Is there anywhere on the ISTech Support website that has a list of accounting definitions? edit to add in relationship to dba/evo
I recently realized the difference between supplies and inventory after rereading old threads. I wrongly thought that if you bought cases of ream paper they was inventory. I just recently realized that the term inventory is used only for raw materials or stuff that is eventually sold to a customer. We had never used the part type N for anything because I thought comet and micrometers were inventory. We are changing that.
Quote from Lynn_Pantic on 07/31/15 at 06:06:24:If it is supplies rather than inventory, yes. But entering the invoice for the corrected amount will hit the same account as the original receipt so there is still no reason to hold up receiving.
I failed to understand Lynn's above instructions because I didn't understand that supplies are not inventory. I now wonder what else I have been missing?
Thank goodness for Google. I was able to get instant confirmation of supplies vs inventory.
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accounting terms .... definitions (Read 3169 times)
