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
![](https://manual.kiuglobal.com/wp-content/uploads/2020/12/7.1-1.png)
Update cost of goods sold: You can update the cost of goods sold of a product manually in product form or you can use the import function for mass data. Go to Inventory module-> Inventory control -> Products
![](https://manual.kiuglobal.com/wp-content/uploads/2020/12/7.1-2-1024x432.png)
Or choose the import button to update Cost of many products.
![](https://manual.kiuglobal.com/wp-content/uploads/2020/12/7.1-3-1024x399.png)
Record opening balance for inventory: There are two methods of create initial quantity for inventory
Method 1: Update inventory quantity on hand manually
Go to Inventory module-> Inventory control-> Inventory adjustments-> Create-> Choose and fill information for reference fields including Inventoried location, accounting date, etc,..-> Start inventory
![](https://manual.kiuglobal.com/wp-content/uploads/2020/12/7.1-4-1024x325.png)
Update actual quantity of products in real quantity field -> Validate inventory-> Save
![](https://manual.kiuglobal.com/wp-content/uploads/2020/12/7.1-5-1024x407.png)
Method 2: Update real quantity via importation
Go to Inventory module -> Inventory control-> Inventory adjustments-> Import-> Validate
![](https://manual.kiuglobal.com/wp-content/uploads/2020/12/7.1-6-1024x165.png)
Revise the Stock Valuation Account: After you have finished entering the opening balance for the products. On the toolbar, select Configuration-> Locations-> Virtual location/ Inventory adjustment. Change Stock valuation account (Incoming) and Stock valuation account (outgoing) suitable to your company’s accounting method.
(Example)
![](https://manual.kiuglobal.com/wp-content/uploads/2020/12/7.1-7.png)