How to Create Stock Opening Balance

How to create Stock Opening Balance

Overview:

Opening Stock refers to the financial quantities of the inventory at the beginning of a new financial period. In the system, Stock Opening Balance is use to record the initial quantity of each item per Stock Location with its corresponding Cost.

Procedure:

1. To enter Stock Opening Balance, go to Stocks > Stock Opening Balance

2. Enter the Location (if there are multiple Locations), Description of the transaction, Doc Date as the cut-off Date, while Stock OB # will be provided by the system. Use Ref # if there is any Document code related to the Opening Stock.  

3. On the grid portion, find the Product under Stock column, once item is selected, Description will auto display the Stock Name, input the beginning Quantity and its Unit Cost. Proceed to the next row to add more items.

4. Once done, click Save. Multiple Stock Opening Balance can be created especially if recording of Item Balances is per Location or per Group.

Note: 

Created Stock Opening Balance does not have any effect on the Accounting Books, to reflect the Inventory Value in the GL, Stock Value Maintenance must be performed (refer to KB – Stock Value Maintenance).

NOTE:

For further concerns regarding this matter, please contact support to assist you or create ticket thru this link https://support.qne.com.ph