FVS Accounts Solution

END OF PERIOD STOCK TAKE

Problem:

What should I do about a STOCK TAKE on my last day of trading, before a new trading period starts?

Solution:

At the end of a last period of trading (most companies complete a stock take in order to value the stock they have left. This figure is then put in the final accounts as Closing Stock, and shows in the New Period accounts and as the Opening Stock for the start of the new period of trading).

From Update v3.60 this process was made automatic and FVS Market Trader - option 872 - 'Run Period End Stock Take' now runs automatically when you first open FVS on a date that exceeds your current end of period date (i.e. as determined by the Window’s date set in your operating system).

On the morning after your current accounting period close date (i.e. the next time you start FVS with a date greater than your Period Close Date), FVS will make a copy of your closing stock quantities and keep these on hand for valuation of you Closing (& Opening Stock) figures. The value of your closing stock will be placed into your Profit and Loss Accounts and thus be reflected in your Gross Profit figure.  

Note: In FVS Accounts, Stock can only be valued if an item has already been paid for. As you pay for stock (e.g. in the new period) FVS will calculate backwards the value of stock you held at end of period, and put in the figure to calculate your closing stock value. Keep running FVS Accountant option 821 - 'Period Stock Valuation' until all of the totals for stock items appear. You will then have the total value of your closing stock for the last period accounts.

END OF HELP NOTE