How to account for stock when it is sold

I buy and sell parts. Everytime I buy in any parts I log them as Stock.
So when I see my current stock it always has the accumulated total of all my purchases of stock.
But I’ve sold over half of the stock that I have bought in.
How do I handle this on a day to day basis?

You will need to enter a journal to move the stock to purchases as of the date the stock was sold or at the end of the period is you’re keeping an inventory, the journal system can be accessed through the full chart of accounts (COA) from your dashboard by clicking ‘Reports >> Chart of accounts’ from top navigation menu option, followed by ‘New Journal Entry’.

See the example below:

You can also enter all stock as ‘General Purchases’ and then complete a stock take at the end of the year to calculate the closing stock, see the posting below for further information:

http://www.qfaccounting.co.uk/detail.aspx?id=4828867

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