Sage 50 Cloud. You ask What Stock? As stated Closing stock! No Stock at beginning of year. Stock valued as it should be valued - cost price
Lilly,
Casu asked the question about your qualifications so as to know how to pitch the reply.
Type of stock may be important. For example consignment stock is not the same as owned stock.
Stock is not always valued at cost.
You will find it much easier to just answer questions asked rather than assume that someone is looking for some alterior motive in their questions.
Also, I've read through your past questions and I note that you never thank people for their answers. You might want to start doing that or people may stop answering you.
Shaun.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
Shaun, I really don't know where you get the "never thank people for their answers" from or why you would state this when it is quite obviously untrue. At a glance I can point out your mistake - Mark 19/06/12, ClareB 12/11/11, Amanda 10/01/13, VinceH 21/04/12 and Rhianrach 21/04/12 are just a few of the people I have THANKED!!!!
I think it best if you do not reply to my questions from now on. And no, I do not think someone is looking for - and I think you mean - an ulterior motive
Shaun, I really don't know where you get the "never thank people for their answers" from or why you would state this when it is quite obviously untrue. At a glance I can point out your mistake - Mark 19/06/12, ClareB 12/11/11, Amanda 10/01/13, VinceH 21/04/12 and Rhianrach 21/04/12 are just a few of the people I have THANKED!!!! I think it best if you do not reply to my questions from now on. And no, I do not think someone is looking for - and I think you mean - an ulterior motive
Must have just been looking at those you missed.
If you ask questions to everyone then anyone may answer them.
If you are happy that there is no "Ulterior" motive then answer Casu's questions.
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Shaun
Responses are not meant as a substitute for professional advice. Answers are intended as outline only the advice of a qualified professional with access to all relevant information should be sought before acting on any response given.
To be honest its really very frustrating when someone doesnt even acknowledge an answer, never mind include the courtesy of a thank you. Nor indeed answer relevant Qs that have been asked (some in the past I can see that have been asked of you and also not answered), because we are all ultra busy people and give up our time for free.
I got so very frustrated a good while back that I stated a 'thank you campaign'. Im sure you can understand if you are ever on the receiving end. https://www.book-keepers.org.uk/index.spark?aBID=106474&p=3&topicID=61869111 (2nd version)
More importantly the Qs asked by original posters are often not the nub of the issue, so when we dig under the surface there are indeed other issues, often with the questioner not realising there is an issue. I usually add 'sorry for answering with more Qs' if there are loads, or some such comments when thats the case, but a few folk have emailed me offline to express gratitude for higlighting gaps in their knowledge base or indeed delving deeper to get to the nub of it all as it helps them more. Prime example - your thoughts that stock is valued at cost.
But hey, if you can answer the Qs raised by Casu then I dont mind giving it one more chance, although Casu is quite right in a key point she has made.
Might be good if you can join in with the other Qs asked on the forum as well Lily. Is there something stopping you from this side of things?
I have one or two more Qs, one of which was asked earlier but you havent mentioned in your responses today - is this for your own business? What is the actual stock? Ie what product?
What are your thoughts on the double entry? (thats the tutor side in me....I love to help folk but I like to get the trainees to put some effort in, that way they learn better and remember it for longer! )
edited to correct some typos/sentence structure!
-- Edited by Cheshire on Monday 10th of June 2019 06:55:18 PM
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Joanne
Winner of Bookkeeper of the Year 2015, 2016 & 2017
Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.
You should check out answers with reference to the legal position
Please can I open this up more as my knowledge may be lacking here.
Is retail stock always valued at cost? I always thought it was. If it isn't I would be grateful for being pointed in the right direction as to when it isn't.
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John
Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.
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