Discover how to update Month End Stock Value and the Stock Opening Balance of your company in Cloud Accounting System. Read on to learn more.
At the end of an accounting period, the value of your Inventory is being accounted and thus, needs to be reflected as part of the Assets Opening Balance.
To update, go to Navigation Pane > General Ledger > Stock Value Maintenance.
Initially, or whenever there are newly added Stock Accounts, you will need to match the Inventory Asset Account to its corresponding Opening and Closing Stock under Cost of Sales.
To do this, click ‘Add’.
Before we are able to update the stock value into the system, user is required to perform the Stock Account Matching in the dropdown fields provided. Click Save to create the Stock Opening and Closing Accounts Pair.
In a Periodic Inventory System which the QNE Cloud Accounting follows, value of Closing Stock or the value of the goods that remain unsold at the end of each month has to updated in this screen, in the provided columns under ‘Monthly Closing Balance’ at the right side of the screen.
This is to track the Cost of goods for Profit and Loss Report, and will be eventually the value of Opening Stock for the following Month.
To Update, type in the Year where you wanted to update the stock value. After that, enter the Month End Stock Value in each of the months accordingly.
Once completely updated, click ‘Save’ or any saving option you preferred.
NOTE: Ending Stock Value updated as of the Cut-off date will be reflected in the Opening Balances screen.
- Pairing your Opening Stocks Account and Closing Stock Account General Ledger > Stock Value Maintenance to create a Stock Account.
- Enter the Year and update your Month End Stock Value into the respective months’ columns.
- The Month End Stock Value entered in the month is also the Opening Stock value of the subsequent month.
- Stock Opening Balance: The Month End Stock Value updated as of the Cut-off Date will be reflected as the Stock Account’s Opening Balance in the Opening Balance Screen.