In this tutorial, we will walk you through how to set up an accounting system right from scratch for a boutique shop retail business using YAPBooks free accounting software and post daily transactions too.
Access YAPBooks using this link and open it on your computer or mobile phone.
Follow this tutorial and post your first boutique transaction today.
Understanding Boutique Shops
A boutique shop is a small retail business that sells fashion items - clothing, shoes, bags, or accessories. Unlike large stores, boutiques usually run on personal relationships, daily cash sales, and quick inventory turnover. They’re common across Nigeria and Africa - from local fashion houses to branded clothing stores in malls.
But while many boutique owners are stylish and creative, bookkeeping is often their biggest blind spot.
The Pain Points of Boutique Owners
Here are some of the real struggles boutique owners face every day:
- No record of stock or cost of goods sold - They buy new stock but can’t tell how much was sold or what’s left.
- Mixing personal and business money - Daily sales often go straight into personal spending.
- No clear profit tracking - They know what they sell, but not if they’re actually making profit.
- Credit customers and vendor debts are forgotten - There’s no system to track who owes who.
- No data for business growth - They can’t confidently seek loans, investors, or expansion because records are scattered.
And yet, every one of these problems is an accounting problem - the exact kind that YAPBooks was built to solve.
The Opportunity for Accountants
If you’re an accountant, accounting student, or bookkeeper, boutique shops present a massive opportunity.
Think about it:
- Every boutique needs record-keeping.
- Most owners are not trained accountants.
- They’re willing to pay someone who can simplify their numbers.
Here’s what you can offer using YAPBooks:
- Set up their Chart of Accounts
- Record their daily sales, expenses, and stock purchases
- Generate monthly profit reports
- Help them understand their cash flow and growth potential
You don’t need an expensive cloud system or constant internet - YAPBooks works offline and saves data locally. Access it here by clicking this link
This means you can walk into any boutique in your area, help them set up, and manage their books for a fee - while building your own client base.
How to Set Up Accounting for a Boutique Shop Using YAPBooks
Now let’s get practical. Here’s how you can set up and run boutique accounting using YAPBooks in less than 30 minutes.
Step 1: Create a New Company Profile
- Open YAPBooks
- Sign in or Login
- Click “Add New Company”
- Enter your Shop Name (e.g., Lily’s Boutique)
- Select Business Type: Trading
- Set your Reporting Currency: e.g., ₦ (Naira)
Each company profile in YAPBooks keeps separate data - perfect if you manage multiple clients or boutiques.
Step 2: Create a Chart of Accounts
Your Chart of Accounts (COA) is the structure for recording every transaction. Use YAPBooks in-built COA or set up one. Here’s what a simple setup for a boutique should look like:
Assets
- 101 – Cash at Hand
- 102 – Bank Account
- 103 – Inventory (Clothing & Accessories)
- 104 – Furniture & Fixtures
Liabilities
- 201 – Trade Payables (Vendors)
- 202 – Shop Rent Payable
Income
- 301 – Sales – Clothing
- 302 – Sales – Accessories
Cost of Sales
- 401 – Purchase of Goods
- 402 – Freight & Delivery
Expenses
- 501 – Shop Rent
- 502 – Electricity & Utilities
- 503 – Staff Wages
- 504 – Repairs & Maintenance
- 505 – Miscellaneous Expenses
You can always modify or add new accounts later.
Step 3: Record Opening Balances
Before transactions start, record what already exists:
| Account | Debit | Credit |
|---|---|---|
| Cash at Hand | ₦25,000 | |
| Bank Account | ₦75,000 | |
| Inventory | ₦300,000 | |
| Owner’s Capital | ₦400,000 |
Go to Journals > New Journal Entry and post these to start clean.
Step 4: Record Stock Purchases
Example:
You buy new stock worth ₦150,000 from “Lagos Fabrics Ltd.”
Go to Suppliers → Vendor Bills
Fill in:
- Vendor: Lagos Fabrics Ltd
- Description: Men’s Shirts & Dresses
- Amount: ₦150,000
This automatically updates your Inventory and Payables.
Step 5: Record Daily Sales
As transactions occur or at day’s end:
- Go to Customers → Invoices
- Enter items sold (e.g. Dresses, Shoes)
- Amount: ₦80,000
- Payment: Cash, POS, or Transfer
You can record each major sale or one daily summary.
Step 6: Record Daily Expenses
Every business spends money - rent, transport, packaging, etc.
Go to Journal Entries → New Journal, and record:
- ₦20,000 – Shop Rent
- ₦3,000 – Electricity
- ₦5,000 – Transport & Delivery
Choose the right expense category from your Chart of Accounts.
Step 7: View Reports
After posting transactions, open Reports → Profit & Loss to see:
- Total Sales
- Cost of Goods Sold
- Gross Profit
- Expenses
- Net Income
Other helpful reports:
- Balance Sheet (shows what the shop owns vs owes)
- Customer Ledger (who owes you)
- Supplier Ledger (who you owe)
Step 8: Offer It as a Paid Service
If you’re an accountant, don’t stop at learning - turn it into income.
Here’s how:
- Visit boutiques in your area.
- Offer a “Bookkeeping Setup & Monthly Report” package using YAPBooks.
- Charge between ₦10,000 – ₦25,000/month, depending on size.
- Keep data backed up and synced monthly.
Boutique owners get clarity.
You get a consistent client base.
YAPBooks becomes your tool for financial independence.
Conclusion
Every boutique shop can look fashionable on the outside - but true business beauty is in the numbers.
With YAPBooks, you can help boutique owners understand their profits, manage cash, and make smarter decisions.
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