Stock Adjustments
smiley66
Registered Posts: 2 New contributor 🐸
Have just qualified and started with a new company and need some help.
Does anyone out there use the TAS 3 accounting system?
We are about to come to year end and the stock is a mess. I need to work out the correct way to do stock adjustments. :huh:
Does anyone out there use the TAS 3 accounting system?
We are about to come to year end and the stock is a mess. I need to work out the correct way to do stock adjustments. :huh:
0
Comments
-
Hi Smiley66,
We do use Tasbook3 in our company
The way we do our stock is as follow.
Print out stock take report (545) remember to tick (in stock and gird lines) options, then fill out (counted and variance) columns manually
To do stock adjustments go to 521 - stock adjustments and tick stock take option then put GMV if any. recall relevant products for adjustment, remember you only need put variance figures from the stock take report e.g. product A stock says 10 unit and you have counted 8 units hence the variance is (-2) in this case you need put (-2) in adjustment for the product A. Normally the default nominal for the adjustment is suspense account (2500), I usually change the default description (stock adjustment) to the product's name or code, which does make sense when you print out the suspense account report, which shows exactly what the entries relate to. You may need to write some notes if some products are missing or damaged or any other reasons as these maybe required to justifying suspense account if it can not be cleared.0 -
Hi and thank you for your reply. It has made things alot clearer.
My MD set up the accounts system about 5 years ago and has been doing the accounts himself all that time. Unfortunately he is an engineer and the books are a mess especially the stock. He seems to have the adjustments moving from 1600 to 1600 (stock) so it makes no difference to the actual balance. It's a real state and he is looking to me to clear everything up. I feel a bit out of my depth at the moment. He doesn't seem to have set up a suspence account. :huh:0
Categories
- All Categories
- 1.2K Books to buy and sell
- 2.3K General discussion
- 12.5K For AAT students
- 325 NEW! Qualifications 2022
- 160 General Qualifications 2022 discussion
- 11 AAT Level 2 Certificate in Accounting
- 56 AAT Level 3 Diploma in Accounting
- 95 AAT Level 4 Diploma in Professional Accounting
- 8.9K For accounting professionals
- 23 coronavirus (Covid-19)
- 273 VAT
- 92 Software
- 275 Tax
- 138 Bookkeeping
- 7.2K General accounting discussion
- 202 AAT member discussion
- 3.8K For everyone
- 38 AAT news and announcements
- 345 Feedback for AAT
- 2.8K Chat and off-topic discussion
- 583 Job postings
- 16 Who can benefit from AAT?
- 36 Where can AAT take me?
- 42 Getting started with AAT
- 26 Finding an AAT training provider
- 48 Distance learning and other ways to study AAT
- 25 Apprenticeships
- 66 AAT membership