I would like to setup Accounting as follow to get Gross Profit
Profit and Loss
- Product Sales
Cost Of Sales
- Opening Stock - Purchases * Raw Mat 1 * Raw Mat 2 - Closing Stock
=> Opening stock is a value of stock from previous month/period
=> Closing stock is a value of stock from current month (after closing)
Gross Profit = Revenue - ( Opening Stock + Purchases - Closing Stock)
I have no issue with Revenue, Purchases BUT still cannot set the opening stock and closing stock ( because I think much related with inventory).
Anyone have some ideas since I'm not well versed in accounting.
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|Asked: 6/24/13, 5:29 AM|
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|Last updated: 3/16/15, 8:10 AM|