How to treat Goods in Transit at month end

Posted by kb PM | on Wed, 14/03/2012 - 11:22 3065 14 comments | report

i have two items in transit at month end and i have included them in my stock valuation at month end. As these items are abnormally high value they are making my stock figure look abnormally high.

I have posted the invoice from the vendor in the month that i am closing but invoiced the customer in the next month.

Do i make an accrual in the month i am closing for the sales invoice so that the purchase and sales are both in the correct month, but what is confusing is that the goods are still going to be shown as in transit.

Can anyone help me with this .

Thank you in advance !

Comments

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Why have you posted them as a receipt to stock?

Democratus | Wed, 14/03/2012 - 12:52

Receipt to stock

kb | Wed, 14/03/2012 - 13:12

Sorry Democratus

Richard Willis | Wed, 14/03/2012 - 13:13

Who are the goods in transit

alattax | Wed, 14/03/2012 - 13:18

In Transit

thomas34 | Wed, 14/03/2012 - 15:45

Ah! Richard and alattax

Democratus | Wed, 14/03/2012 - 15:54

Are they 'Direct deliveries'

Chris Smail | Wed, 14/03/2012 - 16:10

Thank you guys!

kb | Fri, 16/03/2012 - 13:05

oh one more question!

kb | Fri, 16/03/2012 - 14:01

Yes, absolutely right.

alattax | Fri, 16/03/2012 - 15:08

Goods in Transit

Evans Dekyi | Tue, 20/03/2012 - 14:35

GIT

525252 | Tue, 20/03/2012 - 14:37

Goods in Transit

Evans Dekyi | Tue, 20/03/2012 - 14:51

give the OP a break

Democratus | Fri, 23/03/2012 - 09:10