6.3.4. How to make the initial inventory?

 

→ How to input opening balance for Inventory Valuation Account (Initial inventory)

  • Create accounts to record initial inventory balance.

Go to Inventory module, choose configuration ‣ Locations ‣ Virtual locations/ Inventory adjustment ‣ Fill Opening Balance account in Accounting information field ‣ Save.

  • Update cost of goods sold

You can update cost of goods sold of a product manually in product form or you can use import function for mass data.

Go to Inventory application ‣ Inventory control ‣ Products

Or choose import button to update Cost for a great amount of products.

  • Record opening balance for inventory

There are 02 methods of creating initial quantity for inventory:

Method 1: Update inventory quantity on hand manually.

Go to Inventory application ‣ Inventory control ‣ Inventory adjustments ‣ Create ‣ Choose and fill information for reference fields including Inventoried location,  Force accounting date, etc. ‣ Start inventory.

Update actual quantity of products in real quantity field ‣ Validate inventory ‣Save.

Method 2: Update real quantity via importation.

Go to Inventory application ‣ Inventory control ‣ Inventory adjustments ‣ Import ‣ Validate

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