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Re: Questions and comments on inventory management.
- Subject: Re: Questions and comments on inventory management.
- From: Chris Travers <..hidden..>
- Date: Fri, 27 Apr 2012 18:39:18 -0700
On Fri, Apr 27, 2012 at 6:22 PM, Jose Ildefonso Camargo Tolosa
> Thanks Pete and Chris for your answers!
> On Fri, Apr 27, 2012 at 7:23 PM, Chris Travers <..hidden..> wrote:
>> I am going to add here that there is an internal customer and vendor
>> currently included in 1.3. This is called "Inventory Entity" but can
>> be renamed. The idea is that initial stockings can be invoiced to
>> Inventory Entity at full cost, while losses can be sold to Inventory
>> Entity at 100% discount.
>> The idea is that this is not a "fake" invoice so much as an internal
>> invoice. You would want to sell the item to yourself in the event you
>> had to account for use tax anyway, so keeping these on internal
>> customer/vendor accounts allows for auditing etc.
> Ok, for lost / damaged parts: the sell with 100% discount should work
> (would need to check with the accountants, but I don't see anything
> fishy about it, according to what they told me last time)... but, the
> problem with initial stocking remains.
> I mean: even if I add a vendor invoice from "Inventory Entity" (I
> actually did that while testing), you still need to pay the invoice,
> so, the next question is: where will I pay that invoice from? (that
> doesn't reflect as an actual buy, and thus alter ISR and/or other
> taxes calculation).... and, of course, using a 100% discount on the
> "fake invoice" will not work, because will add the inventory with a 0
> value.... and if I don't pay the invoice, I'll have the amount on
> Accounts Payable...... so, maybe I'm missing something here.
I'd recommend creating an equity account called something like
"Internal Transfer of Funds" or the like. Then you can pay internal
invoices into/from that (remember for conversion to internal use you
will have to likely bill yourself anyway so this functions like a
asset account but it isn't persistent like assets are). You can zero
it out at the end of every year, transferring the balance into
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