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Accounting Reports

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elaine:

--- Quote from: AppleXY on May 18, 2008, 06:39:07 pm ---Stock reconciliation is basically a cross-check of the stock cards and the actual stock on hand.  :) It's like stocktake, so assume that the Stock reconciliation figure is the correct one. :)

--- End quote ---

but if i take the stock reconciliation figure, then the answer will be $8000- $800= $7200
which is wrong :(

AppleXY:
Hmmm. Strange.

Checked my uni acc books (Hogget and Fin Acc by Trotman) and google and it confirms it.

"stocks must be checked in supplies held in store and receipts from sales" , "


"After the physical count and review of the countdocuments, the next step in the inventory process is toreconcile (compare) the count documents with the stockrecords. This is done to determine if differences existbetween the physical count and the amount recorded onstock  records."

"Stock reconciliation is the process of matching stock records with the physical stocks"

elaine:

--- Quote from: AppleXY on May 18, 2008, 06:54:59 pm ---Hmmm. Strange.

Checked my uni acc books and google and it confirms it.

"stocks must be checked in supplies held in store and receipts from sales"




--- End quote ---

is it even in the vce course?
if it's not, then i'm happy

and hang on a sec, isn't a stock reconciliation basically the same as a stocktake?
"the cross check of stockcards with actual stock"

lol i'm getting confused

AppleXY:
Yeah, is that what you did ? It's basically matching any deviations.

it's what i said "it's like a stocktake".

just say you had $2000 in records and $1000 in 'real-life' stock (lol) then the reconcilation is $1000.

Sorry if my explanations are ambiguous. lol.

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