Help with VT Cash Book

[ceeci]

Hi everyone

Our company mainly offer services, but we have just purchased some finished goods that we are re-selling on our website.

How do I account for these purchases in VT cash book? And when we sell these items to our customers, how do we account for them then? I assume that as this is stock we hold, it needs to show on the balance sheet somehow?

Thanks in advance.

 

[MyAccountantOnline]

Hi everyone

Our company mainly offer services, but we have just purchased some finished goods that we are re-selling on our website.

How do I account for these purchases in VT cash book? And when we sell these items to our customers, how do we account for them then? I assume that as this is stock we hold, it needs to show on the balance sheet somehow?

Thanks in advance.

VT cashbook is a super, simple, package which I use a lot and recommend to many of our clients.

The package basically records payments and receipts, so when you pay for the goods you will enter a payment as cost of sales and purchases, and when you sell them you will post a receipt to sales.

You dont make any entries for stock etc on the balance sheet.