Entering Opening and Closing balances as per given Trial bal

rinki123

Hi Experts,


In a new implementation,when i had received a trial balance through our client,a trial balance which contains both opening and closing inventory values;like i have received opening inventory on 01/04/13 is 1,00,000 and closing inventory on 30/09/13 is 40,000(A half month trial balance).

I have entered closing stock(of 30/09/13)using item journal on the date of 30st sept.2013 and it becomes opening inventory(stock) of 1st Oct.2013,now my question is what i will do with given opening inventory,an inventory of 01/04/13 ???
Can i pass a voucher entry for entering/capturing this opening inventory value in the system or something else???

ssingla

In most of the implementation you will find that the existing system of accounting is to maintain financial and inventory accounts separately and only period end inventory values are posted in financial accounting.
If the financial accounting begins at period start you will not find two separate values as "Opening Inventory" & "Closing Inventory". It is only when you import in-period trial balance you will get both values. In this case the 'Opening Inventory" value should be part of the "Purchase" group i.e. Income Statement account.