Writing off unusable stock

[Joe]

The closing stock is tracked either continuously by using an inventory system or by completing a stock take on a periodic/annual basis, you then need to journal the opening and closing stock figures, which is detailed in the posting below:

Journalling opening and closing stock totals

Closing stock is often adjusted by completing a stock take on a periodic (often annual) basis, you then need to journal the opening and closing stock figures into your accounts. You can access the journal system by clicking the menu option ‘Reports’ followed by ‘Journals’ and ‘New Journal Entry’. Here is an example of a completed journal for opening and closing stock: [image] Please note, if you are transitioning from another accounting system to QuickFile, the figure for your opening stoc…