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.