I hope you can help. I noticed in my current balance sheet that the amount of my stock under Current Assets is the same as last year’s. I tried using another calendar year(2017) and it keeps showing the same amount.
I am preparing my accounts for HMRC and Companies House and I need to get the figures right.
Your urgent reply would be much appreciated.
How was your stock assigned to the nominal account it’s appearing as? Do you do opening and closing stock journals for example, or were they assigned there from a purchase invoice?
They were assigned from purchase invoices. I do not currently do opening or closing stock journals.
QuickFile doesn’t have any stock management features so your stock figure wouldn’t change unless you change it manually.
Do you deal with a lot of stock? Generally users use ‘General Purchases’ as the stock category, but if you wish to value and record your stock, these two topics may be of use to you:
I would move everything from stock (balance sheet) into purchases. This should remove it from your balance sheet. Following this you should make a journal to your P&L stock and balance sheet stock for the correct stock figure at the year end.
Thanks Chris. I created a double entry in a journal and cleared off the stock.