It's really important to ensure your profit figures are accurate. If you have unsold stock at the end of the month you need to include this in your profit figures to get an accurate cost of sales.
Your first opening stock value should be posted as part of your opening balances.You should then post opening and closing stock transactions each month to adjust the profit and loss calculation, so that the profit figure for a specific period takes into account any unsold stock.
By default, the Profit and Loss report calculates the Gross Profit as:
However, if you post opening and closing stock transactions the Profit and Loss report calculates the Gross Profit as:
Date | The date for the posting. |
Reference | Enter a reference. |
Details | Enter the details, for example January closing stock. |
Stock nominal code (Balance sheet) | From the drop-down list, choose the required nominal code. By default, this is 1001. |
Closing stock nominal code (Profit & Loss) | From the drop-down list, choose the required nominal code. By default, this is 5201. |
Closing stock value | Enter the closing stock value. Alternatively, to automatically calculate this value, click Calculate. It calculates by multiplying the quantity in stock by the average cost price for every product. In Sage 50 Accounts, you can check this by running the Product Valuation by Stock Category report. This report is not available in Sage Instant Accounts Plus. Note: This valuation is not date specific and is based on all stock transactions that have been posted to date. If required, you can change this value. |
Previous closing stock value | Enter the previous closing stock value, this is also your opening stock value for the period. |
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