New Material Opening Stock and Value.

koalado

We have about 2000 items need to be uploaded to our Navision 4 system. These items are not material for production but will be posted directly posted to G/L account. Now we have prepared basic information of Item (No., Name, Unit of Measurement...), Inventory posting group(Since the material will be posted directly to G/L account, so I think maybe other posting group setup is not needed), purchase price of history transactions and present quantity on hand. So I want to confirm with experienced people if following steps are correct: <1> Setup a new Location code and the Inventory Posting Group <2> Upload item basic information to "Table 27 Item" > Upload Quantity, Unit Cost, Amount and related information to Item journal then post. <4>Create related Vendors and vendor posting group <5> Start to do the formal transaction. I'm looking forward to your reply. Many Thanks.

kriki

koalado wrote:

...but will be posted directly posted to G/L account.

What exactly do you mean with this. Do you mean you don't need inventory? If this is the case, you can better use G/L Accounts to post it.

koalado wrote:

<5> Start to do the formal transaction.

Do you mean purchase orders=>receiving=>invoicing cycle?
In this case:all ok

In <2> you have also to decide the "Costing Method" in tab Invoicing. This is important, because you can only change it when your inventory = 0

Presuming you want inventory and the value of the inventory in G/L:
After posting the item journal lines, you have to run
A)Financial management=>Inventory=>Costing=>Adjust Cost - Item Entries. This recalculates the cost of the items. In this case it shouldn't change, because you only have positive entries
B)Financial management=>Inventory=>Costing=>Post Inventory Cost to G/L. This posts the value of the inventory to G/L.
Those 2 reports should be run periodically (Once a day/week/month, depends on how long you want it to run. The longer the period, the longer it will take to run). The first one you run when you want, best when no one is working.
The second one must be run when your financial guys say you to run it. This because when you run it, some G/L Accounts will be changed. Sometimes they want the old information until the closing of the month.

A hint:
in Warehouse=>Setup=>Inventory Setup => General. Fields "Automatic Cost Posting" and "Expected Cost Posting to G/L": better NOT flag them. If you flag them, for each change in the inventory (purchase/sales/...), something is posting in G/L. This would grow table T17 very fast and take more time to post something.