Hi,
We have used our personal accounts many times to buy stock. How do we make purchase invoices up for lots of individual stock purchases and then pay ourselves back into our personal accounts in a lump sum?

Thanks
Mark

Our registered email is earlybirdworld@aol.com but please mail at the address provided

Hi Mark,

Firstly create a new liability account to track the total amount the business owes you for stock purchases - call it, say, 'Unpaid Stock Purchases'

When you buy stock create a normal purchase invoice and then a payment for the invoice. In the payment window set the Paid From Account field to 'Unpaid Stock Purchases'.

When the business pays you personally create a new Money Paid Out transaction with the Allocate to Account set to 'Unpaid Stock Purchases'. The VAT Treatment for this transaction should be 'Out of Scope'.

I hope this helps - let me know if you need more information.

Regards,

I have added all of the personal transactions for stock purchases into my new liability file 'unpaid stock purchases'.

I have also marked all of the purchase invoices within that folder as paid from 'unpaid stock purchases'.

My problem now is that when I make a money out transaction from my cheque account into the 'unpaid stock purchases' it also just decreases the balance further and does not fetch it back up to zero which I thought it would do once the money has come from my cheque account into that purchase liability folder.

Any help as to where I am going wrong? Do I need to create an invoice for the money transfer also, to make the balance even again?

Thanks
Mark

Its ok I have sorted it out now, I was putting the account as 'unpaid stock purchases' in the purchase invoice!

Hi Mark -

I'm glad to see it's ok now - let me know if you need more help.

Regards,