You need to process the following journal entry prior to producing periodic financial reports to record the correct balances for closing stock and stock on hand.
MYOB recommends you process this transaction as an auto reversal journal. If you do not set it as an auto reversal journal you need to enter a separate transaction to reverse these balances at the beginning of the next period.
You need to process this entry for the system to record the notional periodic Opening Stock correctly.
After a Period End Balance Forward is performed, the system needs to clear the Stock on Hand and Closing Stock Accounts to zero. This can occur automatically if the transactions are processed as auto reversal as recommended or you need to process a manual transaction if you did not process the end of period transaction as an auto reversal transaction.
- Open the MAS ledger and follow the menu path: Data > Journals > Journal Entry. The Data Entry: Journals screen appears.
- Select the period end date and click OK. The Journals screen appears.
- Click the Reverse option. The Reverse option is selected.
Enter the following transaction with the balances appropriate to your trading information at the end of the period.
Click Exit and Post. The transaction is posted and the MAS ledger appears.