Tuesday, September 18, 2012

Opening Stock & Inventory valuation with Weighted Average method

Hope you were been in a difficulty of assigning "Opening stock" in AccountingGuru.  Now, AccountingGuru is come up with a feature that enables you to assign your Opening stock quantity & value.

Also, the "Inventory Report" is updated with "Closing stock Value" using "Weighted Average" method.

1.  Assigning of Opening Stock Value:

Click on Products - Taxes -> List Products as shown below

When you do the above, the below screen appears.

For ex. Anish and Co is in a business of selling electronic products. He wants to assign opening stock for "Sony Bravia 36 Inch" Tv.  Let's see how this company assigns opening stock.

Anish Clicks on Ledgers And Taxes as shown below.

When clicked on Ledgers And Taxes, the below screen appears.

Anish feeds in the details,
     1.   Quantity - 10
     2.   Value     - 10 x 15,500 = 1,55,000.00
     3.   Selects the stock "As of date" and clicks on update as shown below.

2.  Now,  Anish wants to check his inventory report.

Anish clicks on Reports -> Inventory Reports as shown below

When he does the above, the below screen appears.

Anish selects the "To date" as he wants and clicks on "Show" as shown below

When he clicks on "Show", the below screen appears with update  stock value.