Stock

[rawandmoreshack]

Hi, I’ve been using QuickFile for about 3 years now but only really to keep track of my income she expenses and to issue invoices,I am a dog walker so i dont have stock, however I am now selling dog food she i need to try and understand how much I am making, only way I can do that is to add the stock into QuickFile and keep a track that way.

Can anyone give me some basic advice on how I can add it as stock into QuickFile and how do I take it out when I sell it

Thank you

[QFBeth]

Hi @rawandmoreshack,

You can treat the stock as a purchase and so when you buy it log it as a purchase under a project tag. And then when you come to sell it, you’d raise sales invoices which you can again add the same project tag.

You can then view your transactions by project tag so you can see all the purchases/sales relating to the dog food.

This is just one idea, hope that helps?

[ian_roberts]

You don’t generally need to track all your stock on a day to day basis within QuickFile. I run a retail shop and what I do is:

• when I buy goods to sell, those go as purchases to the “general purchases” category
• when I sell goods, those go as sales to the “general sales” category
• once a year at my year end date I count up the value of all the stock I have in hand on that day and make a journal
  • credit “closing stock” (a P&L code)
  • debit “stock” (a balance sheet code)
• in the second and subsequent years this journal will also have two more lines to credit “stock” and debit “opening stock” for the amount of stock I held at the end of the previous year

This makes my overall cost of sales for any given year equal to

• the value of the stock I held at the start of the year
• plus the cost of everything I bought during the year
• minus the value of anything I had left at the end of the year

and the year end balance sheet includes the value of whatever stock I hold at that time.

If you wanted to keep your dog food sales figures separate from your other income you could create separate sales and purchase codes for that rather than using general sales/purchases.

[FolkLondon]

You will want to keep sales income listed separately from your dog walking fees. If you are already using “General Sales” for the fees then you will probably want to create a custom nominal for dog food sales.

I think that you may find the alternative of using project tags a bit fiddly over time.