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Post Info TOPIC: closing stock
elizabeth


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closing stock
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Using Sage software.  Need advice on postings for closing stock.  End of first year trading and I have closing stock.  No opening stock.

Thank you



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Casu


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sage what?

What are your qualifications?

Think of the double entry and it will become clearer.

Although you have asked before and were given an unacknowledged answer.

What stock?How have you valued it?



-- Edited by Casu on Sunday 9th of June 2019 10:41:41 PM

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Caron
elizabeth


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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


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Shamus


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elizabeth wrote:

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.
elizabeth


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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

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Shamus


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elizabeth wrote:

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.
Cheshire


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Michelle didnt get a response, nor did I.

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! wink)



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
Cheshire


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Just in case you arent logging in via a PC - Shaun is the Moderator.



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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
Leger


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Hi Guys

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.
Cheshire


Master Book-keeper

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Hi John
Given the o/s Qs to the OP on this one I personally feel it would be appropriate to wait for answers from Lily.

But in the meantime I've dropped you a PM re some info.

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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
Casu


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elizabeth wrote:

 Stock valued as it should be valued - cost price

Not always.   more wrong than the misspelling of ulterior.

answers to the other questions?

or wasting our time?

or as per my previous post - you need an Accountant, you really do.



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Caron
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