We use non-stocked items. Since no inventory - I wonder how the purchase work from ledger transactions perspective. What other transactions would be registered in the below scenario. Your help much appreciated.
We buy an item from a vendor and sell it to a customer: No stocking; net 30 for vendor; net 30 for customer;
I post purchase invoice: what happens?
Vendor balance a/c Cr purchase expense a/c Dr
AP Payment journal posting (I cut a check)
Vendor balance a/c Dr Cash a/c Cr
Want to make sure we are covering all the accounts:
already have set up purchase expenditure for expense, Purchase expenditure un-invoiced etc., In R2, there were bunch of transactions, but i believe in R3, it has changed.
