Hello All , some VERY basic Accounting questions, I’d like to know to which nominal accounts I should post the following transactions to
Let’s say I buy 10 T shirts for £10
I then sell 5 T shirts for £20 = £100 revenue
It costs me £4 for post & packing on each T shirt, so £20 postage costs
How do I enter this in QF?
I now have 5 T shirts left as “Stock”
What happens when i sell T shirt no 6, assume same costs as above
Thanks in Advance
Dave
The “stock” code isn’t really for day to day use, it’s just for year end adjustments. Anything you’re buying for re-sale goes on “general purchases”, the sales income is “general sales”.
For the cost of postage my QuickFile has two different codes, “carriage” is a cost of sales code which I use when suppliers charge me delivery charges to send their products to me, whereas “postage and carriage” is an overheads code which I use when I pay a courier to send my products to my customers (and there’s a third code in the sales section that I use on sales invoices when I charge a customer for delivery separately from the cost of the actual goods).
I’m not sure whether new QuickFile accounts get all these codes by default, you might have to create them from the chart of accounts page.
Many Thanks for the quick response Ian.
Super, thank you Ian
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