, the customer has transferred the payment The company receives a credit note from the bank.
CÔNG TY CỔ PHẦN NỘI THẤT MỚI VÀ THẤT (Ban hành theo Thông tư số 133/2016/TT-
Số 340, Đường Khương Đình, Phường Hạ Đình, Quận Thanh Xuân, BTC
Thành phố Hà Nội, Việt Nam
GIẤY BÁO CÓ Quyển số:
Người nộp tiền là Chi Nhánh Hải Phòng thuộc Công ty Cổ phần Vinpearl, có địa chỉ tại Đảo Vũ Yên, đường Nguyễn Bỉnh Khiêm, phường Đông Hải, Quận Hải An, thành phố Hải Phòng.
Lý do nộp: Thu tiền bán hàng CHI NHÁNH HẢI PHÒNG - CÔNG TY CỔ PHẦN VINPEARL theo hóa đơn 0000348
Viết bằng chữ: Mười sáu triệu một trăm năm mươi chín nghìn đồng
Kèm theo: 02 chứng từ gốc
Giám đốc Kế toán trưởng Người lập
(Ký, họ tên, đóng dấu) (Ký, họ tên) (Ký, họ tên) Đã nhận đủ số tiền (Viết bằng chữ): Mười sáu triệu một trăm năm mươi chín nghìn đồng.
The company, New and Beautiful Furniture Joint Stock Company, located at 340 Khương Đình Street, Hạ Đình Ward, utilizes a general journal accounting system This method relies on original documents such as sales invoices and receipts, allowing the accountant to compile all transactions into the General Journal efficiently.
Quận Thanh Xuân, Hà Nội
Mẫu số: S03a – DNN (Ban hành theo Thông tư số 133/2016/TT-BTC Ngày 26/08/2016 của Bộ Tài chính)
Năm 2019 Đơn vị tính: VNĐ Ngày tháng ghi sổ
Diễn giải Đã ghi Sổ cái
Số hiệu Ngày, tháng Nợ Có
Số trang trước chuyển sang
14/11 0012888 14/11 Mua hàng của Công ty TNHH Kim Lân
103.378.055 04/12 PC00025 14/11 Chi tiền thuê xe ô tô chở hàng
05/12 PT00047 05/12 Rút tiền gửi Ngân hàng về quỹ tiền mặt X X 1111
21/12 0000337 21/12 Bán hàng cho Công ty TNHH Xây dựng Vietnammarch X X
23/12 0000338 23/12 Bán hàng cho Chi nhánh Cần Thơ –
Công ty Cổ phần Vinpearl X X
23/12 PT00064 23/12 Thu tiền bán hàng của công ty TNHH
29/12 000348 29/12 Bán hàng cho Chi nhánh Hải Phòng –
Công ty cổ phần Vinpearl X X
61 29/12 Thu tiền bán hàng của Chi nhánh Hải
Phòng – Công ty cổ phần Vinpearl X X 1121
30/12 000352 30/12 Bán hàng cho Công ty cổ phần Hạ tầng X X 632 44.800.000 và thiết bị môi trường Hà Nội
31/12 000353 31/12 Bán hàng cho công ty Cổ phần Đầu Tư
Và Phát Triển Du Lịch Phú Quốc X X
85 31/12 Doanh thu từ lãi gửi tiết kiệm
31/12 PC00062 31/12 Chi tiền lương cho nhân viên bán hàng tháng 12/2019 X X 6421
78 31/12 Trích KHTSCĐ ở bộ phận bán hàng tháng 12/2019 X X 6421
31/12 PC00063 31/12 Chi lương cho công nhân viên tháng 12 X X 6422
31/12 0221770 31/12 Thanh toán tiền điện thoại tháng
TCB-QA 31/12 Chi phí lãi vay X X 635
31/12 31/12 Phân bổ chi phí CCDC tháng 12/2019 X X 242
31/12 KCTK 31/12 Kết chuyển doanh thu hoạt động tài chính X X 515
31/12 KCTK 31/12 Kết chuyển chi phí hoạt động tài chính X X 911
31/12 KCTK 31/12 Kết chuyển giá vốn hàng bán X X 911
31/12 KCTK 31/12 Kết chuyển doanh thu bán hàng X X 511
31/12 KCTK 31/12 Kết chuyển chi phi bán hàng X X 911
31/12 KCTK 31/12 Kết chuyển chi phí quản lý doanh nghiệp X X 911
31/12 KCTK 31/12 Kết chuyển chi phí khác X X 911
31/12 KCTK 31/12 Kết chuyển thu nhập khác X X 711
- Sổ này có 122 trang, đánh số từ trang số 01 đến trang 122.
Người ghi sổ Kế toán trưởng Giám đốc
The detailed book of Account 3331 is essential for documenting VAT invoices related to goods sales, serving as the foundation for companies to deduct output VAT during monthly tax declarations At the end of the reporting period, the data from this account is reconciled with the detailed book of Account 133, which tracks VAT on purchased goods, to accurately calculate the VAT payable to the State budget.
Tax accountants meticulously manage detailed accounting books and related ledgers, recording daily transactions in the ledger of Account 3331 based on the general journal At the end of each period, they conduct a thorough comparison of the detailed accounting records with the ledger, ensuring accuracy in dates, data, and transaction details.
A tax accountant plays a crucial role in identifying and recording revenue, selling expenses, and business administration costs Utilizing the general journal, the tax accountant systematically documents revenue in the sales account ledger This process is essential for accurate financial reporting and compliance The example company, New and Beautiful Furniture Joint Stock Company, is located at 340 Khuong Dinh Street, Ha Dinh Ward, Thanh District.
Xuân, Thành phố Hà Nội, Việt Nam
Mẫu số S03b – DN (Ban hành theo Thông tư số 133/2016/TT – BTC ngày 26/08/2016 của Bộ trưởng
(TRÍCH) SỔ CÁI (Dùng cho hình thức kế toán Nhật ký chung)
Năm 2019 Tên tài khoản: Doanh thu bán hàng và cung cấp dịch vụ
Nhật ký chung Số hiệu
Số hiệu Ngày tháng Trang sổ STT dòng Nợ Có
- Số phát sinh trong tháng.
15/12 0001456 15/12 Bán hàng cho Công ty TNHH Xây dựng
19/12 01730 19/12 Bán hàng cho Chi nhánh Cần Thơ – Công ty CP Vinpearl 10 08 111
22/12 0001738 22/12 Bán hàng cho chi nhánh Hải Phòng – công ty CP Vinpearl 10 15 131 14.690.000
31/12 0001752 31/12 Bán hàng cho công ty Cổ phần Đầu
Tư Và Phát Triển Du Lịch Phú Quốc 10 30 131
31/12 KCTK 31/12 Kết chuyển doanh thu bán hàng 10 31 911 5.027.889.070
Cộng số phát sinh trong kỳ
Số dư cuối kỳ Cộng lũy kế từ đầu quý
- Sổ này có 20 trang, đánh số từ trang số 01 đến trang 20.
Người ghi sổ Kế toán trưởng Giám đốc
(Ký, họ tên) (Ký, họ tên) (Ký, họ tên, đánh dấu)
2.2.2 Financial Accounting for Revenue deduction in New and Nice
List of consigned goods sold
Payment report of goods consignment
Others related vouchers: delivery note of goods sold, receive note of returned goods, shipping bill, etc.
Every day, based on the VAT invoices, sales contracts, accounting note, etc the accountants record the transactions related to revenue deductions in the accounting software.
Customers are entitled to return products if they receive items of poor quality or if the delivery does not align with the agreed-upon contract terms To initiate the return process, customers must submit a re-import application that includes their full name, address, and the reason for the return.
The re-stocking process begins with an application submitted to the sales department and subsequently forwarded to the board of directors for approval Upon acceptance, the customer utilizes a VAT invoice for the returned goods, similar to a resale transaction Once the company receives the red invoice and the returned shipment, both the warehouse and accounting departments assess the product to determine the appropriate course of action If the product is deemed substandard, it will be sent to the workshop for scrapping or re-engineering into a different product Conversely, if the product is intact, it will be returned to the warehouse, remaining in inventory until it is needed for sale.
In the accounting department, it is essential to verify the legality of vouchers upon receipt Following this verification, the data from the sales department is recorded in the sales detail book, specifically for transactions involving returned sales.
There were no sales deductions in the year
2.2.3 Financial Accounting for Cost of goods sold in New and Nice
At the end of the accounting period, cost of goods sold is calculated according to the average term.
Other documents which relating to rendering of services.
Account 632 – “Cost of goods sold”.
This account is used to record the cost of goods sold and services, investment property, cost of construction work (for construction contractor) during the period.
The accounting book is used to present revenue of selling goods and rendering services is ledger of account 632
Diagram 2 5 - Cost of goods sold accounting entries process
On 1 st January 2019, the Company sold 20 essential oil lamps for Kien Giang Branch – Vinpearl Joint Stock Company, which have total value of 5,700,000 VND The selling price is 620,000 per lamp.
Accounting entries for cost of goods sold were as follows:
CÔNG TY CỔ PHẦN NỘI THẤT MỚI VÀ ĐẸP
(Ban hành theo Thông tư số 133/2016/TT-BTC Ngày 26/08/2016 của Bộ Tài chính)
Số 340, Đường Khương Đình, Phường Hạ Đình, Quận Thanh Xuân,
Thành phố Hà Nội, Việt Nam
(Dùng cho hình thức kế toán Nhật ký chung)
- Số phát sinh trong kỳ
05/01/2019 XK00002_19 05/01/2019 Hộp đựng khăn giấy 13,5*13,5 156 4.488.622
24/12/2019 XK00077_19 20/12/2019 Đồng hồ để bàn 155 3.461.756
29/12/2019 XK00088_19 29/12/2019 Giỏ mây đựng quần áo loại nhỏ 155 2.594.253
31/12/2019 NVK00082 31/12/2019 Kết chuyển giá vốn hàng bán 911 3.104.399.170
- Cộng lũy kế từ đầu năm 3.104.399.170 2.104.399.170
- Sổ này có 17 trang, đánh từ trang số 01 đến trang 17
Người ghi sổ Kế toán trưởng Giám đốc
(Ký, họ tên) (Ký, họ tên) (Ký, họ tên, đóng dấu)
2.2.4 Financial Accounting for selling expenses and administrative expense in New and Nice Interior Joint Stock Company.
Account used 642- Administrative expense to record the Administrative expenses incurred during the accounting period Accounting entries to record any Administrative Expenses incurred for the period
January 31, 2019 New and Nice Interior Joint Stock Company has paid Freight car rental in January of VND 8 million, and office rental of VND 8 million.
Accounting entries are as follows:
System screen → Fund module → Payment note → Enter data:
- The object: Nguyen Van De
When expenses occur, accountants rely on original documents to create payment notes for cash transactions and authorized payments for bank transactions, while simultaneously updating the accounting records This essential task is carried out by the money accountant.
CÔNG TY CỔ PHẦN NỘI THẤT MỚI VÀ ĐẸP Mẫu số: S03b-DNN
(Ban hành theo Thông tư số 133/2016/TT-BTC Ngày 26/08/2016 của Bộ Tài chính)
Số 340, Đường Khương Đình, Phường Hạ Đình, Quận Thanh Xuân, Hà
(Dùng cho hình thức kế toán Nhật ký chung)
Tài khoản: 6421 - Chi phí bán hàng Đơn vị tính: VND
Số hiệu TK đối ứng
- Số phát sinh trong kỳ
31/01/2019 PC00139_19 31/01/2019 Chi tiền thuê xe ô tô chở hàng 1111 8.000.000
28/02/2019 PC00140_19 28/02/2019 Chi tiền thuê xe ô tô chở hàng 1111 18.2400.000
31/03/2019 PC00141_19 31/03/2019 Chi tiền thuê xe ô tô chở hàng 1111 10.003.000
01/12/2019 KH00018 31/12/2019 Khấu hao TSCĐ tháng 12 năm
31/12/2019 NVK00082 31/12/2019 Kết chuyển chi phí bán hàng 911 560.748.656
- Cộng lũy kế từ đầu năm 560.748.656 560.748.656
Người ghi sổ Kế toán trưởng Giám đốc
(Ký, họ tên) (Ký, họ tên) (Ký, họ tên, đóng dấu)
CÔNG TY CỔ PHẦN NỘI THẤT MỚI VÀ ĐẸP (Ban hành theo Thông tư số 133/2016/TT-BTC
Ngày 26/08/2016 của Bộ Tài chính)
Số 340, Đường Khương Đình, Phường Hạ Đình, Quận Thanh Xuân,
Thành phố Hà Nội, Việt Nam
(Dùng cho hình thức kế toán Nhật ký chung)
Tài khoản: 6422 - Chi phí quản lý doanh nghiệp Đơn vị tính: VND
Số hiệu TK đối ứng
- Số phát sinh trong kỳ
02/01/2019 aNVK00034 02/01/2019 Hạch toán tiền lương 334 17.460.000
02/01/2019 NVK00068 02/01/2019 Hạch toán tiền lệ phí môn bài năm 2019 3339 3.000.000
31/01/2019 KH00001 31/01/2019 Khấu hao TSCĐ tháng 1 năm
31/01/2019 PBCC00002 31/01/2019 Phân bổ chi phí CCDC tháng 1 năm 2019 242 3.579.944
31/01/2019 PC00012_19 31/01/2019 Cước chuyển phát nhanh tháng 01/2019 1111 1.274.463
31/01/2019 PC00014_19 31/01/2019 Chi tiền thuê 2 nhà xưởng 1111 16.000.000
31/01/2019 PC00151_19 31/01/2019 Chi tiền thuê văn phòng 1111 8.000.000
31/12/2019 NVK00082 31/12/2019 Kết chuyển chi phí quản lý doanh nghiệp 911 708.301.427
Số trang trước chuyển sang 708.301.427 708.301.427
Người ghi sổ Kế toán trưởng Giám đốc
(Ký, họ tên) (Ký, họ tên) (Ký, họ tên, đóng dấu)
2.2.5 Financial Accounting for financial income and financial expenses in New and Nice Interior Joint Stock Company
The accounting book is used to present financial revenue and financial expenses ledger of account 515 and ledger of account 635
General journal, Subsidiary ledger account 515, 635
Diagram 2 6 - Financial income accounting entries process
The company's primary focus on trading furniture products limits its involvement in financial services, resulting in minimal monthly business revenues and financial expenses Consequently, bank transactions and loan repayments are notably low.
2.2.5.5 Illustrative example for financial income
Management accounting for sales and determining business result in
Management accounting is crucial for businesses, particularly in the commercial sector, as it enables a swift understanding of financial status, aiding internal governance and informed decision-making Currently, many companies overlook management accounting, resulting in limited internal management and decision-making capabilities This negligence leads to a lack of focus on sales, absence of management reports, and ineffective cost management plans, causing potential losses and waste Without detailed allocation of selling and administrative expenses, businesses struggle to identify the profitability of individual items, hindering their ability to strategize effectively around key products Additionally, companies often maintain relationships with existing suppliers, accepting higher input prices instead of seeking more economical options, which affects their overall cost efficiency.