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.
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?
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.
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.