Navigation:  APPENDIX > Accounting Notes > INCOME STATEMENT > COST OF GOODS SOLD >

Opening Inventory Value

Previous pageReturn to chapter overviewNext page

 

When the previous month was closed, the value of the inventory in the inventory file (except for memo goods) was totaled and stored in the previous month’s closing inventory figure in the chart of accounts. The default account for inventory value is 131 and you can view previous month’s closing inventory figures by choosing Enter/Edit Chart of Accounts from the Chart of Accounts Maintenance Menu.