Buying your own stock

To buy your own stock as a capital acquisition:

1.Ensure the Asset account for the expense is ticked Expense PO in the GL.

2.Raise a stock adjustment Qty – to lose the stock.

3.Raise an expense order against your company cardfile (Vendor needs to be ticked on the cardfile) for the stock, using the Asset account in Point 1, and Tax Code C.

4.Add a creditors adjustment down against company cardfile vendor for the gross value of the stock (including tax), using Tax Code G and post to the Stock Adjustment account.

5.Apply the credit from the creditor adjustment against the expense order.