hi....99% perfect presentation. 1% is remaining due to:. How to treat or settle down that open balance of Inventory delivered & inventory received balance (under continental) in Final account.?. Hope you will reply
There are two ways. Option 1. You need to use the same account for stock input and output. At the end, it will balance out the received and delivered goods amount, which you can reconcile internally. Option 2. You register transactions under stock input and output accounts throughout the year and at the end you can mark these accounts as off balance sheet account as it has no impact on our balance sheet. Using continental account, we already get income and expenses registered so we don't need interim accounts valuation in our balance sheet. Hope you will try both the ways and select the best suitable to your business needs and your clients business needs.
Hi thanks for video! I found one problem in my system when I am creating a purchase bill it's taking a COGS in journal items instead of Stock received but not billed while using a anglo saxon.
@@MustufaRahi Thank you for your prompt response. I encountered an issue with multiple companies because I created a branch under the main company. After enabling the feature in the main company as well, everything is now working fine.
Can't get, exactly same settings did in setup, but P/L report doesn't show the value of unsold/un delivered stock of 98 as closing stock in P/L report. Hence get a gross loss of 98, because stock is received and billed by vendor. Kindly help
Thanks for the video. Very helpful.
You're welcome.
Thank you Sir
You're welcome
hi....99% perfect presentation. 1% is remaining due to:. How to treat or settle down that open balance of Inventory delivered & inventory received balance (under continental) in Final account.?. Hope you will reply
There are two ways.
Option 1.
You need to use the same account for stock input and output. At the end, it will balance out the received and delivered goods amount, which you can reconcile internally.
Option 2.
You register transactions under stock input and output accounts throughout the year and at the end you can mark these accounts as off balance sheet account as it has no impact on our balance sheet.
Using continental account, we already get income and expenses registered so we don't need interim accounts valuation in our balance sheet.
Hope you will try both the ways and select the best suitable to your business needs and your clients business needs.
@@MustufaRahi Thank You So much
You're welcome. Let others know which option you selected for these processes. Also share if you have any other options.
Hi thanks for video!
I found one problem in my system when I am creating a purchase bill it's taking a COGS in journal items instead of Stock received but not billed while using a anglo saxon.
That's required to check entire configuration inside product category and anglo saxon is enabled or not.
@@MustufaRahi Anglo saxon is already enabled and also created a chart of accounts.
What about Product category configuration? Did you review it?
@@MustufaRahi Thank you for your prompt response. I encountered an issue with multiple companies because I created a branch under the main company. After enabling the feature in the main company as well, everything is now working fine.
Great to hear
Can't get, exactly same settings did in setup, but P/L report doesn't show the value of unsold/un delivered stock of 98 as closing stock in P/L report. Hence get a gross loss of 98, because stock is received and billed by vendor. Kindly help
I think you have not enabled anglo saxon settings as well please verify your product category account settings.
I have set COGS but journal entires COGS in Credit @@!, dont know why.
I need to know what have you configure, where? Kindly email me your configuration screen shot