Thank you all.
I have successfully done the followings:
- input an purchase order copy to purchase invoice with total items costing NZD88.7. Then paid the invoice under petty cash SPEND MONEY in HKD576.60.
- input an sales invoie with items in total amount of HKD563.00 and then click the RECEIVE MONEY and received in Petty Cash.
- updated Exchange rate HKD1 = NZD 0.1538.
- input capital HK100,000.00 in Bank saving account.
- input interest income =HKD 0.08
Why my balance sheet look like this:
P/L acct: net profit 0.08
Account Receivable HKD563
Cash at bank HKD100,000.08
Cash on Hand (HKD576.6)
Total Asset HKD99,986.48
Account payable 576.72
Net Asset HKD99,409.76
Opening Balance (HKD13.72)
Retained Earning HKD0.08
Total Equity 99,409.76
Am I missing some postings? Is that I need to do separate Journal entries on each of the sales an purchase items please?
Where is the Inventory on hand value please. Where can I see my inventory numbers.
I have updated the exchange rate but seems that there is still discrepancies.
Sorry for my stupid questions even after reading the accountingcoach.