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Article ID: 39066

Accountants Office Suite
Accountants Enterprise Suite
New Zealand
AE Statutory Reporter (NZ)
Workpapers (NZ)

ARTICLE LAST UPDATED: 16/01/2018 9:09:00 AM

The new Livestock - Closing Balance workpaper available in MYOB Client Accounting version 5.4.26 allows you to reconcile values and quantities to your client's stocktake and make adjustments to bring these balances in line. These quantities and balances will be reflected in the Livestock Trading reports now available in MYOB Statutory Reporter.

To complete the Livestock - Closing Balance workpaper
  1. Open the Workpaper period you are working on and select the Livestock header account.
  2. From the TASKS bar, click Add Workpaper.
  3. Select Livestock - Closing Balance from the Template drop-down list. You can edit the Workpaper name if you wish.
  4. Click Add.

  5. Complete the table within the workpaper:

    Column heading

    Description

    Account selection

    		Select the appropriate account.

    Ledger quantity

    Populated automatically with balances from your AE/AO Ledger.

    Ledger balance

    Populated automatically with balances from your AE/AO Ledger.

    As per stock take: Quantity

    Enter the quantity provided by your client.

    As per stock take: Valuation method

    Enter the value of stock per your selected valuation method for the Opening and Closing stock.

    As per stock take: Average cost

    Calculated using Balance/Quantity.

    As per stock take: Balance

    Calculated using Quantity * Valuation method for Opening and Closing Stock.

    General Journal - Quantity

    Difference between the ledger quantity and the stock take quantity. A journal will be prefilled with this figure.

    General Journal - Balance

    The different between the ledger balance and the stock take balance. A journal will be prefilled with this figure.

    Stock take

    Select the stock take header account to compare the balance to Closing Stock.

To balance your ledger perform the following instructions if there is a variance
  1. From within the Livestock - Closing Balance workpaper, click Add Journal located on the tool bar.
  2. Enter a description for the journal in the Description field, then balance your journal using a contra account.
  3. Once your journal is balanced, click Add to post the journal. The Closing Stock reconciliation should balance to NIL.
 
 
 
 

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