Level 2 - Computerised accounting - nominal code queries for VAT and stock

bert68

Hi

Can anybody tell me if you are entering your opening balances for "goods for resale" would you make a purchases account code or use the "stock" code in assets?

Also with VAT - if you have listed for opening balances "VAT on sales" do you use the sales tax control account (2200) or make a new one?

Thanks if anybody can help.

CeeJaySix

Personally I would use what's already there. After all goods for resale IS stock and VAT is, well, VAT.