Enter stock opening balances

If you had items on hand as at the first day of your conversion month, and you want to track on-hand quantities and values of these items, you need to enter your stock opening balances.

Before you enter your opening stock balances, you need a stocktake of the actual items in your stock. To help you do this, you can print the Stock Count Sheet report, which lists all your inventoried items, and manually record quantities on it.

To print the stock count sheet

Go to the Stock Control command centre and click Count Stock. The Count Stock window appears.

Click Print. The Stock Count Sheet report is printed with a list of all your items.

Record your on-hand quantities on this sheet.

To enter opening on-hand stock and values

Go to the Stock Control command centre and click Count Stock. The Count Stock window appears with a list of your stock items.

[AccountEdge Plus only] If you store your items at several locations, select the method you want to use to group your items. You can group items by item number or by location.

[AccountEdge Plus only] If you store your items at several locations, select the Include Zero On-Hand Quantities option. A list of all your items appears.

When you have entered all your item quantities, click Adjust Stock. The Adjustment Information window appears advising you to provide a default adjustment (expense) account.

Note that when you are entering opening on-hand balances, you don’t need to enter a default expense account.

Click Continue. The window that appears depends on whether you have entered an opening balance for your stock asset account (see ‘Enter account opening balances’).

If you entered a stock opening balance, the Adjust Stock window appears.

If you did not enter a stock opening balance, the Opening Balance Check window appears. Click Opening Balances and then click Adjust Balances. The Adjust Stock window appears.

The Adjust Stock window displays a line for each item whose opening quantity you entered in the Count Stock window. The line items display each item's number, name, quantity and the account to which the opening balance will be posted. This account is either your stock asset account, or, if you have not entered an opening balance for your stock asset account, your historical balancing account.

Enter any changes to the default entries in the Stock Journal Number, Date and Memo fields.

Type the unit cost of each item (that is, how much a single unit of each item costs you, not how much you are selling it for).

note : Do not change the account number in the Account column

The selection you made at step 5 determines the default account used to record your opening balances.

Click Record. The value of each item in the list is updated.

You can print the Items List Summary report to check your stock item status. For more information on printing reports, see Reports.