Purchase for re-sell, how to book

[Maf. King]

On Wednesday 26 Apr 2006 08:53, Wouter van Marle wrote:
> Hi all,
>
> For my business I'm purchasing materials for (immediate) resell; basic
> trading business.
> How to easily set up the accounts to keep track of value on stock, and
> profits on trades? The big issue I have here is that pretty much every
> single shipment is a different material, with at least a different
> quantity, and likely a different price. Using the assets and
> realised/unrealised gains accounts look really cumbersome in this as I
> will have to create a new account for every load. That will add up
> quickly of course.
> I've looked through the concepts guide, which is nice for if you have
> some assets to keep track of, this doesn't work really for my situation.
>
> Wouter.
>

Hi,

You may need a COGS (Cost of goods sold) account to help here - look in the 
archives, around 9th November 2004 for a thread called "startup questions for 
new business", or "question about income account when a sale occurs" from  
13th Feb. 2005, which both go into some detail about this.

HTH,
Maf.


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