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Stock accounting opinion

Remicle Sdn Bhd
on 11/18/14, 9:38 AM 644 views

Hi need some opinion on who we handle stock accounting. We do not want to charge purchases of stock as expenses right away until the product 
has actually been sold. So this is how we are doing it. Are we doing it right?

We set the following entry :

Product category 

Account Properties
Income account : sale of product A
Expenses account : Interim Stock 

Account Stock Properties
Stock Input Account : Interim Stock
Stock Output Account : Cost of Product A
Stock Valuation Account : Product A

This is the following journal entries that will take place when we purchase product and sell product

Purchase of product 

Receive Product 
Dr. Product A
Cr. Interim Stock Product

Receive Invoice
Dr. Interim Stock Product
Cr. Creditor

Payment of product

Dr. Creditor
Cr. Bank

Sale of Product

Deliver Product

Dr. Cost of Product A
Cr. Product A

Invoice of sales
Dr. Debtor
Cr. Sale of Product A

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Asked: 11/18/14, 9:38 AM
Seen: 644 times
Last updated: 3/16/15, 8:10 AM