Record a purchase of stock for resale
Please note that this process is also covered by the Easy Steps component.
Purchases of stock for resale are recorded in the Purchase Transactions Component.
Select the component, either by clicking on the Purchase Transactions icon, or by choosing Payments > Purchase Transactions from the main menu.
There are five fields which MUST be completed for the transaction itself to be considered complete by the software: Tax Date, From Account, To Account, Total Amount, and VAT Code (provided you are Tax registered, note that the text here will vary depending on your tax regime). There are further fields which can be filled in to embellish the transaction with extra information, such as Supplier, Reference.
Next, click the Create a new transaction button in the top toolbar. This adds a new transaction line to the table.
Enter the date in the Tax Date field. As you start typing, a pop-up calendar will appear. You can either click on the required date, or type it in manually. The software will recognise most date dividers, such as full stops, slashes, etc.
Turn on the Quantity column if you are purchasing more than 1 item, and also the unit price column too.
If you have the Product Management component, you can record specific details about the product itself as well as look at the product history (eg. how many ordered, when and for how much, how many sold, when and for how much, plus how many are currently left in stock). You can also use the Supplier records module to create purchase orders, which can subsequently be turned into purchase transactions when those orders are received.