tear end opening/closing stock

Blowback

Hi Guys,
Enjoy reading posts etc. and the help that is given great stuff.

I am using Sage Commercial a product related to Sage Accounts production also I am not an accountans trainee or anything in the accounting field.

I need to enter Opening stock figure for Y/E 31/12/07.
I have been doing my companies books for years upto a point where I just handed them over for auditting never needing to worry about opening and closing stock .So last year I eventually tackled our accountants to enter the figures into the system so as I could run a set of accounts off myself (audit no longer required)
I see that a stock figure was journaled in the FINISHed Goods and not opening stock in the period Y/E 31/12/06 and this is now a b/f Opening Stock
value for 31/12/07.

Hope somebody can help.

kluivert

All you need to do is Reverse the Closing Stock figure for last year.

This is done by a Jounral Entry.

Db: Opening Stock in the Profit & Loss Account, code should be around 1000's Sage.
Cr: Finshed Goods in your Current Assets in the Balance Sheet, code should be around 7000's for Sage.

This will now give you an Opening Stock figure.

To put in a Closing Stock figure for your year end.

Db: Finished Goods under current assets in the balance sheet.
Cr: Closing Stock in the profit and loss account.

Blowback

Many thanks for your help.