HOME / COMMUNITY Switch to knowledge base

Accounting for stock levels

I’ve just completed my very first year in business and having given QF to my accountant he’s asked me where have i accounted for stock left at the end of the year? I have checked through most of QF and cannot find a way of having any stock control (besides which, when i purchased stock i then sold it under general sales), is there a way of when purchasing goods to add them to a stock control sheet along with their cost and then when making sales deduct them from it?

I know this time round i have to dig out my entire garage to account for any stock left and the give it all a value, thats if i can remember what i paid for each item, i’d really appreciate any advice or enhancements to QF (or if theres a way i can import/export data to do the same) to make this easier in future as i spend enough time wading through paper as it is :frowning:
Regards,
Simon

This has been discussed in a previous thread - there’s no stock control currently built in to QuickFile, and if there is demand for it then it’s more likely they’ll integrate with some third party system rather than implementing stock control directly in QF.

Currently i am using bank account called assets that way any assets are recorded there not perfect but it at least something rather nothing

I know Quickfile is good at keeping track of things and really you should accurately track all stock movements but the usual method for this is to stand on the drive and make a quick guesstimate at the value of the few bits of new stuff buried under all the old crap in the garage and then just add that on the balance sheet at the end of the year.

Unless you are specifically keeping a large amount of stock, as in like a wholesaler, then you don’t really need to keep an accurate eye on exact stock levels.