PHYSICAL STOCK RECORDING USING QUICKBOOKS

PHYSICAL STOCK RECORDING USING . QUICKBOOKS . OPENING ACCOUNTS. If QUICKBOOKS is to be used for the PHYSICAL RECORDING of STOCK , when the datafile is opened, it should be opened as a service business, because you will not want to enable the inventory features. The accounts will need to be opened for STOCK on Hand (Other Current Asset), Cost of Goods Sold (Cost of Goods Sold), Purchases (subaccount of Cost of Goods Sold), STOCK at Beginning (subaccount of Cost of Goods Sold), STOCK at End (subaccount of Cost of Goods Sold). As Purchases, STOCK at Beginning and STOCK at End are opened as sub accounts of Cost of Goods Sold this will be the sub heading. The order of the accounts should be changed so that the STOCK at Beginning appears before Purchases. ENTER OPENING STOCK . The opening STOCK in the opening trial balance is entered into the STOCK on Hand account as one of the debit balances, with the credit as part of capital.

Notes prepared by Suzanne Collings 1 PHYSICAL STOCK RECORDING USING QUICKBOOKS OPENING ACCOUNTS If QuickBooks is to be used for the physical recording of stock, when the datafile is

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