→ 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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