GST Inventory Software | Closing Stock

• Press ALT + 7 + C to see closing balances.
• You can select any specific date for closing balance.
• Closing balances are also displayed when you select a product for purchase or sale.

Closing Balance with Stock Valuation

• Six different methods can be used for stock valuation. These will help you analyze stock in detail.

1. Weighted Average Cost
   This method provides average cost of acquisition of product. If lot of opening balance is still pending to be cleared. This is good method for valuation.
2. FIFO – First-In-First Out
   FIFO is what you require for all statutory purposes. Income Tax, GST etc. All govt submission will require FIFO.
3. Purchase Price as given in Product Master
   This along with value based on Sale Price as given in Product Master will help you understand your gross margins and understand what to expect from future sales.
4. Sale Price as given in Product Master
   This along with value based on Purchase Price as given in Product Master will help you understand your gross margins and understand what to expect from future sales.
5. Last Purchase Price
   This will provide current value of stock based on latest price changes.
6. Last Sale Price
   This along with Last Purchase Price valuation will give current margin and need to reset prices.

 

Note: Check Stock valuation on last date of financial year and you will be allowed to save closing stock with value as next year opening stock.