The establishment of the accounting books for this type of enterprise mainly involves three aspects as well.
1. Cash journal and bank deposit journal
The way to establish the cash journal and bank deposit journal for commodity circulation enterprises is the same as that for industrial enterprises.
2. General ledger
In addition to setting up the daily general ledger accounts that we have discussed for industrial enterprises, commodity circulation enterprises must also set up three essential general ledger accounts: merchandise purchases, inventory of goods, and the difference between purchase and selling prices of goods. If the enterprise frequently consigns goods to others for sale or sells goods on behalf of others, it should also set up accounts for consigned goods, consignment proceeds, and goods sold on consignment. Additionally, since the revenue, cost, and taxes of commodity circulation enterprises differ slightly from those of industrial enterprises, the industrial enterprise's product sales revenue should be changed to "merchandise sales revenue," product sales cost to "merchandise sales cost," product sales taxes and surcharges to "merchandise sales taxes and surcharges," and product sales expenses to "operating expenses." Furthermore, depending on the volume of business and specific needs, the enterprise can add or delete the required general ledger accounts accordingly.