Question: Where do i enter my opening stock to deduct against this years sales?
Answer: You should enter your opening stock value at item 8 – label A via "Financial Information" tab
This represents the total value of all trading stock on hand at the beginning of the income year or accounting period for which the tax return is being prepared. The value must align with the closing stock value reported in the previous income year.
Balance Forward Loss
Question: Also are Balance Forward Losses automatically utilized or do I need to decide how much to use?
Answer: If this is an accounting import, make sure to create a journal entry to record Opening Balance plus Purchases minus Closing Balance as Cost of Goods Sold in your books. Once done, you have to import in LodgeiT and check on the mapping and should automatically show here-
If you want to fill it manually, you have to fill these up.
Cost of sales will show up as an Direct expense and should be injected if Financials where imported or manually filled in on A-Cost of sales