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.