Hi we have never accounted stock before as didn't really sell anything.
We have just had a purchase from a supplier of stock and want to account for it correctly, at the same time just implemented an epos system in the shops we have.
The stock has been set up in the Epos system.
My question is: can I replicate this in quickbooks - or is it not worth while? - the stock cost materially is only £2000
I have set the product codes up, and see there is a cost box to tick -
I post my purchase invoice to stock - the sales are imported (manually) from epos to QB using product code- does this also then move the stock from balance sheet to cost of sales?(from the tick box for cost)
Sorry this is completely new to me and want to get it right.
or do I just post the purchase invoice to cost of sales - knowing they will sell in financial year - and just post the sale through QB - possibly do a Journal at year end to account for any left over stock as I will get this info from the Epos system.
the epos system does not fully integrate so we need to manually upload as sales invoice
thanks in advance
