A2000 ONLINE SUPPORT DEPARTMENT
KNOWLEDGE BASE
GENERAL RULE: Pass a single entry, one day before the start of year (i.e. Start Year Jan 2023, the Journal entry or GO should be encoded at Dec 31 2022), in order to auto bring forward the amount to Opening Stock. Only done in the initial set up of Account Book.
Sample Presentation in P&L:
Revenue
Sales - Local
Sales - Overseas
Total Sales
Less: Cost of Sales
Opening Stock Auto get the last month’s closing stock figure
Add: Purchase
Less: Closing Stock Net total amount of the movement/posting of Closing Stock A/c for the month
Total Cost of Sales
Gross Profit
Less: Operating Expense
Salary Expense
Transportation Expense
Communication Expense
Travel Expense
Miscellaneous Expense
Total Operating Expense
Net Profit
Passing a Journal Entry or Opening Balance under GO Transaction Type:
Date: Dec 31 2022
Stock A/C - DEBIT
Closing Stock A/C - CREDIT
When preview the report for the P&L it should reflect as follows:
*END*
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