Brain fried

System
System Posts: 100,537 🤖 Admin 🤖
edited June 9 in AAT member discussion
Please help - my office is sooooo hot and my brain has gone to mush.

Sage is not used for stock control

On Sage I have got the opening stock figure. I have now been given closing stock.

So Cr opening stock
Dr closing stock

Sorry - where do i put the difference!!!!!!!!!

One very hot, tired and now confused :?

Claudia

ps - edited - panic over - the ability to read is amazing!!!!!!!!!!!! Even more amazing is finding my Sage books!

Comments

  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Brain fried

    Do you not just have to post the closing stock? Via a credit on the trading account and a debit on the balance sheet?

    mmm I like fried brain :lol:

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Brain fried

    ok - so now I have read the books and confusion back again :?

    Dean - I like your sense of humour - but single brain cells even fried in garlic are not very tasty!!

    It was the company's first year on Sage and so I put on all the o/b's and it balanced.

    Now it looks as though I should have put two opening balances for stock one for P&L and one for B/S but... there is no opening stock on the balance sheet only closing stock.

    So, back to square one any help much appreciated either:

    a. What the other half of the double entry for the 2nd part of my opening stock would be

    or

    b. What I do with the difference between opening and closing stock not having adjusted the opening stock in a. above.

    Off to see if I can find a friend for my lonely brain cell :D

    Claudia
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Brain fried

    Now that you have put on the opening balances, you're effectively reversing the closing balance sheet at a given date...

    So your opening position sounds correct to me.

    Debit on the Trading Account. Nothing on Balance Sheet (because you are using last years stock in your forthcoming trading).

    So if you are to make one double entry in the year, for closing stock, the entry would be my original post:-

    Credit: Trading Account
    Debit: Balance Sheet

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Brain fried

    I get your point but as per last year's balance sheet I have got the opening stock in there....... I think I will play around with the actual accounts out of Sage and see if that helps me - I am sure that I am being blond somewhere here..... :oops:

    Claudia
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Brain fried

    So let me get this right...

    Closing Stock as per previous year is still on the balance sheet and not in the trading account. :?

    If thats the case when you look at this years accounts your opening balance in your trading account shows zero?

    Regards

    Dean
  • System
    System Posts: 100,537 🤖 Admin 🤖
    Re:Brain fried

    Basically, what you need to do is post your opening stock (which will be a debit) to your 'opening stock' on the Profit and Loss account.
    It may be that its currently sat in 'Stock' on the balance sheet, and you'll need to credit this account, and debit opening stock on the p&l.

    When you post the closing stock figure, you will debit 'stock' on the balance sheet, and credit 'Closing Stock' on the Profit and Loss account.

    Hope that helps.

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