Opening Stock

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  Kowa Member Posts: 918

  2005-08-12

  Only if "Automatic Cost Posting" in the "Inventory Setup" is ticked there are G/L entries directly created for every postive (or Negative) adjustment item ledger entry ( from the amounts of the corresponding value entries). If if isn't ticked, Report 1002 "Post Inventory Cost to G/L" will produce these too, but can be started manually later ( usually once a month).

  Kai Kowalewski

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  john_bellinger Member Posts: 34

  2005-08-16

  Hi,
  
  I think the g/l transactions are unavoidable - unless you bring in everything at zero cost. Historically, I've handled two ways:
  
  Option 1 - Post opening items and then have end user make a reversing entry to clear the resulting entry. Of course this assumes you will eventually put in opening g/l balances which will account for your inventory book value.
  
  Option 2 - Setup posting groups so that Dr/Cr's resulting from Posting of opening items hits the same account. Thus eliminating any net change to the g/l.
  
  I've historically used Option 1 more often.

  John Bellinger
  ERP Manager
  Activar, Inc.

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  nishandesai Member Posts: 23

  2005-08-17

  HI,
  
  The same problem we were facing recently, what we did was, temporarily create a intrim account.
  after that make a g/l transaction for the item u want opening balance and the intrim account,
  after the transaction is finished, go into g/l entry table and delete the line for the intrim account. after that u can delete the intrim account from chart off accounts if u wish. U will have only one entry for the Opening balance for the particualr item and the opening balance will be created.
  
  Regards
  Nishan

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