Chapter 9 Stock Balance Reset & Posting Closing Stock

CHAPTER 09.01 RESET STOCK BALANCE QUANTITY

This new feature allows users to reset their negative stock item balance quantity to 0.
Log on to AutoCount Accounting Management Studio,

a) Go to Tools > Reset Stock Balance Quantity

b) stock balance before reset Stock Balance Quantity

c) Reset Stock Balance Quantity

d) Reset Stock Balance Quantity stock adjustment created

e) Stock Adjustment

f) Stock Balance After Reset

CHAPTER 09.02 HOW TO POST THE CLOSING STOCK TO ACCOUNT

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

Profit & Loss statement after key in Closing stock at 31 Dec 2021

Balance Sheet after key in Closing stock at 31 Dec 2021

B. using Live Stock Balance (for Autocount Basic & above)

1) This is to direct calculate the stock balance from transactions (instead of getting it from Stock Value Maintenance)
2) 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.)

a) Stock Balance as at 31/10/2020

b) Stock Balance as at 31/11/2020

c) Stock Balance as at 31/12/2020

d) Profit & Loss Statement from Oct to Dec 2020

e) Balance Sheet from Oct to Dec 2020