I have just done my clients books for the year on VT and have noticed that the profit and loss doesn't work out the cost of sales. How can you put the opening and closing inventory figures in without it going in the bank account?
-- Edited by tt45 on Tuesday 2nd of August 2016 07:19:28 PM
You will have set up your opening positon as the closing day of the prior period so there's your opening balance sheet stock figure (You probably used the opening balancing contra as the flip side, didn't go anywhere near to the bank).
At the period end you revalue your inventory through cost of sales (Decrease / Increase in Stocks) which you reflect on the flip side of the transaction in Stocks: Finished Goods.
Again, doesn't go anywhere near the bank.
HTH,
Shaun.
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Shaun
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