Record an opening balance for a stock item
This activity records the opening balance on an individual basis. The activity results in:
- Stock level update for the item.
- Nominal posting, if the system is integrated with Nominal Ledger.
- An entry added to the history file, if the stock item is set to maintain a movement history.
You can enter an opening balance of nil for a stock item, however the system warns you before completing the activity.
While recording an opening balance you can also:
- Enter a new stock item and apply an opening balance (item type stock only).
- Add a new location for an existing stock item and apply the opening balance.
To specify the opening balance of a stock item
Open: Stock Control > Utilities > System Set Up > Opening Balances at Locations.
- Select the Warehouse which you want to record opening balances.
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You'll see options for the Opening Stock Suspense Account if you have enabled Integrate stock management with the nominal ledger (in Stock Control Settings).
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Select the Suspense Account that will be used for the nominal postings.
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Enter a Narrative if required.
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- From the list of stock items displayed, select the item you want to apply an opening balance to.
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Enter the opening balance for the item in the Opening Quantity column.
- Batch/serial numbered items only: Enter the batch or serial numbers in the displayed batch/serial number entry window. Depending on the Stock Control settings, enter the alternative reference, sell by and use by dates where applicable.
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If you have enabled Integrate stock management with the nominal ledger (in Stock Control Settings), you'll see Asset Nominal Code column.
Accept or amend the Asset Nominal Code that will be used for the asset of stock postings.
- Click OK to save the information.