When we buy materials from retail shops and hence don’t need to create purchase invoices to specific suppliers, what would be the best way to make entries in ERPNext? Should we have a generic supplier for this?
I will need the stock and accounts to be updated with the materials and their costs.
In (1), should I make a separate consolidated journal entry for the money paid for the goods? Which account would I debit to?
Also, is there any downside to having a generic/sundry supplier on the system for all such purchases?
Any thoughts please?
Is it accepted accounting practice to maintain one generic supplier to cover all generic purchases that need to impact stock?
Is it Cash or Credit Purchase?
If it is Cash Purchase then you can create “Cash Supplier” under Supplier and book all cash purchase transactions against it. A Purchase Invoice is required with update stock in such case.
As @sanjay said, We also follow the same practice, and it is the standard and appropriate way to do it.