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Post Info TOPIC: Closing Stock Journals
charliesmum


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Closing Stock Journals
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Good afternoon,

Please can somebody advise me on the closing stock and opening stock journals at EOY.

I work on Sage instant and we post purchases to n/c 5000.

I think it maybe

DR 1001

CR 5201

What adjustments will need to be made for opening stock? Would it just be reversed? and if so what date?

Regards

Staceyconfuse



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Kitty37


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Hi. If your closing stock has increased in value then you would debit 1001 and credit 5000. However if the closing stock has reduced in value you would credit 1001 and debit 5000. 

There are no journals to do for opening stock as 1001 is a balance sheet code and the closing balance will automatically be carried over to the start of the new financial year in the year end process.

Hope that helps smile



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