# Closing Opening Stock Entries **URL:** \ **Category:** Uncategorized\ **Created:** [July 18, 2020, 8:41am UTC](https://forum.manager.io/t/closing-opening-stock-entries/29473 "2020-07-18T08:41:38Z")\ **Posts on this page:** 6\ **Page:** 1
**Author:** ![Grandpa](https://avatars.discourse-cdn.com/v4/letter/g/cc9497/32.png) [@Grandpa](https://forum.manager.io/u/Grandpa)\ **Post date:** [July 18, 2020, 8:41am UTC](https://forum.manager.io/t/closing-opening-stock-entries/29473/1 "2020-07-18T08:41:38Z")
Hi Im well aware this question has been asked in many forms before. We have an end of year balance date at 31/3. Attached are the entries which I think are correct, to reflect the opening stock and the end of year closing stock. Presumably the date of these entries should be 31/3. However when I use this date the Stock on hand for the “old financial year” is the same as the “new financial year” in the balance sheet. Any help would be greatly appreciated as I hace been trying to sort this for weeks, and have now virtually given up. ![Screenshot - open_closing](https://us1.discourse-cdn.com/flex019/uploads/manager1/original/3X/8/7/87397797f5ad6442c4fd3936f170bf0464ea0dea.jpeg) Many thanks Grandpa ---
**Author:** ![Joe91](https://sea1.discourse-cdn.com/flex019/user_avatar/forum.manager.io/joe91/32/35781_2.png) [@Joe91](https://forum.manager.io/u/Joe91)\ **Post date:** [July 18, 2020, 8:51am UTC](https://forum.manager.io/t/closing-opening-stock-entries/29473/2 "2020-07-18T08:51:37Z")
The opening stock entries should be dated 1/04/2019 The closing stock entries should be dated 31/03/2020 Are you using the Inventory tab? If so, then these are not needed at all Also why do you have 3 accounts Opening Stock, Stock in Hand and Closing Stock? You should have just one account Stock in Hand ---
**Author:** ![Grandpa](https://avatars.discourse-cdn.com/v4/letter/g/cc9497/32.png) [@Grandpa](https://forum.manager.io/u/Grandpa)\ **Post date:** [July 18, 2020, 9:15pm UTC](https://forum.manager.io/t/closing-opening-stock-entries/29473/3 "2020-07-18T21:15:14Z")
Hi Joe91 Thanks for your reply. No I don’t use the Inventory tab. I set up the book of accounts as at 1/4/19 so guess I don;t need to do anything other than the closing stock as at 31/3/20. Many thanks Grandpa ---
**Author:** ![Brucanna](https://sea1.discourse-cdn.com/flex019/user_avatar/forum.manager.io/brucanna/32/1960_2.png) [@Brucanna](https://forum.manager.io/u/Brucanna)\ **Post date:** [July 23, 2020, 1:57pm UTC](https://forum.manager.io/t/closing-opening-stock-entries/29473/4 "2020-07-23T13:57:24Z")
@Grandpa - have you read this topic [Inventory accounting using Opening Stock + Purchases - Closing Stock - #63](https://forum.manager.io/t/inventory-accounting-using-opening-stock-purchases-closing-stock/5252/63) > [@Grandpa](#): > > I set up the book of accounts as at 1/4/19 If at 1/4/19 you entered a Starting Balance for the Stock on Hand as 1916.76, then the Journal you displayed above as at 31/3/20 is correct. The first two lines, transfers that start of the year BS \> Stock on Hand (1916.76) to the P&L \> Opening Stock at the end of the year (31/3/20) so that your “total inventory” in the P&L at the year end (31/3/20) becomes Opening Stock + Purchases. From this “total inventory” you transfer back to the BS \> Stock on Hand your year end (31/3/20) inventory valuation (2048.25) being the Closing Stock using the second two lines. > [@Grandpa](#): > > However when I use this date the Stock on hand for the “old financial year” is the same as the “new financial year” in the balance sheet. That sounds correct. Lets insert dates and values into that statement for clarity. However when I use this “Journal” date (31/3/20) the Stock on hand (2028.25) for the “old financial year” (31/3/20) is the same as the “new financial year” (1/4/20) in the balance sheet. Your journal has replaced the 1/4/19 Stock on Hand (1916.76) with the 31/3/20 Stock on Hand (2048.25). So between one minute to midnight on 31/3/20 (2048.25) and one minute past midnight on 1/4/20 (2048.25) nothing has changed. ---
**Author:** ![Grandpa](https://avatars.discourse-cdn.com/v4/letter/g/cc9497/32.png) [@Grandpa](https://forum.manager.io/u/Grandpa)\ **Post date:** [July 23, 2020, 10:00pm UTC](https://forum.manager.io/t/closing-opening-stock-entries/29473/5 "2020-07-23T22:00:56Z")
Hi @Brucanna. Thanks for the explanation. Brilliant. Cheers Grandpa ---
**Author:** ![Ealfardan](https://sea1.discourse-cdn.com/flex019/user_avatar/forum.manager.io/ealfardan/32/63166_2.png) [@Ealfardan](https://forum.manager.io/u/Ealfardan)\ **Post date:** [January 18, 2023, 2:53pm UTC](https://forum.manager.io/t/closing-opening-stock-entries/29473/6 "2023-01-18T14:53:57Z")
Closed on January 18, 2023, 2:53pm UTC