Closing Stock Value

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Million Accounting
Enter Closing Stock Value

There are two options to maintain closing stock value. For accounting only, user has to maintain stock value manually. For accounting and stock control user, system able to generate the closing stock value automatically. System obtained the closing stock value from stock value report.

Below are the overall content fot this topic:

For Accounting Only

Step 1: Enter Opening Stock Value

Step 2: Maintain stock value

Step 3: Enter debtor invoice

Step 4: Maintain closing stock value

Step 5: View Profit and Loss Report

For Accounting and Stock Control

Step 1: Maintain stock opening

Step 2: Enter Sales Invoice

Step 3: View Stock Value Report

Step 4: View Profit and Loss Report

For Accounting Only

Step 1: Enter Account Opening Balance

Table 1: Enter account opening balance

1. Go to General then A/C Opening Balance

2. Key in the opening balance according to Table 1

3. Click on Save

4. Click on Yes

5. Click on OK

Step 2: Maintain stock value

1. Go to General then Maintain Stock Value.

2. Stock Value panel displayed. Click on Add button.

3. Select the account number and system auto displayed amount from opening balance.

4. Click on Save button

5. Stock value will display the record.

Step 3: Enter debtor invoice

Table 2: Enter debtor invoice

1. Go to Debtors and select Invoice.

2. Click Add to create a new invoice.

3. Enter transaction according to Table 2.

4. Click on Save A/C.

5. Click on Save.

Step 4: Maintain closing stock value

Closing Stock Value = Opening Stock+Purchase-Sales

For example, Closing Stock Value = 5,000+0-3000

                                                     =2000

1. Go to General then Maintain Stock Value

2. Click on Enter Closing Stock

3. Click on Add

4. Enter data according to following table:

5. Click on Save

6. Click on Close

Step 5: View Profit and Loss Report

1. Go to General and select Profit and Loss Account

2. Enter the filter details accordingly to the table provide

3. Click on Print

4. Click on Preview

The outcome of the report is as follows:

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For Accounting and Stock Control

Step 1: Maintain stock opening

Table 3: Enter stock opening

1.  Go to Stock and select Opening Stock

2. In the Opening Stock screen, select PRODUCT A and click Edit

3. Select Add New Record button that on the top right of the screen

4. Enter data according to Table 3

5. Click on Save

6. Click on Close

Step 2: Enter Sales Invoice

Table 4: Enter sales invoice

1. Go to Sales and select Invoice

2. Click Add

3. Key in the sales invoice according to Table 4

4. Click on Save Product

5. Click on Save

Step 3: View Stock Value Report

1. Go to Stock and select Stock Reports

2. Select Stock Value Report

3. Click OK

4. Enter the filter details accordingly to the table provided

5. Tick on Update Stock Cost

6. Click Print

7. Click Preview

NOTES: System get the stock value figure and post it to profit and loss report.

The outcome of the report is as follows:

Step 4: View Profit and Loss Report

1. Go to General and select Profit and Loss Account

2. Enter the filter details accordingly to the table provide

3. Tick on the option Generate Stock Value

4. Click on Print

5. Click on Preview

NOTES: The figure for closing stock is generated from stock value report

The outcome of the report is as follows:

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