Question asked by Paul 10 years ago
I have read elsewhere that a profit and loss account won't remain accurate without the inclusion of opening and closing stock balances, not possible here. So I wondered how others get around this issue, or does everyone using Clear Books have the kind of business that doesn't hold stock?
Hi Paul (user not accountant)
Correct, a quick journal come month end is all you need. You might need to create a couple of extra codes within the chart to achieve this though. Are you comfortable doing that?
Best answerYeah it's really easy, not something to put you off signing up put it that way.
Thanks Paul and Kevin, I am currently here on a months trial, trying to decide which package to use for my business. (Also testing Kashflow and sage). So at this stage just wanted to find out if it was possible to get round the stock value issue. So no I wouldn't know how to create journal or codes but I'm sure the support staff will be able to help when I get to that stage. Good to know there is a way round the issue!
Many Thanks! Paul
Actually Clearbooks has a very good stock control system so the stock levels and values are not the issue, it's just how to get them into the profit/loss account.
Would you simply do it as a manual calculation/adjustment then?
Hi Paul - with more & more small businesses being in the service sector these days then the number needing to record stock has dropped off over the years.
Having said that however, I still have a few clients who have to record stock but it's not difficult and they tend to have a rough guess at say the end of each quarter at the sort of stock they are holding, leaving a more detailed stock take till the end of the year.
Come back if that doesn't make sense.
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