Making cash purchases

Applies to : Office Accounting Express, Professional

Similar to a cash sale, a cash purchase is a purchase invoice that is paid for when it is purchased.

Sample Cash Purchase

The cash purchase is thus much like a purchase invoice, but it differs in several ways:

  • There is no payment term on a cash purchase; rather there is a payment method and a cash or bank account to pay from.
  • You can specify which cheque number you used for then purchase directly on the cash purchase form (if paid by cheque).
  • Just like a purchase invoice, the cash purchase updates stock (when applicable) the moment it is saved.
  • The cash purchase will credit and debit the total amount to purchase ledger, leaving the balance unchanged.

In the example above, the Show prices with VAT checkbox is checked, allowing the user to record the gross amount for his or her lunch, rather than having the calculate the VAT fraction of 82p manually.