In Tally.ERP 9, the value of closing stock displayed in the Balance Sheet is based on the costing method defined for each stock item in the stock item master. The general principle of accounting is to value the stock at purchase cost or market value, whichever is lower. The value of closing stock can be entered manually.
For example, consider that the market value of stock on 31-12-2008 is Rs.25,000. To show this amount as the closing stock value:
● Set the option Integrate accounts and inventory to No in F11: Features (F1:Accounting Features).
● Create a ledger stock (under Stock-in-Hand).
● In Closing Balance of Balance Sheet, specify date as 31/12/08 and value as 40,000.
The Balance Sheet appears as shown below:
When the balances are carried forward to the next year, the opening value of stock will be 25,000, if the option Integrate account and inventory option is set to No in F11: Features (F1:Accounting Features).
If this option is set to No, the manual entry will not be considered, and the value will be calculated automatically based on inventory values.
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