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Accounting Setup to get gross profit

By
Aminuddin
on 6/24/13, 5:29 AM 1,381 views

I would like to setup Accounting as follow to get Gross Profit

Profit and Loss

  1. Revenue

       - Product Sales
    
  2. 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.

Amin

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Asked: 6/24/13, 5:29 AM
Seen: 1381 times
Last updated: 3/16/15, 8:10 AM