In my business, I buy lots of different items, Sometimes these items are disassembled and reassembled with other parts that were bought it. I don’t think stock control is appropriate and would really complicate things. I do hope to use the ‘Inventory Items’ system so I can easily invoice items out.
I need to be able to post all my stock purchases into 1 account and maintain the stock on hand value by regular physical stock takes.
- Is this a reasonable way to do it?
- Where would I post the stock purchases? It is an asset not an expense I would imagine.
Also, maybe I should create a new thread, but: In the first year of my business I was running it our of my personal account. I have now completely separated my bank accounts. Where should I post any personal items? I’m thinking I create a Capital Account and call it ‘Drawings’ and post all personal transactions in there.