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What are initial stock valuation accounting entries?

John Peverall
on 10/28/13, 8:59 AM 1,258 views

I have installed UK COA, Anglo-Saxon accounting and FIFO valuation. Entering an initial stock via warehouse/physical inventories the stock input and stock valuation amounts are correctly posted to accounts specified on product category.

As I am using Anglo-Saxon the stock input account is set up as Interim Awaiting Invoice which is OK for current receipts, however, the initial stock has been purchased over a number of months and all of the invoices have been received with most being paid.

BTW using real time valuation.

So what is the correct counter part of the stock valuation account and what is the best way to set so I don't have to amend every product category?

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Asked: 10/28/13, 8:59 AM
Seen: 1258 times
Last updated: 3/16/15, 8:10 AM