Sale of Inventory in Sage

[saffsaff]

Hi All

Im hoping you can help. I need to know how to record the sale of inventory in Sage.

For example:

Buy Inventory for £5000 and sell it for a profit at £7000

I understand the following:

PURCHASE - via Bank Payment
DR Stock (1001) £5000
CR Bank (1200) £5000

SALE - via Bank Receipt
CR Sales (4000) £7000
DR Bank (1200) £7000

INVENTORY MOVEMENT
CR Stock (1001) £5000
DR ?????????? £5000

I dont understand which Nominal code to post the Inventory Movement to? Also can this part only be done by journal?

Many Thanks

 

[liaqatali]

DR: Cost of Sales>Finished Goods