Step 8 - The Stock Journal

This applies if you are running periodic stock, i.e., have an opening/closing stock chart of accounts.

On the last working day of each month you should run a Stock Quantities Report and use this figure for the stock journal.

You do not need to create this journal (although you should still run the above report) if you will be following the recommended procedure of using the End Period Wizard.

The Opening/Closing Stock Journal

You have three ways of doing the opening/closing stock journal:

1. You can set up a standing journal (see below).

2. You can do a general journal.

3. Or you can let the End Period Wizard do this for you.

An example of the journal follows:

If a standing journal is set up when you were ready to run the next month, and you are not using the End Period Wizard, the procedure would be:

1.      Keep the debits and credits the same.

2.      On the first two lines the amounts would change to what the prior month's closing stock amounts were.

3.      The current month's closing stock would be entered in the last 2 lines.

After editing the standing journal:

4.      Click Total

5.      Click Copy to copy it to a general journal.

3.      Click Transfer to period and type the correct period, i.e., 1 for July, 2 for August, etc.

4.      Click OK. This will make a copy of the standing journal in the general journals area.

5.      Choose: Journals|General Journal Batches or click on .

6.      Highlight the journal by clicking it and click Postto post the stock journal.