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Peter Caley
January 9, 2022
Question

Year end closing valuations stock values

  • January 9, 2022
  • 1 reply
  • 0 views

Hi,

When I brought a business on to QB I entered opening valuation/stock balance in to a current asset code and called it a stock item.  

 

We have not run any stock adjustments in year, nor tracked stock through any sale or purchase nominal.  Now past a year end I want to enter a closing valuation stock balance and am struggling to work out the best way to do it!  Its not really crucial but I like it to be complete!

Any tips on what to do?

 

Thanks in advance !

1 reply

Adrian_A
Adrian_A
January 10, 2022

Hi,

 

Thanks for sharing such detailed information. It gives me a more clear picture of how the items are recorded.


In cases like this, you can continue creating a journal entry to adjust the stock assets value. Please note, a journal will not affect the Stock Valuation since there is no product used.

 

I suggest consulting an account first for recommendation where to put the balancing Debit entry and posting account to use. This way, it will not throw off your records.


For future reference, I’m adding a link that contains detailed information on how stock tracking impacts your financial reports.

 

Keep me posted if you have any other concerns or follow-up questions. Please know I’m just a comment away for help.

 

 

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