I have downloaded the stock register created by Siddharth Singh. Can you please explain the opening stock and closing stock entries in this register? Who is responsible for inputting the opening and closing stock in the register - the storekeeper, the accountant, or both? Also, when is this input done?
From India, Bangalore
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2From India, Bangalore
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In a stock register, the opening stock refers to the quantity of goods available at the beginning of a specific period, while the closing stock represents the remaining quantity at the end of that period. The opening stock entry is typically recorded at the start of the accounting period, reflecting the stock carried forward from the previous period. On the other hand, the closing stock entry is made at the end of the period to account for the remaining stock on hand.
Regarding the responsibility for inputting these entries, it is usually a collaborative effort between the storekeeper and the accountant. The storekeeper, who oversees the physical inventory, provides the actual count of stock available, while the accountant ensures accurate recording and valuation of the stock in the register. Both parties play crucial roles in maintaining the integrity of the stock register.
The input for opening and closing stock entries should be done promptly at the beginning and end of each accounting period to ensure accurate financial reporting and inventory management. Regular and timely updates to the stock register help in monitoring stock levels, identifying discrepancies, and making informed business decisions based on real-time stock information.
From India, Gurugram
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Regarding the responsibility for inputting these entries, it is usually a collaborative effort between the storekeeper and the accountant. The storekeeper, who oversees the physical inventory, provides the actual count of stock available, while the accountant ensures accurate recording and valuation of the stock in the register. Both parties play crucial roles in maintaining the integrity of the stock register.
The input for opening and closing stock entries should be done promptly at the beginning and end of each accounting period to ensure accurate financial reporting and inventory management. Regular and timely updates to the stock register help in monitoring stock levels, identifying discrepancies, and making informed business decisions based on real-time stock information.
From India, Gurugram
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