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Stardoe


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Always have trouble with my COA
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Hi there,

I've not used Kashflow so not sure of the COA setup, but looking at your journal the second part of it is wrong.  It should be:-

Debit 1001 Stock  £8,000

Credit 5201 Closing stock £8,000

This will give you £8,000 stock on the BS (having credited off a previous closing stock of £18,000) and a net movement on the P & L of £10,000  (i.e. opening stock £18,000 less closing stock £8,000)

Hope this makes sense.

Pauline

Edited for typo!



-- Edited by Stardoe on Saturday 7th of April 2012 09:59:48 PM

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Pauline
Lrudge


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I don't know why but I always manage to mess up my chart of accounts.  I'm practising entering the journals for ETB (extended trial balance) but somehow can't get my COA set up properly to record the differences between my P&L and BS.  For instance stock adjustment:

Credit 1001:Stock: £18,000 / Debit 5200 Opening Stock: £18,000

Credit 1001: Stock: £8,000 / Debit 5201 Closing Stock: £8,000

 

thereby showing in my P&L as closing stock of £10,000 and opening stock of £8,000

 

I'm using Kashflow.

 

Thanks



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