Show Closing stock in P&L report

FozzieFozzie Member Posts: 15
edited August 2017 in Accounts Hosted
Not having much luck since taking accounts to hosted.  Now when I run a P&L closing stock does not show but opening stock does.  We don't run a stock system as our work is produced in an external system so it's a journal that has been done for years.  Doesn't show in my P&L v Budget.  All entries are there when I look at registers.

Comments

  • John GJohn G Reckon Staff Posts: 2,283 ✭✭
    edited July 2017
    Hello Fozzie,

    Thanks for asking.

    You may want to consult a Reckon Accredited Partner to have your company file setup properly for your specific situation.

    Generally, purchases of stock items will be added to the Inventory Asset account.  When you sell the item its average cost value will be transferred from the Inventory Asset account to the Cost of Goods Sold account to allow a determination of Gross Profit.  If all done correctly you should be able to match a physical stock-take to the item numbers stored in the Inventory module at any point in time and your Gross Profit a proper reflection of reality. 

    It sounds that you will need to make a general journal adjustment for your inventory item movement manually through a general journal - add in purchases to the Inventory Asset account and subtract the cost of goods sold over the reporting period to give you an Inventory Asset value in line with your inventory holding.  

    Hope this helps.


    regards,
    John
  • FozzieFozzie Member Posts: 15
    edited July 2017
    I understand accounting. We dont receipt stock as an inventory item. Never have we deal in sheets of steel that are cut and there is scrap etc. Managed in our job database. Its easier to jnl in opening and closing entries never been an issue before. I have been in contact with tech support. I have found other issues with Reckon and unfortunately may have to change after many years. Had issues with Reportable super had to fix that for years now when i run p&l i can see issues with mv allowance and i guess its the same fix jumping into pay delete issue reenter. Its becoming all too hard to work around Reckons issues.
  • John GJohn G Reckon Staff Posts: 2,283 ✭✭
    edited July 2017
    Thanks Fozzie,

    All the items you refer to are resolvable through proper configuration.  Its understandable that as a business grows, the way software handles particular issues may become daunting.   Reckon Accredited Partners thrive on circumstances like this and it is an avenue worth exploring.


    regards,
    John
  • Jacqui AllenJacqui Allen Member Posts: 243
    edited July 2017
    Check dates on the journal if correct, open the journal and then click ctrl+Y, this will show you the detail that is recorded.  This can be used on any form ie cheque, bill, tax invoice etc very useful?
  • FozzieFozzie Member Posts: 15
    edited July 2017
    Thanks, I will try that.  Tech Support downloaded our file & trying to work out the issues.  All of a sudden it dawned on me to do a rebuild, thought I might have been advised to do that...seems like my COGS is reporting correctly, now the closing stock figure is coming through. I can now drill down to detail on the chart of accounts, I can drill down on the P&L for details. I still had the issue of having to go into old pay records deleting the record and re-enter but that is something i have been dealing with for some time.   So i guess that's the lesson, rebuild the file, not sure if this is something that should be done on a regular basis but I certainly won't forget it in a hurry had a lot of angst over the last couple of days.
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