Final Stock Value for end of tax year

Question asked by James Cartwright 6 years ago

I've just done a stock check for the 2014-2015 tax year and would like to know how to add the stock value into clear book for my end of year accounts.

I am a sole trader if that makes any difference to how it's done.

Can anyone help?

2 Replies

You need to create a journal entry (Tools > Journal > Create). It'll depend what chart of accounts you're using but it would usually look something like this:

DR Inventory/Stock In Hand (Balance sheet) CR Closing Stock/Cost Of Sales (P&L)

Thanks for covering this on a bank holiday Kevin! Kevin is spot on, especially as you cannot keep each year's stock prices within the system.

Thanks

Chris

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