Hi,

I wish to purchase stock in but do not wish to raise a purchase order each time I do so. Do I use a money paid out transaction, pay from my bank account and allocate to the account 'Inventory' ?

Hi Steve,

Yes, you don't have to create a purchase order or purchase invoice - you can just create a Money Paid Out transaction as you describe.

Since you are allocating the purchase to the Inventory asset account, you will also need to periodically create a General Transaction from Inventory to Cost of Goods Sold. An alternative approach is to directly allocate to the 'Cost of Goods Sold' in the Money Paid Out window, then record the stock adjustment as described here:
http://www.solaraccounts.co.uk/help/how-to-track-changes-in-stock-level.php

Cheers,

I think a purchase order and/or invoice would need to be created if vat is being accounted for though wouldn't it?

Hi Dave,

No, you don't need to create a purchase invoice to keep track of VAT. Instead you can create a Money Paid Out transaction with the Type field set to 'General Payment' and the VAT column set to 17.5%

Cheers,