Assets/Stock on QF

Accounting
1

Hi

We recently purchased some assets (stock) but have since sold them so how can we show that we don’t have them anymore and that they’re sold? Theres no way to tag a sale to a purchase etc?

Many thanks

Ryan

2

I think the usual method would be to journal the relevant nominal. There is no inbuilt asset management/depreciation tool.

3

For stock to be sold, the usual approach in QuickFile is to log it as “general purchases” rather than “stock”. At the year end you do a stocktake and journal the appropriate value from “closing stock” to “stock” to get the right cost of sales for the whole year, then journal “stock” back to “opening stock” for the start of the next year to begin the cycle again.

4

Thanks! That makes sense - cheers!