Opening Stock

4.0. Opening Stock

Opening Stock

This module is for entry of item details which currently make up the balance(s) in your Inventory/Stock account(s).

At the simplest level, each Item that has Qty and Cost (as at Opening Date) will require an Opening Stock document.
(Optional) Each Item may require multiple Opening Stock documents if you need to further group the same Item by Location, Warehouse and Lot.
If your company's stock inventory is not sorted by Location, Warehouse or Lot; just enter 1 row for each Inventory Item.
Users utilizing Job Costing reports also must consider attributing the Stock Cost according to Job Code as well.

Assuming if your Trial Balance indicates $10,000 of stocks, you have to enter them in Opening Stock.
This is to capture the stock items code, quantity, unit price.
Note that total Opening Stock must add up to $10,000 stock value.

Alert
STEPS:
  1. Click ADJUSTMENT activity
  2. Click OPENINGS module
  3. Click OPENING STOCK
  4. Click NEW
  5. Choose Multi display on the top left module
  6. Select Date and Item
  7. Enter Qty and Unit Cost


Check Stock Report

Alert
STEPS:
Click REPORT activity
Click INVENTORY module
Click STOCK DETAIL
Click REFRESH Display on the bottom right
Check Opening Stock