I have few queries regarding Purchase Receipt and subsequent Accounting
Why the tax amount on the purchase receipt is being added to the stock Assets on the Balance sheet? Tax amount shouldn’t be added to the stock assets.
Profit and Loss statement doesn’t reflect anything after a purchase receipt/purchase invoice/payment. Why?
I am not good with the accounts. So can anybody explain me the workflow? Am I doing anything wrong? Do I need to change any configuration?
Why the tax amount on the purchase receipt is being added to the
stock Assets on the Balance sheet? Tax amount shouldn’t be added to the
stock assets.
Ensure that for Tax Account, it is categorized as Total only, and not as Valuation.
Profit and Loss statement doesn’t reflect anything after a purchase receipt/purchase invoice/payment. Why?
As per the perpetual inventory valuation system, these transactions has impact on the balance sheet accounts only. Purchase Expense for an item is booked once it is stocked-out.
Hi Umair,
Am too facing this issue that the Tax is shown in my Stock ledger, am unable to find " categorized as Total only, and not as Valuation"
