Closing stock needs to be zero

[witchway]

I feel like ive read every post on here regarding stock and opening/closing balances, but I’m still struggling.

It’s a small niggle of just £87 of stock that was still in-hand at the end of the last year’s accounts.

I’ve created a journal for the Opening stock balance of £87 and then moved it to stock (see screenshot)
The stock has now all perished and needs to be written off to zero - the nature of the company has changed and will never actually hold stock from here-on.

I can’t work out how to journal the closing stock balance of £0

I did originally just move the opening stock to general sales (via a journal) but wasn’t sure if this was correct. Help very much appreciated- thanks

[Lurch]

This from the other day I think is similar.

Handling stock that is no longer going to be used?

Hi All I formed a company essentially to produce a consumer electronic product. With Covid and one thing and another the product will no longer be sold. I had asked previously about how to handle stock movement when it goes from being bought to built into a product and then sold from an accounting point of view. the post is Handling stock inventory Well things haven’t gone well for this product and the stock that I have ordered for them is essentially now worthless. This is about £15k worth o…

[witchway]

Ah you’re spot-on - thanks for pointing this post out - i totally missed it!