Entering Closing Stock Amount

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Posts: 5
Joined: 26 Apr 2011 12:21
Product: Cashbook
Region: Australia
Location: Avalon Sydney

Entering Closing Stock Amount

Post by manahair » 10 Jul 2013 18:59

Wondering how I enter my end of year stock value.
ie. I've done the physical stocktake, and have valued the stock and now need to enter the figure into MW for my final EOY BAS and annual reporting.
Any insights ?

mana hair avalon

Posts: 166
Joined: 25 Aug 2004 16:00
Region: New Zealand
Location: Auckland

Re: Entering Closing Stock Amount

Post by Simon » 11 Jul 2013 10:01

YOur profile shows you are using cashbook, which doesn't have a stock moduel. Therefore you can only enter the value of the closing stock. YOu need to to do this as a journal entry - DR Stock on Hand, CR Purchases/Cost of Goods Sold.

If you have last years closing stock in MW then you will need to reverse that value first.

If you are using an accountant to prepare your finanncial statements this is something they would do for you along with the other balance day adjustments (accruals, depreciation etc)

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