Opening Balance accrued receipts & shipments

RXSauraav

Hello,

What is best way to handle accrued receipts and shipments when doing opening balances.

Inventory is increased, but offset the accrued payables. So open item import already includes the accrued receipts ... how do I handle this scenario for opening balance ?

Also how do I handle shipments on that day ?

AdamRoue

Shipments are in your control, so invoice them all and handle credits later, much easier than trying to replicate a GSNI position.

With receipts you could do a couple of things, reduce the opening inventory and book in the PO's to correct the correct stock and GRNI position. Or for the GRNI value you add a line to the purchase order that is direct to the GRNI account and this will be flushed out with the invoice matching. Or process the invoice direct to the GL and manually reduce the GRNI in the ledger for each invoice you process that cannot be matched to a stock transaction.

chengalasettyvsrao

Follow what Mr. Adam told and same explained to Client also before you are going to take any steps.