Enter purchase of inventory and then hire this inventory

Jules1211
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Enter purchase of inventory and then hire this inventory

Hi ,

I purchase vases for my business as I am stylings . Then I am hire this vases to the brides and generate income with I know recording to sale 

1. How do I enter purchase of this vases 

2. Does purchase of this vase hit the P&L Amy way ? I was thinking it’s should be as expense as you paid and you can deduct it straight away , but then looked at my Balance sheet and I have no inventory at all which is not right as I do own around 100k of inventory in my warehouse .

so co fused what entries I need to do to record and deduct correct through the year .

please help Smiley Sad 

1 REPLY 1
MYOB Moderator Neil_M
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Re: Enter purchase of inventory and then hire this inventory

HI @Jules1211 

 

This is something I would recommend speaking with your accountant over. They will be able to advise you of the correct entries and accounts to use when recording these purchases and hire sales.

 

Generally speaking for inventory purchases you would use the Bills functionality, however as you are purchasing to then hire out again, your accountant may prefer it be done in a different way

Regards,
Neil

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