Default (Trading Stock) Stock item type:

The entries for the Default (Trading Stock) stock type is as follows:

Trading Stock items (Default stock type)

Purchases (Purchases journal)

Invoices (Sales journal)

DR


Stock item (net cost price - Input tax Excluded)

DR


Debtor (full amount - Output tax Included)

DR


Input tax (% of purchase price)


CR

Sales (selling price - Output tax Excluded) 


CR 

Creditor (full amount - Input tax Included)


CR

Output tax (% of selling price) 




Cost of sales journal




DR


Cost of sales (cost price)





CR

Stock (cost price)

The transactions for Supplier returns (Credit notes received from creditors / suppliers) are exactly the opposite than those of purchase documents (Invoices received from creditors / suppliers). 

The transactions for Credit notes (issued to debtors / customers / clients) are exactly the opposite than those of Invoices. 

Trading Stock items (Default stock type)

Supplier returns (Purchases journal)

Credit notes (Sales journal)

DR


Creditor (full amount - Input tax Included)

DR


Sales (selling price - Output tax Excluded)  


CR

Stock item (net cost price - Input tax Excluded)

DR


Output tax (% of selling price) 


CR 

Input tax (% of purchase price)


CR

Debtor (full amount - Output tax Included)




Cost of sales journal




DR


Stock (cost price)





CR

Cost of sales (cost price)

All other stock types (excluding the Bills of Materials (BOM) stock type), have no cost of sales transactions.  

Other Stock item types:

The transactions are similar to those as entered in the various batches. It is as follows:        

Other Stock item types

Purchases (Purchases journal)

Invoices (Sales journal)

DR


Pre-set / selected purchase (expense or asset) account. (purchase price - Input tax Excluded)

DR


Debtor (full amount - Output tax Included)

DR


Input tax (% of purchase price)


CR

Sales / selected income account (selling price - Output tax Excluded)


CR 

Creditor (full amount - Input tax Included)


CR

Output tax (% of selling price) 

The transactions for Supplier returns (Credit notes received from creditors / suppliers) are exactly the opposite than those of purchase documents (Invoices received from creditors / suppliers). 

The transactions for Credit notes (issued to debtors / customers / clients) are exactly the opposite than those of Invoices. 

Other Stock item types

Supplier returns (Purchases journal)

Credit notes (Sales journal)

DR


Creditor (full amount - Input tax Included)

DR


Sales / selected income account (selling price - Output tax Excluded)


CR

Pre-set / selected purchase (expense or asset) account. (purchase price - Input tax Excluded)

DR


Output tax (% of selling price) 


CR 

Input tax (% of purchase price)


CR

Debtor (full amount - Output tax Included)