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cost of sales entries

By
henry ogbimi
on 1/11/14, 2:32 AM 580 views

Please how do I post sales invoice and get cost of sales to be automatically entered in profit and loss opener 7?

0
Jaidev Shah
On 2/3/16, 4:57 AM

Henry, Cost of Sales = Opening Stock + Purchased Stock - Closing Stock. You will have to set the stock input and output account to get the valuation. Also some form of stock journal will be required for the values to be posted.

This may help you:

http://www.futureaccountant.com/final-accounts-financial-accounting/study-notes/closing-opening-stock-valuation-trading-account.php#.VrHLqPHmFE4

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Asked: 1/11/14, 2:32 AM
Seen: 580 times
Last updated: 2/3/16, 4:57 AM