Inventory starting Balances

[NCHIA1]

Hello. I have noticed an issue with inventory starting balances. When I enter the opening entry the value of opening stock of inventory goes to the inventory cost (Expenses) rather than the the stock(asset) account. The quantity is fine. It goes to the stock but the values goes to expenses instead

[eko]

See:

Starting balance

There is no concept of starting balances in Manager. Simply create necessary transactions to establish starting balances. For many businesses, single journal entry will do the job.

and

Moving from different accounting software - How to set starting balances?

Typically it would be one journal entry that would debit and credit those accounts. Well, not really. Things can get complicated. For customer starting balances, you need to enter unpaid sales invoices separately anyway. If you don’t then once invoices get paid, then your figures on cash-basis won’t be accurate. But even if you don’t use cash-basis reporting, it’s still nice to be able to issue customer their statement with list of unpaid invoices from day 1 of using Manager. For inventory it…

[shahabb]

Added periodic revaluations for inventory items

The latest version (24.7.7) introduces periodic revaluation for inventory items. While we lose automatic inventory revaluations, we gain several benefits: Flexibility: Switch between different inventory valuation methods (weighted average, FIFO, LIFO, etc.). Enhanced Tracking: Use the Inventory Items tab to track quantities without showing them on the balance sheet. This is useful for businesses that don’t carry large inventories but still want to track quantities purchased and sold. Advanced…

Cannot select inventory on hand or custom controll account in Journal Entries

Continuing the discussion from Having trouble with inventory: I have reproduced @Scott.E’s inability to select custom inventory control accounts. Also, the default inventory control account cannot be selected as well.