I hope someone can guide me on this as I’m not an accountant.
I created a multi-step profit and loss statement and I am comparing it to my accountants P&L statment from last year (when I wasn’t using Manager) so I can use the great feature of ordering my accounts position to mirror my accountants statement.
I have noticed on his statement under cost of sales he has entered -
stock opening value
Stock closing balance
On the P&L statement I created, the purchase of inventory items are there but the opening and closing stock balances aren’t?
Should these be on the statement and if not why?
It’s just so I can answer any questions from my accountant.