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Re: Stocktaking

Thanks guys.
The recent issue will be solved when the credit card statement gets entered.
I will resolve the 2003 issue (a $70 40Gb disk - not likely to be selling any more of those) by "purchasing" a $0 item. The sales tax statement for the year shows that we already accounted for the item so the State should be happy. The COGS was correctly identified by the system so I think the P/L should stay the same too. 

Paul

Chris Travers wrote:
On Dec 4, 2007 4:25 PM, Paul Wrightson <..hidden.. <mailto:..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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