DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Opening & Closing Balances for Inventory Items


#1

Reviewed but not seen a similar topic posted before…?

Is it possibly to have a Monthly Opening and Closing Balance of Inventory Items…?

I do a monthly stock take and would like to Close Off the Balance of Inventory Items for that Month-End, and start the new month with an Opening Balance. Agreed the Opening Balance for the new Month should be the Carried Forward Total from the previous Month, if all is Spot On. Sometimes there could be theft involved or items “gone missing” for some reason, and these should be recorded and adjusted…Will help to monitor the balance of inventory on a month to month basis.

Am I missing something here…or can this feature be incorporated.


#2

Opening and closing inventory is not required if you are making the adjustments to inventory in accordance with the guides - http://www.manager.io/guides/inventory/writing-off-inventory-items/

If the adjustments for missing items are dated in the period they occurred, the Inventory Value Movement report up to that period will reflect those adjustments. Opening and closing balances are not required under the Manager perpetual inventory system because the inventory value changes with every accounting entry that affects inventory and each change in value automatically adjusts your financial reports.