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Post Info TOPIC: Profit and Loss Stock
Boris


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Profit and Loss Stock
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Hi everyone,

 

I have a question for you!

I'd like to know how should I manage the stock value on the P&L and Balance Sheet report.

 

Thank you very much.

 

 

Boris



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Boris


Veteran Member

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Posts: 39
Date:
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Sorry I forgot to ask another thing..

the stock on the Balance sheet is a current asset but which is the nominal code on Sage for the stock value? Because I'm working on a wrong COA and I'm trying to fix it so all nominal codes are different.


Thanks a lot

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NickCraggs


Guru

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Hi, 

Sage should have two codes for closing stock.  Depending on how you have set your COA up, i know you have said that yours is a little different but the principles are still the same.  There should be a debit in the 1000s (1001), as this is a current asset in the balance sheet.  There should also be a credit in the 5000s, 5201 perhaps, to reduce your cost of sales.

HTH

Nick



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Nick 

Nick Craggs FMAAT ACA  AAT Distance Learning Manager

@nickcraggs 

BKN Tutor of the Year 2013 & 2015


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