Opening Stock figure

 Hi there.  I am trying to post a Trial Balance in order to prepare a final Limited Company Accounts, which is for the first time.  How do I post the closing and opening stock figures. I understand the closing stock figure should be entered in the Finished Goods Row.  How do I enter the opening stock?

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Opening and closing stock

tobri | | Permalink

There is a very good book called Accountancy for Dummies. Should be available in your local library.

Opening Stock figure

Capitax Financial | | Permalink

 Tobri

Please read the query before attempting to answer - it is a VT related question if you realised.

Thanks

Opening Stock

Markaccplus | | Permalink

I think the point Tobri is making is that if you know how to post manually then you know how to post in VT.  It is not a software question that you are asking but a posting question.  If the company is new it will not have opening stock, and if it is an existing company just being entered to VT for the first time it will have an opening TB, which you will presumably have posted _ by Journal?

Opening Stock figure

Capitax Financial | | Permalink

 Hi, we have a closing trial balance at at 31 December 2009, and we wish to prepare final accounts from this TP, for COS we need to post closing and opening stock figures.  Question is do I need to create the opening and closing stock entries in the account analysis under COS, or do we need to do something with the increase/ decrease in stock figure? Thanks

Stock

tltodman | | Permalink

It worries me slightly that you want to prepare accounts when the basic fundamentals appear to be lacking.  Accounts are only as good as the accountant, not the software.

That said, my version of VT has an account in the P&L cost of sales category called "increase/decrease in stocks" and from what you're saying that's where the movement would go.

Tracy

Opening Stock

martynover | | Permalink

Previous postings indicate this is not a VT question but a basic accounting one. The lack of understanding of basics raises the question should you be attempting preparation of Final Accounts.

However that aside you say you have a Closing TB. Is the Closing Stock shown on this?

Opening Stock figure

Capitax Financial | | Permalink

 Hi all, hope you are having a good day.

My query has been resolved, and i wanted to thank you all for your efforts and comments and criticisms.  I was a VT related technical query, perhaps I did not ask in a logical way - apologies.  Thanks once again. :-) 

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