Hi, i have recently been handed some stock figures to be entered into Sage Line 50 2010, but they have confused me and was wondering if anyone could help? This is what i have been given:
number of stock records = **** total number of parts = ****
Minimum at cost = £**** Actual at cost = £***** excess at cost = £**** actual at w'sale = £**** actual at retail = £*****
realisalbe GP = £***** (%of retail)
work in hand values: parts of cost = £**** Labour at cost = £*****
Does anyone know which figures need to be posted and what journals/nominals i need to use to post the figures in? no preious stock balances have been entered. Many thanks in advance
-- Edited by clare92 on Friday 3rd of September 2010 08:47:22 AM
Looks like you have stock records and Work in Progress (WIP) records to be entered.
Stock is usually recorded at either purchase price or net realisable value, whichever is the lower.
Im guessing that you have the 3 main stages of stock. Initial stock, WIP and then finished goods.
The initial stock are the 1st 3 lines, WIP is the parts+labour figure and ther finished goods are split between w'sale and retail.
You would need to Credit Closing Stock in the Profit & Loss, usually around the 5200 nom codes then debit Closing Stock on the Balance sheet, Code 1001 I think.
For the work in progress, you need to do the same, credit closing stock and then debit the balance sheet for WIP around code 1002.
The finished goods again credit closing stock in the profit & loss then debit the balance sheet code 1003 for finished good.
Im not 100% on the code number as my sage is an earlier version, but it should point you in the correct direction.
Without a bit more info on the business and what the client does and without seeing the reports I cant give accurate advice, so please don't rely on advice as gospel, and use only as a guide.
