Our company start using Manager software for 1st accounting year without using the inventory feature.
As we use the inventory lists (excel format) to record our inventory movement for first year.
In this second year, we start using the inventory feature, there is an opening balance of stock.
If I click on starting balance under inventory item, it will show the date as same as start date.
Can it be change? Is it possible, I can enter the second year opening balance without first year inventory movement.
I assume you have some custom balance sheet account to hold inventory on hand value, correct?
So what you need to do is to make a journal entry and credit this custom balance sheet account and debit individual inventory items with qty and value on hand.
This will clear the balance in your custom balance sheet account and establish balances in your inventory items.
Hi, Lubos, thanks for your reply.
U means using journal entry to create opening stock for second accounting year?
Yeah, but as I said, it’s not just about establishing opening balances for inventory items… it’s also about clearing the previous account balance which was holding the value of your inventory.
Do you have such an account in your balance sheet at all?
Ya, I have such account.
Thanks for helping to solve my problem.
I have the same issue but I have 1215 item in 17 warehouses, what can I do???
First, you must create the inventory items. You can use Batch Create or do it manually, following the Guide: Create and manage inventory items | Manager. Then you need to follow the procedure outlined for the previous poster.
are you saying that I have to create journal entries with 1215 line???
do you have a better idea?
No, do you? If, as you wrote, you have the same issue as the original poster, you have been maintaining your inventory outside of Manager. Now, if you want to convert to using Manager, you must enter the quantity on hand of every inventory item into your Manager accounts. You must also credit whatever account you have been using to carry the asset value of your inventory for every item and debit Inventory on hand and the subaccount for every item for their values.
You can do that in one journal entry with 1215 lines. Or you can do it in smaller groups. You could Batch Create journal entries from a spreadsheet assembled from outputs obtained somewhere else. But it has to be done. And regardless of the exact method, the work involved will be approximately the same. In some way, you must establish separate quantities and values for 1215 inventory items in Manager’s database.
If you had started using Manager’s inventory management capabilities when you first began using the program, you would have done the same work as you created inventory items or migrated them from a previous system. The task seems large now because you are facing it all at once. But that is the consequence of making a change in your inventory management practices.
would you tell me how can i batch create journal entries from a spreadsheet?