HI. Just doing my first VAT return since switching to Quickfile.
Part of the terms of flat rate is showing you have purchased more than £250 / 2% of turnover on stock for sale to enable VAT at your chosen rate (else you have to do the non helpful 16.5% rate). In my previous software I just clicked a report “amount spent on stock”, and set the dates. I have entered all sales stock as STOCK (1001 code by default). How do I get a report showing this total? It seems a basic thing but I just cant find how todo this. Many thanks.
Hello @GaryExcel
You can go into the reports > Chart of accounts screen to get a total of the postings to 1001.
Drill into 1001 and enter the dates required
For future reference this is probably not the right code to use - normally you’d use a purchases (5xxx) code to record purchases of goods for resale, and the 1001 “stock” code only when doing your year-end stocktake. There are other posts on here explaining the process in more detail, e.g. Profit and Loss - Stock - #2 by ian_roberts. I always just used “general purchases” but if you need to separate stock-for-resale from your other cost-of-sales purchases then you could create a new “goods for sale” code in the 5xxx range and use that instead.
1001 is a balance sheet code, so any purchases you code to this would not show up as expenses in your P&L - each time you make a sale you would have to manually journal the cost price of whatever you sold over to a 5xxx code to get the correct value for gross profit.
Thank you Ian, this is just the sort of help I was looking for. The definitions are different to my previous accounts program. Appreciate your assistance.