When you buy stock on account instead of paying cash there and then, your suppliers are your creditors until you pay them.
In the antiques trade it is commonplace for dealers to pay for stock at the time of purchase, although you might be able to negotiate a credit period with some dealers from whom you buy stock on a regular basis.
As a result, most of the payments you make for purchases of stock will probably be 'Cash purchases' which are dealt with elsewhere in the cash flow.
Checkpoints
Income: Antique Dealer
Expenditure: Antique Dealer
- Payments to creditors
- Cash purchases
- Licences
- Wages
- Drawings
- PAYE/NIC
- VAT
- Tax
- Rent
- Rates/Water rates
- Heat and light
- Telecommunications
- Postage, stationery, advertising
- Motor and travel expenses
- Professional fees
- Insurance
- General expenses
- Bank/finance charges/interest
- Leasing payments
- Capital expenditure
- Other payments