Mooloo's little tapestry of life, 2016

Savvy_sewing

CruisingSaver wrote: »

Mooloo

By moving items from stock to general purchases you have reduced your profit for the year as you have added extra expenditure to your P&L.

CS (qualified accountant)

Thankyou.
I will go chat to the accountant in my return and see if he can tell me what I need to do. It all started when he asked me to put in my closing stock. When I asked on the forum for the package I am using, they said that I needed to move the stock to general purchases, and then to make a journal entry. That's where I came totally unstuck.
A lot of the stock I use on the jobs, lots are sold, I have a closing stock count. So there must be a way for me to do it accurately.
If I'm ending up several thousand pounds out then I really don't understand why I'm working at all!

Been doing curtains now from 6pm till 10.15
Knackered.

Savvy_sewing

I'm on my second cup of tea already.
I had a sleepless night in the end. Although I went to bed just after I'd posted last night my mind would not stop. I spent hours with my friends help measuring, pinning and stitching the curtains, only to realise that I hadn't double checked if the final pleated curtain will actually fit the window measurements! So although we spaced out the pleats etc very carefully. I forgot to check my maths. Guess what I will be doing as soon as I get in to work this morning, before I start to hand stitch the pleats of course!
Though I have a few little repair jobs in yesterday, and they need to be tackled by the end of the day.
My mind is so full of things that they are actually in my dreams. Disturbing my sleep etc.
I so need to switch off.

Savvy_sewing

Phew! Curtain width is fine! 20cm either side for them to overhang on the wall and meet in the middle. Never been so relieved!

dktreesea

For the stock, you start off with your opening stock, so your closing stock from the previous year's accounts, plus purchases, minus closing stock gives you your stock expense for the year.


So what I do is expense everything I buy stock wise during the year, then make an adjustment at the year end to take into account the difference between opening and closing stock.


So say, at the end of last year, you had a closing stock of £2,000, which becomes your opening stock for the 2015/16 year. Then say you purchase £10,000 of stock during the year. You do your closing stock at the year end. Say it is £3,500. So the stock you expense in your p&L is £2000 + £10,000 - £3,500 = £8,500. During the year you have already expensed £10,000. So you need to do an adjusting journal entry:


Dr Stock - Balance sheet £1,500 (so increasing your stock on hand from £2,000 to £3,500)
Cr Stock expense P&L (£1,500) so reducing your expensed stock from £10,000 to £8,500, thus increasing your profit by £1,500 for the year.

Savvy_sewing

Thanks.
I get the gist of it, just need to find out how to do it in QuickFile now!

Savvy_sewing

Finally made myself a dress this afternoon!
I caught up with all the jobs that were needed. Quite a few collections today. Even did three jobs that came in today as I finished my curtains earlier than I'd expected.
Home now, and a suitcase to finish packing. Although I may have to check the weight tomorrow as I left the scales at work.
I'm going to be in bed early tonight as I didn't sleep very well last night.

CruisingSaver

Mooloo wrote: »

Thankyou.
I will go chat to the accountant in my return and see if he can tell me what I need to do. It all started when he asked me to put in my closing stock. When I asked on the forum for the package I am using, they said that I needed to move the stock to general purchases, and then to make a journal entry. That's where I came totally unstuck.
A lot of the stock I use on the jobs, lots are sold, I have a closing stock count. So there must be a way for me to do it accurately.
If I'm ending up several thousand pounds out then I really don't understand why I'm working at all!

Been doing curtains now from 6pm till 10.15
Knackered.

Hi Mooloo

You do it the opposite way round, so if for example your stock value is higher than last year (assuming you had stock last year) then you would move the difference FROM purchases TO stock.

If this is your first stock count then you move the total amount of the stock FROM purchases TO stock.

Any more questions I'm happy to help.

CS

*Robin*

Mooloo wrote: »

Finally made myself a dress this afternoon!

Saw the piccie you put on FB - dress looks fantastic!

Hope you slept better last night, and enjoy your holiday!

whiteguineapig

who else thinks mooloo should go on the sewing bee!!

Savvy_sewing

Thanks. Yes I did sleep better. I'm all packed. Except sun cream! Probably taking far too much stuff. But better too much than too little. As long as I'm in the weight limits ofcourse.
I don't have to do any sewing today that's needed anyway.
I'm off to work in a minute, and will clean the shop, ready for my return.
Work out my first day backs lists, and hopefully people will come to get their things and bring me money!
I will have to nip to bank what I can before 1pm when the bank shuts.
I've some more fabric that I may start to make another dress from. I will see how busy or quiet the place is.
Have a good day!