Setting up stock accounts?

Sevenspeed

Hi I need a bit of help setting up an opening and closing stock figure in TAS Books Ver 1.

Everything else is set up fine on tas but I need to put in an opening stock figure of €13K at the start of 2010 which should decrease my profit & loss figure for 2010 by €13K and then...
post a closing stock figure of €25K at the end of 2010 which will increase the P&L figure for 2010 by €25K.

I have the following accounts setup in my chart of accounts:

Acc code:1600
Group: CUR ASSET
Description: Stock
Type: C
D/C: D

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Acc code:1610
Group: CUR ASSET
Description: Stock Adjustments
Type: C
D/C: D

---

Acc code:1620
Group: COST OF SALES
Description: Opening Stock
Type: S
D/C: D

---

Acc code:4000
Group: EXPENSE
Description: Stock
Type: E
D/C: D


What journals entries and to what accounts would I need to post them to?

Many thanks and much appreciated in advance...

aidan.connolly

Hi "Sevenspeed"
I am not 100% sure what you are trying to do. If you putting up a closing stock from an existing set of accounts, you would have to include some other Balance Sheet account. If you are inputting an existing Trial balance then you should be able to code it to 1600 ( stock Account )

I have used TAS 2 & 3 so hopefully 1 is not too different

However if I take your Email as it reads, I would do the following

1 ) Change the settings on account 4000.

Group : "Expense" .. Change to "Cost of Sales" .
This will have the effect of putting it in the correct position on the P&L.

Account 1600 should already have the Stock value at the 1st Jan 2010 If you have inputted a Trial Balance.


To show a closing balance at 31st December 2010 I would suggest the following

1) To move opening stock balance to COS Account

CR 1600 13K
DR 4000 13K

2) To show closing stock balance @ 31st December 2010 move the closing stock balance to the Balance Sheet

DR 1600 25K
CR 4000 25K

I hope this makes sense.

Regards

Aidan

Sevenspeed

Hi Aidan,

Most of that makes sense.
Basically I just started using TAS in May 2010 but started entering the data from 01/01/2010. Obviously I had to post some closing balances from 2009 (I just used excel prior to this). So the value of my stock at end of 2009 was 13k, so this is my opening stock figure for 2010. - But this stock figure is not posted anywhere yet, so do I need to do anything else first before I try the 3 steps you mentioned?

aidan.connolly

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