When I run a Profit & Loss report my Opening and Closing inventory figures are the same. Should they be?
No they shouldn’t. You must create a journal to the Closing Stock Account to reflect your new stock on hand valuation. This journal can be created by Infusion from Financials / ...More Options.
Enter the date as the last day of the month. The Inventory Valuation at this date will display.
Select Post to update the Current GL Value to that of the Inventory Valuation. Once this is done you will see a Journal in your Closing Inventory GL, showing the update to the inventory valuation. This figure will update to your Profit and Loss report.
It is recommended that you do this update about the middle of the following month, after all Supplier Invoices have been received.
If entries have been backdated into a prior month, it is necessary to run this update for each subsequent months in order as the figures will have changed.