Closing stock - How to post to Accounting ?

In order to show stock values in Accounting (financial reports), there are 2 options:

A. using Periodical Stock System

B. using Live Stock Balance

A. using Periodical Stock System

This is to obtain closing stock value of each month from stock reports and update it at G/L menu. The financial reports will retrieve the stock values accordingly. The steps are:

Step 1: maintain set(s) of stock accounts (special account for Opening Stock, Closing Stock and Balance Sheet Stock) at G/L > Account Maintenance.

Step 2: obtain the monthly closing stock value from Stock > Stock Balance Report

Step 3: key in the monthly closing stock value at G/L > Stock Value Maintenance

B. using Live Stock Balance

This is to direct calculate the stock balance from transactions (instead of getting it from Stock Value Maintenance) and use it in financial reports. For this purpose, you need to define the Balance Stock Account Code at Stock Group Maintenance.

Step 1: maintain set(s) of stock accounts (special account for Opening Stock, Closing Stock and Balance Sheet Stock) at G/L > Account Maintenance.

Step 2: activate the option of 'Use Live Stock Balance in all Financial Reports' .... at Tools > Options > General > Application Settings....

Step 3: assign Balance Sheet Stock account in Stock > Stock Group Maintenance....
(Note: all stock item must be assigned with Stock Group.)

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