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Entering Stock purchases

Carolyn

New Member
I'm just getting started with iCash and having difficulties with recording the purchase of stock. I take funds from my bank account but get stuck on which target account to use as I need to show this as an asset on the balance sheet but also an expense on the P&L statement. It seems simple in manual accounts but I'm not familiar with computer accounts systems and would welcome an idiots guide on how to do this.

Thanks
Carolyn
 

stanbusk

Administrator
Staff member
You just have to create an account of type 'Portfolio' and use it in your transaction. However purchasing stocks is not an expense. Fees are an expense.
 

Carolyn

New Member
thanks for the response. My explanation of the query was confusing. When I mention 'stock' I'm referring to the products I sell in my business. If I buy products they are an expense to my business hence showing up on the P&L and when my products sit in my shop they are an asset to my business and hence should show up on the Balance sheet. How do I show this in iCash.

Carolyn
 

stanbusk

Administrator
Staff member
After entering your expense account add a new transaction from a startup account to the asset account. I don't think this is 100% correct but it could work. An accountant may give a better solution to this.

Personally I would enter transactions between the bank account and an asset account.
 
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