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.
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.
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Comments
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Personally I would use what's already there. After all goods for resale IS stock and VAT is, well, VAT.1
