I am a small business owner and was looking for an accounting program to help me keep track of all business activities. I just want to say that thanks to Manager I can do just that, keep up the great work!
Now I am no accounting guru, but I do have some experience in this field. I just have one small query… I can’t get my stock to balance.
This is what I have done:
- Created the supplier,
- Created the inventory item,
- Created and emailed the purchase order,
- Created the purchase invoice after receiving the supplier invoice,
- 50 units of the items now shows in my stock… (great)
- sold 14 units,
- Only now realized that I need to create a journal entry, (but this should not have influence on my stock levels, should it)
- Created a journal entry, one for Accounts payable and one for Inventory on hand,
- linked the Accounts payable entry to the purchase invoice and linked the Inventory on hand entry to the inventory item bought.
Before I created the journal entries the inventory was correct at 50 items bought, 14 sold and 36 on hand. (But the purchase invoice shows as over due)
After creating the journal entry the purchase invoice shows as paid as it should, but the stock level is now -14?
Please can anyone assist me in explaining what I have done wrong or missed?