I need this Scenario... need a help..
We need a virtual Stock Amount: Normally the System shows me a Sum of everything we
have on Stock, minus the Sales plus the Purchases – I will need a second virtual Stock,
showing me the Sum of what we have, minus the Sales (without the Purchases).
Strange need! You will explain I guess....
The end of period stock is a calculated as
value at the beginning of the period + purchases of the period - cost of good for the items sold during the same period
The stock journal records stock moves as follows (using the valuation method that fits your needs: FIFO or average cost; I do not recommand using LIFO because it undervalues the inventory)
receipt of goods (purchases) debit stock account / credit stock receipts account (a special account to be created into your chart of account and used for the settings of recepits of the product categories); the value of your inventory is increased by these purchases/receipts
sale of goods: credit stock account / debit stock delivery account (a special account to be created into your chart of account and used for the settingsof deliveries of the product categories);); the value of your inventory is decreased by these deliveries. This account represents the cost of good sold
Please try to give a substantial answer. If you wanted to comment on the question or answer, just use the commenting tool. Please remember that you can always revise your answers - no need to answer the same question twice. Also, please don't forget to vote - it really helps to select the best questions and answers!
About This Community
|Asked: 5/19/16, 7:00 AM|
|Seen: 247 times|
|Last updated: 5/19/16, 6:34 PM|