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I have set up inventory items that are "storable products", for accounting information I have not entered any specific account.
Whenever I register bills against the purchase order, the said inventory amount is directly charged to the profit & loss account under "purchases". I want that inventory should be a part of current assets until sold.
How to set this pattern? V.15.
TIA
Yameen
“Plug” the balance sheet (i.e. enter hardcodes across one row of the Balance Sheet for each year that doesn't balance). Answer 2: Wire the balance sheet so that it always balances by making Retained Earnings equal to Total Assets less Total Liabilities less all other equity accounts.
Regards,
Rachel Gomez
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The problem is solved using the option of "anglo saxon accounting" in the settings.