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  #1  
Old 06-11-2015, 02:15 PM
wonderstuff16 wonderstuff16 is offline
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Purchasing stock

We are a playgroup & buy uniform which we sell to parents for a small profit. This is the first time I have brought uniform since we have had Quickbooks Essentials. I am confident I am posting the correct entries when I sell uniform but i have recently purchased some more uniform and just want to confirm the journals I need to also post to show the stock as an asset. We don't have stock inventory so I track manually.

I have posted the payment for the uniform to an expense account "Pch of uniform" then posted a journal to credit an asset account "uniform stock" and debit a "cost of goods sold account". So when I run a P & L, there is a credit figure in COGS & debit under expense & then the value in stock asset.

Does that sound right, I feel like I'm confusing myself!!
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  #2  
Old 06-12-2015, 04:05 AM
Rustler Rustler is offline
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no sorry that is not right

since essentials does not have inventory and you want to track the stock manually

you purchase the uniforms using an asset account

then when you sell one, you do a journal entry
debit COGS for the cost of the uniform sold
credit the uniform asset account
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  #3  
Old 06-15-2015, 05:27 AM
wonderstuff16 wonderstuff16 is offline
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Thank you, that's really helpful.
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