Sales and Purchases Accounts
Sales and Purchases Accounts for Items
You can assign your Items to their own unique sales and purchases accounts.
When you process a customer’s invoice, Sage One Accounting will use the sales account set against the item during item creation. When you buy items from a supplier, Sage One Accounting will use the purchases account set up against the item.
To access this function, select the Accounts menu, followed by the Lists option and the Sales and Purchases Accounts option.
The following screen will display:
Select the Add an Account button to add a sales or purchase account:
Enter the name of the account and select the Report Group Type as a Sales or Purchase account.
Click on the Save button.
Selecting an item to be a sales or purchase account
Once the sales or purchase account is created, you will have to specify in the item whether it is a sales or purchase account.
Select the Items…Lists…List of Items menu. Click on the Add an Item button:
Under the Details tab, select the sales or purchases account from the fields available.
Click on the Save button to save the changes.
If you now process an invoice for a customer or supplier and view the Profit and Loss report, your sales and purchases item will display separately: