The use of account codes in relation to Opening Stock, Closing Stock and Stock on Hand is very strict. Each Opening Stock account code will have a corresponding Closing Stock and Stock on Hand account code. If the wrong account code is used, problems will be experienced when rolling the client into the next financial year.
When recording closing stock, use the closing stock details window to ensure the correct account codes are used.
Log in to HandiLedger and Select your entity.
From the Input menu, click Closing Stock Values.
On the Closing Stock Values window, click the relevant tab relating to Manufacturing, Trading or Livestock and complete and Save the details. Note: You must enter each period in ascending order.
If you enter the stock accounts manually:
Log in to HandiLedger and Select your entity.
From the View menu, click Ledger Entries.
Click Account in the Ledger entries window to sort by account codes.
Check your stock account codes and correct them where necessary.
Go to Input, Closing Stock Values and check which stock account codes need to be used together.
Example: If you are using stock account code 1108 for opening finished goods, the balance sheet item must be 2335, and the closing finished goods must be 1138.
Verify accounts
Log in to HandiLedger and Select your entity.
From the Tools menu, click Verify Accounts.
On the Verify transactions window, select all checkboxes: Recalculate Balances, Check Chart of Accounts, and Re-read BAS Report Dates.
Click Start.
Click Close when Verify is completed.
Go to the Financials menu and select your report to see if it is now balances.