Help in setup for retail shop

Hi everyone,

I’m hoping you can help me. I’m a sole trader and have been using Manager for a little while in my home-based business. I used it to create my purchase orders, invoices, etc. and keep track of my inventory and bank accounts.

Recently I have opened a small shop, and have a POS system which now takes care of all my purchases and sales, and tracks my inventory. I can produce a report each day/week which shows my sales and the cost of goods which has gone in to those sales.

But … and this is where I get stuck as I’m no accountant … how/where do I enter my stock purchases in Manager, so that I can account for them when I reconcile my bank statements? Also, how do I reduce the value of these purchases by the costs of good that have gone in to making my sales?

I hope I’ve explained the above well enough for someone to help, and thank you in advance for your suggestions.

I guess the first thing you need to understand is that you can’t track the same amount of detail in two different systems - my this I mean, tracking individual items via the POS system as well as tracking individual items via Manger.

Therefore you solution is to have bulk detail in Manager and the individual item detail in the POS system. You can do this by having a BS Asset account (created under Setting - Chart of Accounts) called “POS Inventory” or something suitable.

All Stock Purchases in Manager would get posted to this account in “total”, not by Item detail. Then all payments of those stock purchases Invoices can be reconciled via the bank statements.

Then using your POS report values you would transfer the Cost of Goods in Manager from the “POS Inventory” account to the P&L Cost of Goods Sold expense account.

In summary, you would stop using the Manager Inventory tab and in its place you would use a single “POS Inventory” account in which all stock purchases would be posted and then the Cost of Goods Sold would be transfer from there to the P&L using the POS report values.