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Former Member
Jul 18, 2009 at 12:05 PM

Closing Stock in Profit and Loss A/C

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Hi Experts,

I have an issue regarding Closing Stock Which is normally followed in Indian Accounting System . This Closing Account is Sum of Raw Materials, Finished Goods, Work In Progress. But unfortunately B1 does not maintain two different accounts for Raw Materials and Finished Goods . Same Inventory Account is followed and effected for both of them . Our need is to track two different G/L Accounts , One for Finished Goods and one For Finished Goods . All the Transactions such as GRPO, A/P Invoice should effect Raw Materials Account and Transactions such as receipt from production and Sales transactions should effect Finished Goods A/C . seperately. Currently in both the cases same Account i.e Inventory account is only effected .

Moreover We need to have Closing Stock Balance (Raw Materials + WIP+Finished Goods) at Income Side of Profit and Loss Report .

Plz provide me some suggestions and guidance for how to resolve this issue.

Thanks in Advance.