stock at endo f year - how to account for it

edwara

Ok am in first year of selling cards. have filled out all my accounts done a stock take etc. What I can't figure out is where to record the value of my stock at end of year and thus work out my operating profit. Do I add or take it away from the cost of purchasing it? or is it something completely different?

Also any recommends for basic accounting packages to help me with this for next year? Also interested in running one for home so all advice needed. Just want to make my life simple and accurate so I don't get into a mess with tax:eek:

Thanks in advance

Bean_Counter

Your cost of sales figure would be opening stock (presumably nil) add purchases in year less closing stock. Deduct from sales to give operating profit.