Establishing opening balances in inventory items

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.