Can I have the same company as a customer and a supplier and contra the cost of goods against the income from the sale?
Hi Katriona,
The simplest approach is to enter the company as a customer and record a credit note when you buy from them (set the Account in the credit note to Cost of Goods Sold). You can then allocate the credit note to an invoice.
(You could also do the opposite - create a supplier and record sales as a purchase credit note).
Cheers,
The answer given previously is not good accounting practice and as the sales and purchases are not separated thus making it difficult to reconcile suppliers/customers statements-this need looking at and rewriting.
Hi Derek,
Yes, it would be better if Solar Accounts could assign a purchase invoice to a customer and a sales invoice to a supplier. However as it stands the approach I suggested is probably the simplest alternative.
Cheers,