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stock items

Tips and advice on how to use Landlord Vision.
spakeybtin
Posts:7
Joined:Mon Jun 13, 2016 9:21 am
stock items

Postby spakeybtin » Sun Oct 09, 2016 8:56 pm

HI all,
has anyone managed to account for items that have bee bought for stock i.e. general sundry items like screws, plumbing parts etc. that you my buy and keep in a store ready for future repairs or refurbishments ??

cheers

emm
Posts:36
Joined:Fri May 13, 2016 2:27 pm

Re: stock items

Postby emm » Wed Nov 02, 2016 5:02 pm

Hi,

You can record stock items in an Assets account i.e. inventory, and then move some or all of the amount from Asset Account to an Expense Account such as Repairs & Maintenance Account:

When you purchase Stock
Create bill in Property Manager --> Expenses
In 'Account' field select the Asset Account (Inventory)

2. When you Use / Utilise that stock, create a Journal entry in Account Manager --Journal
Debit: Repair & Maintenance Account
Credit: Inventory Account

Regards.


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