Is it possible to add opening balances for Inventory items (qty, cost) in the free version, ie desktop, of Manager? If yes, how?
Thanks
Yes,
Kindly read this guide: Inventory Items | Guides | Manager.io
The only difference between free and paid for versions (Cloud and Server) is related to multi-user access and the associated user-privileges. Also Cloud and Server editions serve Manager as web-applications and thus can be used with any device that can browse the internet. Also Cloud manages updates, backups while Server and the free desktop versions requires the user(s) to do so.
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Yes
By Creating new journal entry.
Debit: inventory on hand and check column-item, column qty.
Credit: Retained earnings
I saw that in the guides, but for some reason i cannot post to inventory on hand using a journal entry (it does appear under the “account” field)
You need to set up inventory first. Go to Customise and select Inventory Items.
Then you will need to create your inventory items here:
You need at least 1 Inventory Item set up before Inventory on Hand will appear in Journal Entries.
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I am facing the same issue. when I debit inventory on hand and credit retained earnings, Cost of goods sold shows the total amount of inventory in the summary. when I debit inventory on hand and credit cost of goods sold, total cost of inventory clears from summary but will not show cost of sales when i make sales
Debit Inventory on Hand credit Retained earnings is the correct way to enter Opening Balances for Inventory. However this journal entry probably should be done before any sales or purchases of inventory has occurred.
If it is done after some sales have been entered Inventory Cost (COGS) is recalculated and reallocated across the sales.