RanceLab® FusionRetail™ 6 FAQ

Answer:

Let us assume that the opening stock value was Rs.50,000/- as on 1.4.2008. And we have to show this in FusionRetail 6 Accounts.

Also assume that after a month , there was a closing stock of Rs. 75,000/- as on 30.4.2008.

You also want to reflect this in the FusionRetail 6 Accounts.

Please create two ledgers as below

1. Closing Stock BS under Current Asset (group)
2. Increase/ Decrease in Stock under Income (group)

now create the following entries…

1. Enter Rs. 50,000/- in the field “Opening Balance ”as Dr. in the ledger Closing Stock BS
2. Now for 30.4.2008 first calculate the difference of (closing value – opening value) i.e. (Rs.75,000/ – Rs.50,000) = Rs.25,000/-
3. Finally we make a journal entry as on 30.4.2008 as follows

By Closing Stock BS a/c Dr. 25000/-

To Increase/Decrease Stock Cr. 25000/-

Note: You can use the same entry to use it Day wise , Month Wise or Year Wise.