Create / Edit Stock item types
Default (Trading Stock) Stock item type:
The entries for the Default (Trading Stock) stock type is as follows:
Trading Stock items (Default stock type) |
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Purchases (Purchases journal) |
Invoices (Sales journal) |
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DR |
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Stock item (net cost price - Input tax Excluded) |
DR |
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Debtor (full amount - Output tax Included) |
DR |
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Input tax (% of purchase price) |
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CR |
Sales (selling price - Output tax Excluded) |
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CR |
Creditor (full amount - Input tax Included) |
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CR |
Output tax (% of selling price) |
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Cost of sales journal |
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DR |
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Cost of sales (cost price) |
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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) |
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Supplier returns (Purchases journal) |
Credit notes (Sales journal) |
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DR |
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Creditor (full amount - Input tax Included) |
DR |
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Sales (selling price - Output tax Excluded) |
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CR |
Stock item (net cost price - Input tax Excluded) |
DR |
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Output tax (% of selling price) |
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CR |
Input tax (% of purchase price) |
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CR |
Debtor (full amount - Output tax Included) |
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Cost of sales journal |
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DR |
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Stock (cost price) |
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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 |
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Purchases (Purchases journal) |
Invoices (Sales journal) |
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DR |
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Pre-set / selected purchase (expense or asset) account. (purchase price - Input tax Excluded) |
DR |
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Debtor (full amount - Output tax Included) |
DR |
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Input tax (% of purchase price) |
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CR |
Sales / selected income account (selling price - Output tax Excluded) |
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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 |
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Supplier returns (Purchases journal) |
Credit notes (Sales journal) |
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DR |
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Creditor (full amount - Input tax Included) |
DR |
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Sales / selected income account (selling price - Output tax Excluded) |
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CR |
Pre-set / selected purchase (expense or asset) account. (purchase price - Input tax Excluded) |
DR |
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Output tax (% of selling price) |
|
CR |
Input tax (% of purchase price) |
|
CR |
Debtor (full amount - Output tax Included) |