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JadeC
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Steve_Minshall, post: 197459 wrote:
It is an asset until you sell it when it becomes a cost.

If you had received it but not paid for it then the stock would be an asset (you have it in your possession) but your debt to the supplier would be a liability of equal value.

Because you have paid you have converted one asset (cash) into another asset (stock).

Thank you Steve now I just have to work out how to enter the stock into reckon one :)