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Windmill Stream
April 21, 2021
Solved

I need to show stock bought for resale as an asset rather than a business expense. How do I do this please?

  • April 21, 2021
  • 1 reply
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Original commenter did not share additional details
Best answer by Rubielyn_J

I'm not VAT registered so don't submit VAT returns, but if I use self employed QB, I can't get over this stock issue?

 

It doesn't make sense, so I'll have to look around for alternatives who do allow this.


Let me chime in and clarify things for you, @Windmill Stream.

 

As my colleague mentioned above, stock handling is only available in the QuickBooks Online version. 

 

If you wish to use the feature in managing stocks, you can visit this site for more details: https://quickbooks.intuit.com/uk/pricing/.

 

I’m also adding these resources to guide you set up stock in QuickBooks Online:

 

 

Let me know in the comment section if you have other concerns with handling stocks in QuickBooks. I will be happy to help you further. Stay safe always.

1 reply

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Ashleigh1
April 21, 2021

Hello Info-windmillstr, 

 

Welcome to the Community page, 

 

So you cant do this in Quickbooks self-employed account itself. You will have to show it on the actual self-assessment form in the balance sheet section which starts at box 83 if you are using the SA103F to submit your details to HMRC. 

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Windmill StreamAuthor
April 21, 2021

Thank you for the reply.

 

Can you tell me which version of Quick Books I need to do this properly? And how do I do it in that version?

 

I'd much sooner pay a little extra for QB if it records my actual business running total more accurately.

 

Thank you

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Ashleigh1
April 21, 2021

It all depends on what you submit to HMRC. If you submit self-assessments then you need the self-employed account. If you submit vat returns to HMRC and are VAT registered then you can take one of the 3 packages we offer in Quickbooks, so either simplestart, essentials or plus. 

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