Chapter 9 – Stock Balance Reset and Posting Closing Stock
Chapter 9.2 – How to Post the Closing Stock to Account
There are two ways to show stock values in financial reports:
A. using a periodical stock system
B. using a live stock balance
A. Using Periodical Stock System
To obtain the closing stock value of each month from closing stock reports and update it in the General Ledger menu. The financial reports will display the stock values accordingly.
1. Step 1: Maintain opening stock, closing stock, and balance sheet stock accounts in the G/L > Account Maintenance menu.
2. Step 2: Obtain the closing stock value from the Stock Balance Report (Stock > Stock Balance Report).
3. Steps 3: Enter the closing stock value in the G/L > Stock Value Maintenance.
Profit and Loss statement after entering closing stock on December 31, 2021
Balance sheet after entering closing stock on December 31, 2021
B. Using Live Stock Balance (for Autocount Basic & above)
a. This is to direct calculate the stock balance from transactions (instead of getting it from Stock Value Maintenance)
b. Use it in financial reports.
For this purpose, you need to define the Balance Stock Account Code at Stock Group Maintenance.
1. Step 1: Maintain opening stock, closing stock, and balance sheet stock accounts in the GL > Account Maintenance.
2. Step 2: Activate the option of ‘Use Live Stock Balance in all Financial Reports’ in Tools > Options > General > Application Settings.
3. Step 3: Assign a Balance Sheet Stock account in Stock > Stock Group Maintenance. (Note: All stock items must be assigned to a stock group.)
4. Stock balance on October 31, 2020
5. Stock balance on November 30, 2020
6. Stock balance on December 31, 2020
7. Profit and Loss Statement from Oct to Dec 2020
8. Balance Sheet from Oct to Dec 2020. Tick the checkbox of 
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