CLosing Stock and Opening stock
Hi, I track stock through inventory. My question is: how will I process closing stock and how will I carry forward closing stock to opening stock for the next year? Thanks and regards,
Forum Discussion
Hi Render-City,
Thank you for your post and welcome to the Community Forum.
In this regard, On the last day of the month, you need to perform a Stocktake and value on hand or at the beginning of the financial year, if there is a balance in the Stock on Hand account, you need to create a General Journal transaction. i.e., Debit the Purchases (Cost of Sales) account, Credit the Stock on Hand (Asset) Account, and the amount entered needs to be the value of the Stock on Hand as the end of the previous year. You can check this link for more information.
Please tell us if you need any further help with this. We are happy to assist.
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Kind Regards,
Cel