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The Joys of Stock

  • Associate
  • 1 post
  • # 97816

Calling all bookkeepers experienced with Stock.  I have had alot of experience with service based accounts but very little with manufacturing.  

Consequently my accounting procedures for stock is weak and I now have a client doing theatre productions who buys liquor as part of catering and I need to know how to record this as stock and process it from month to month.  

I processed the purchase invoice settings to go to Opening Stock.  Should I have put this rather to Stock or purchases and done the stock as part of stock take and month end journals.  I have looked at this from a variety of ways but always end up short on a double entry somewhere.  

Any advice would be appreciated.

Catherine.

 

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