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

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.

Comments

  • CeeJaySixCeeJaySix Well-Known Registered Posts: 645
    Personally I would use what's already there. After all goods for resale IS stock and VAT is, well, VAT.
    MarieNoelle
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