Opening Balances – Stock

Purpose: Having created stock records this process is to enter the stock in hand on a particular day – usually at the beginning of a financial year and after doing a physical count stocktake.

Preparation:
This is necessary only if your software licence includes Stock Control.

For your accounting period and cut-off date in your business year, obtain a detailed Stock listing from your current accounting system in sufficient detail to input the opening levels that you require.

It would be ideal if this were obtained in a spreadsheet format.

Ensure that you have set up all the products and services definitions that you need – see Create & Edit Products and Services

Clear Stock Transactions
Depending on how you entered your opening balances in the previous sections, you may have created some stock movement records.

• First, zeroise stock quantities and clear down any stock transactions that may be present – see Cleardown Company Data.
• Run option 5 in the Data Cleardown Form.

Enter Opening Stock

Having entered all other transactions through the processes in the previous sections, all that remains to do is populate the stock levels or quantities and the representative (or actual) cost prices. See details about FIFO, average and standard prices.

This is done by entering Batch Receipts. This can be procesed by importing these transactions – See Import Stock Transactions.

For each item in your Stock listing, make an entry in the Batch Receipts form for the product code, quantity and unit cost.