• From: Canada, Kitchener, Ontario
  • Registered: 02/03/2009
  • Posts: 24

Topic: Inventory Closing Stock

Hello,

Thanks for a wonderful software. I am a retailer and using this software for accounting. I import products and sell it here in Canada.

My Inventory figures are skewed as the Inventory valuation report shows 2 categories with following amount: 357.49 (I believe this is the Stock in Hand). So this figure should affect Balance Sheet and should appear there.

However when I open the Balance Sheet the figure that appears there is Cost of Goods Sold.

Why is this happening can somebody help me.

  • joe
  • Administrator
  • Offline
  • Registered: 03/15/2007
  • Posts: 5,106

Re: Inventory Closing Stock

I am not sure if I understand you correctly.
If you haven't sold anything yet, the inventory GL should match your inventory valuation. When delivering items the inventory account is credited and COGS is debited. The stock moves for the item is also decreased.

/Joe

  • From: Canada, Kitchener, Ontario
  • Registered: 02/03/2009
  • Posts: 24

Re: Inventory Closing Stock

Thanks Joe,

Problem Solved. I think it was my mistake.