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Meow
04-10-2002, 11:31 PM
Can someone please with NZA Gold stock problem?

How to enter the opening balance for opening stock & inventory when I just set up a new business? I just bought a business from someone. The inventory value is $20000. How can I convert this inventory value into the opening stock & inventory in NZA Gold? I have tried many ways but still can not get the right figures in P&L and Balance sheet becuase no correct figures been posted to both statements.

Thank you very much.

wotz
04-10-2002, 11:52 PM
I'm not familiar with NZAG, but if you just bought the business you don't want to bring them in as opening balances. They are transactions for the current year. Can you do a journal entry, where you would debit stock purchases, plant, goodwill and credit capital and bank loan? ( These are just typical accounts - you should use the solicitor statement to get all the detail)

Meow
05-10-2002, 12:20 PM
Hi Alister

Thought you don't know NZA Gold, you suggestion gave me an idea how to fix the problem. Now I have done it. Thank you very much for your help.

Have a wonderful weekend.

wotz
05-10-2002, 04:53 PM
No Problem. Good luck with the business.