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Question asked by Stephen Stafford 6 years ago

Hello. I'm new to all this Book keeping/Self employment. I've only just started to trade in the past two weeks. What I mean is I have stock and I have given 15 items as samples for people to try (free) and have sold 3 items for cash.

I have a general understanding of the tax year. This is where my confusion is. I bought most of my stock in March this year, but I waited till May to actually start trading.

I have a separate business Debit card, which shows the transactions. When I try to record this in Clearbooks I get a message regarding the tax period. I'm trying to record for March when I bought the stock and other associated items.

What's the process if you have bought stock before the end of one financial year and start trading the next?

How would I record this in Clearbooks?

Any help or advice greatly appreciated.

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1 Reply

Hi Stephen,

You would record the purchase as being in the past financial year and all your trading in the next. The most important part of these recordings is the date the transaction took place.

All the best,

Mohamed.

Best answer
6 years ago

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