RanceLab

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FAQ
Master Data Management
/Accounts
/Closing Stock (Accounts)

How to enter Opening Stock for Profit & Loss Account and Closing Stock both for Profit & Loss Account and Balance Sheet?

Assume that the opening stock value was Rs. 100,000/- as on 01.04.2012 and that needs to show in Profit & Loss Account. Also assume that at year end there was a closing stock of Rs. 70,000/- as on 31.03.2013 and that needs to show both in Profit & Loss Account and Balance Sheet.
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    1. Press F2 on main screen to change current software date to 01.04.2012
    2. From main go to the Closing Stock (M>A>S)
    3. Press Alt+L at “Ledger” field and select either Stock In Hand or Closing Stock
    4. Put the value of Opening Stock as on 01.04.2012 at “Opening Stock” field
    5. Now come to the “Date” field of Sl No. 1 and type the year end date 31.03.2013
    6. Put the value of Closing Stock as on 31.03.2012 at “Closing Stock” filed
    7. Press Alt+S to save the transaction.
Closing Stock
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Note:
This way it will show opening stock of amounting Rs.100000.00 in Profit & Loss Account and closing stock of amounting Rs.70000.00 in both Profit & Loss Account and Balance Sheet.
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Tips:
Similarly you can enter closing stock quarterly in order to maintain quarterly Balance Sheet.
Closing Stock