Landlord Vision

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

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.