Does supply price include tax?

Setup

  • Vend for Mac or PC
  • Vend for iPad

Answer

The Supply Price is the cost per unit when purchasing stock from your suppliers.

Vend does not have separate fields to account for taxes or freight paid on this stock. Depending on your accounting/reporting requirements, these can be incorporated into the Supply Price. 

When using integrated accounting:
If you are integrating with an accounting software, such as Xero or Quickbooks Online, the Supply Price tax can be set to be applied to a Purchase Order when posted to the accounting software by setting a tax rate for the corresponding inventory account.

Freight can be accounted for by creating a special freight product and adding this to a Purchase Order in order to represent actual value spent.

  Important

We strongly recommend receiving advice from your accountant when setting up your businesses accounting functions as Vend is unable to offer accountancy advice

Additional Information

What does the supply price on my products mean?

 

 

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