Balance Sheet Below screenshot shows the effect passed in the balance sheet:
As can be
seen from the above screenshot, the balance of inventories is reflecting accurately as Rs. 90,00,000/- and the loss for the period of Rs. 10 lakh (assuming no other transactions) is grouped under retained earnings on Assets side.
TCS
Confidential 13 Copyright @ 2020 Tata
Consultancy Services Limited IMPORTANT NOTE – In case you are an existing user of the system and your existing stock asset accounts are
of Not Applicable type in GL, you can simply change the account type to Stock and proceed with stock entry. The existing closing balance will flow in the entry as the Closing Stock.
CONCLUSION https://tcs.webex.com/tcs/ldr.php?RCID=c3e47272a70f4153a9e5322f305fb6e6(Pls hold down ‘Ctrl’ key while accessing) Mr. XYZ – Thank you Mr. iON. This functionality will be a value add for us. We shall try the same on training instance and then on live.
Mr. iON – Welcome sir. Pls stay in touch for any further queries.
For your convenience, we have recorded this session. You may refer to the video by clicking the below link in Chrome browser.
