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DebbieM


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Using the Stock nominal 1001 in Sage ...
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I'm a bit confused as to how to best use the Stock nominal in Sage Instant, I work for an IT Company and was posting purchases of computer stock in the nominal 1001 .... however, have just read that this will not be shown in the P&L.

Should I just not set up a purchases nominal in the 5000 for stock to record these?  I've been reading and googling about this for about an hour and am no further forward.

??

Help!

Thanks,

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Julie


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Hi Debbie,

These items should be posted into the 5000`s as they are materials purchased for sale.

Julie

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DebbieM


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Hi Julie, many thanks for your reply.

When does the 1001 get used then?

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adi2402


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If you have any stock in store at a period end you would record it in that code.

Journal would generally be:

DR stock (balance sheet)
CR closing stock (P&L)

Sorry don't know what sage codes are used but the 1001 you mention sounds like the balance sheet stock code.

-- Edited by adi2402 on Sunday 2nd of May 2010 01:35:42 PM

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Forgive the typo's I generally do not proof read. Just lazy I guess!
adi2402


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So post to code 5000 initially and then journal in the stock valuation for the management accounts or whenever you feel it would be required.

-- Edited by adi2402 on Sunday 2nd of May 2010 01:36:01 PM

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Forgive the typo's I generally do not proof read. Just lazy I guess!
DebbieM


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That is great, I browsed for so long on this subject I ended up causing myself so much confusion and was looking to make things much more complicated for myself.

Thank goodness for this Forum!

Much appreciated,

Debbie

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