Re: Stocktaking

On Dec 4, 2007 4:25 PM, Paul Wrightson <..hidden..> wrote:

1 item purchased on Credit Card and invoiced to customer - card
statement not received yet, so we have not entered the purchase. This
one should be solved when it gets entered.

The second item is way back from 2003 when I was using SL (it was a 2.X
version - I have no clue which). It looks like someone bought a disk for
cash and the company sold it as part of a PC repair job. The engineer
submitted the disk on an expense report - it looks like it was entered
as COG-Hardware but not entered into inventory. Did SL have inventory
back then??

Yeah, but it might have been a GL transaction rather than an AP one.

In that case, I would probably go and do the $0 purchase of the item. In essence, your books are closed for that date, so you don;t really want COGS to be adjusted anyway.

Best Wishes,
Chris Travers

Paul

Chris Travers wrote:
>
>
>
>
> This would increment the number on hand up to zero, but I am not
> sure of
> any GAAP repercussions!!
>
>
> It would also associate $0 cost of goods sold with the last purchase
> of the part. This may not be desirable, and might also make you pay
> additional taxes since your COGS would be underreported. I would
> probably not make a habit of correcting things this way. You want to
> have a good idea why this is occurring.
>
>
> Best Wishes,
> Chris Travers
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