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How to log a receipt

Good morning all,

In a bit of a tizz with my accounting. Not an area i really know anything about .

I have a load of different receipts to log from many different shops (Im a reseller) .

I really just want to know what catergory i should log them in?

So if the receipt has 3 toys on it that i plan to resell. Should i log this in the category stock assist?

Im sure that is very basic…But thats the level i am at.

Thank you all in advance.

Hi @Andy_Billingham

The nominals that you use are partly personal preference - you could even set up your own: Adding a new nominal account.

If you are not sure whether to categorise as Stock then you may be best to speak to your accountant to see where you should hold the balance

Hi Beth,

I am just trying to get my accounts in to some sort of order (Its in a mess)
Then i am gong to see an accountant etc for help.

Just trying to put together something to show them etc

This is all very much a steep learning curve for me.

It’s possible that once you see the accountant they are likely to want to change a few things again so might be worth seeing them first.

Ok thank you for your advise. Its appreciated

Hi @Andy_Billingham

Just to add to the posts above, you may find this post helpful too: Buying stock for resale - #2 by ian_roberts

Thats spot on. Thank you.

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