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author's profile photo Former Member
Former Member

Reg Opening balance of Stock in Inventory

Hi All,

1. How to enter Opening balance of stock for almost 1000's of items through DTW and please tell me what is the concept of Stock taking and Stock posting and after taking the stock from opening balance Which Accounts should be reflected in Journal Entry and How to do the stock revaluation of opening balance,

2.My Client is asking which price should he enter when this is the scenario.

Suppose i have 20 number of u2018Xu2019 items with price 100

and i have 30 number of same u2018Xu2019 items with price 300

in this case how to enter opening balance and price for this item from Inventory>inventory transactions>item opeing balances??

Regards

Cherry

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  • author's profile photo Former Member
    Former Member
    Posted on Feb 03, 2012 at 05:14 AM

    Hi!

    1. There is no option to import Inventory OB via DTW

    2. You can load the Stock OB via Goods Receipt - offsetting your OB account.

    3. If your valuation method for Item X is FIFO, then load the OB of Item X like

    a. Line 1 Item X - 20Qty - 100 price

    b. Line 2 item X- 30 Qty - 300 price

    Remember Item Price for OB is neither a Purchase price nor Sales Price that should be Inventory Price, the sum of Inventory OB should match the Legacy system Stock Closing Balance

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