I am owning a business and using other accounting software. I am having an inventory line business and therefore have few queries related to the same. The queries is listed below:
- Complete purchase made during the year is not been reflecting in Net Profit and Loss.
- The complete concept of Gross Profit Accounting is been also not available.
- The opening stock and the closing stock is not been seen in the profit working.
- The valuation of inventory is on the basis of Average Cost Basis whereas the actual accounting treatment is on the basis of FIFO basis (First in First Out) basis. Is there any way of changing the closing inventory valuation method.
Kindly let me know if any of you have the answer to resolve my queries. Hoping to have a positive feedback.