I don’t want to use Inventory items etc. I want it to be turned off but at the same time when i make a sales invoice the figure gets added to the sale and the tax goes to it’s designated account. but where is the stock getting decreased for sales and increased for purchases what steps should be take…

OK - things can be setup as you requested but you need to delete any Inventory Item transactions and then un-tick the Inventory Item tab under customise. Also you need to have entered a date under Settings - Start Date. In the BS Asset section you create “one” account called Stock on Hand (NOTE: do…

If you were doing a Journal entry for Year End Closing Stock then it should look like this. [image]

i dun have opening stock, the i got add purchase, but the purchase at the end of 2015 only pay 3k. means tat i add purchase 100k only pay 3k then balance stock is 97k so how i key in?

On the last day of the financial year you transfer your BS[image] to the P&L Opening Stock account, as per the first two lines of the Journal above. The Stock on Hand account is now zero. Then you take up the value of your year end stocktake by debiting Stock on Hand and crediting Less Closing Stoc…

I started entering balance sheet and entered opening stock. i am not using inventory, and i am taking stocky value manually on every month. How can i enter the closing stock value, to prepare Trading profit and loss account.

Normally, the Opening/Closing Stock process is done on a yearly basis but it can be done on a monthly basis if you follow the steps below. At the end of the “first month” do a Journal that transfers the BS Stock on Hand to the P&L Opening Stock - for this exercise I entered the Opening Stock as 12…

In the BS Asset section you create “one” account called Stock on Hand (NOTE: do not create separate opening/closing stock accounts in the BS). To enter the opening stock value go to Settings - Chart of Accounts and click "Edit: next to Stock on Hand, then click Starting Balance and enter a value & …

Hi I just want to understand how to set up the Opening Stock and CLosing Stock account in the P & L Statement? Are they debit or credit accounts?

They are not so much debit / credit “accounts”, but P/L accounts which may have debit or credit balances. If you review post #17 above you will see an illustration of that. In the Chart of Accounts set-up of the Cost of Sales (New Group) account, tick the expenses box. Then allocate those “Openin…

OK…I understand that part now. BUt I have a follow up question: AT the end of the period, the opening balance will have a balance after you did Opening Stock Debit Srock on Hand credit Stock on Hand debit Closing stock Credit What happens to the balances of the opening and c…

Inventory accounting using Opening Stock + Purchases - Closing Stock - #62 by Tut

Topic		Replies	Views	Activity
Expanding inventory from retail to manufacturing	37	1230	November 23, 2020
Inventory - Opening and Closing	2	1531	June 26, 2016
Inventory stock record	17	4705	March 2, 2017
Why sale of inventory also increases purchases in P&L	3	1275	November 19, 2014
Balancing inventory	15	2903	September 9, 2016

Expanding inventory from retail to manufacturing

37

1230

November 23, 2020

Inventory - Opening and Closing

2

1531

June 26, 2016

Inventory stock record

17

4705

March 2, 2017

Why sale of inventory also increases purchases in P&L

3

1275

November 19, 2014

Balancing inventory

15

2903

September 9, 2016

Inventory accounting using Opening Stock + Purchases - Closing Stock

Related topics