Inventory without entering purchase invoices

[Brucanna]

You have to enter all supplier invoices via Purchase Invoices but you don’t have to enter the inventory detail - if the supplier invoice has 10 inventory items totalling 500, then just enter the Purchase Invoice with a single line for 500, which account you use depends on how you transfer the data from the POS system.

Does your POS system track inventory by value and quantity or does it track inventory by quantity only.

If by value and quantity, then you would post the 500 to a self created inventory account and the data from the POS system would be used to transfer to enter inventory usage from that inventory account to a P&L cost of goods sold.

If by quantity only, then you would post the 500 to a P&L Purchases account - read this topic for a description:

Inventory accounting using Opening Stock + Purchases - Closing Stock

I don’t want to use Inventory items etc. I want it to be turned off but at the same time when i make a sales invoice the figure gets added to the sale and the tax goes to it’s designated account. but where is the stock getting decreased for sales and increased for purchases what steps should be taken to correct this.I should know the position of my stock after each sale or purchase. Please help.