Opening and closing stock

[Ramesh_Meena]

When i prepare Trading Profit and loss account, for every month, how can i enter the opening stock and closing stock . ( i am attaching the statement which i am preparing manually at Excel after extracting data from Manager software. I am not maintaining Stock. Can you please provide a solution how to enter the stock every month

[Tut]

A profit and loss statement does not include opening and closing stock levels. It includes only income and expenses. You can generate one under Reports.

If you want Manager to track stock (inventory) levels, you must enable the various inventory-related modules. Read about that in the Guides.

Your questions suggest you are not familiar with double-entry accounting. So you should spend some time learning about it. You might start here: http://www.accountingcoach.com.

[Brucanna]

@Ramesh_Meena - As you aren’t maintaining Inventory, then you can use Opening & Closing stock + purchases accounts in the P&L Statement which are set up under Settings - Chart of Accounts - read this topic where it is fully discussed with screenshots of the set ups

Inventory accounting using Opening Stock + Purchases - Closing Stock

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 taken to correct this.I should know the position of my stock after each sale or purchase. Please help.