Giving Promotional items to customers
My supplier invoices me for lots of stuff on a single invoice. Their invoice includes stuff I pay for but give to customers as promotional items and also items which I sell to different customers at different times. So as you can see, some items remain in stock (which I don't understand how to account for in easy books).
Question: What is the best way to handle the giving of free gifts or promotional items from items bought into stock.
Also, related to the above question, how do I know how much or
what I've got left in stock after giving free promotional
items?
I use the cost of sales account so the stock account is always
empty!
Vic.
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Support Staff 1 Posted by Mark on 29 Mar, 2013 08:32 AM
I would do a transfer between the stock and cost of sales, calling it promotional items, see below.
We are currently working on a stock module at the moment, which is going well, no timescales though, I'm afraid.
To account for stock, you can set up an account, e.g. Other assets and liabilities, and call this stock. Then when you buy items then their cost value would appear here and when you sell, you can enter a stocktake transfer between this account and 'cost of sales'. Then you would have rough idea what your stock holding was.
Again, advice from an accountant is always a good idea to set up the system for your business.
Hope that helps,
Karen
2 Posted by Vic on 29 Mar, 2013 12:19 PM
Just to confirm I've got this straight... When I buy stuff I should enter it into the stock account instead of the cost of sales account and should only transfer it to cost of sales account as/when items are sold. This makes more sense than what I'm currently doing - entering all stock purchases into cost of sales -
The problem I have is that the suppliers invoice for up to 20 or 30 different items on a single invoice, so this could become very involved entering everything off the invoice as separate items, it certainly wouldn't be EasyBooks!
Looking forward to the release of your stock module, just hope its not too long off so that I don't have too much work to do transferring everything over.
Regards, Vic
Support Staff 3 Posted by Mark on 30 Mar, 2013 08:34 PM
Yes, that's right.
Stock module will be fabulous!
Karen
Vic closed this discussion on 01 Apr, 2013 03:16 PM.