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Entering your initial stock into Inventory
Entering your initial stock into Inventory

How to enter your opening stock balances

Jacqui Sullivan avatar
Written by Jacqui Sullivan
Updated over a week ago

If you are transferring over from another accounting system the monetary balance of your inventory account within your balance sheet will be part of your opening balances. You will then need to enter the opening stock quantities into the system along with the unit price of each product so that the costs can be allocated when you make a sale.

You can enter your initial stock into the system in two ways, manually and by importing. Here we will take you through both.

Please note, your product list will need to be entered or imported first before any adjustments can be entered against any product code. This relates to manually entering or importing your opening stock balances.

If you only have a couple of products to enter then it's very easy to enter these manually. Go to Inventory > Inventory books > Inventory adjustments menu option.

Select New adjustment line, this box will appear:-

  • Type - select Opening

  • Product no. - select the product number of your stock item

  • Location - if you have created locations you can make your selection here

  • Quantity - enter the number of units

  • Unit price - enter the unit price of your product

  • Save or Save and new if you have another product to enter

Once you have entered all of your stock items you will see the adjustment lines sat in the overview screen.

To book the opening stock into the system, select one or all lines and click Book adjustments:-

This box will appear:-

  • Booking date - this is the date the entry is booked into the system

  • Booking text - enter easily identifiable text for future reference

  • Additional text - this is optional

  • Opening - here you enter the account code you are charging the opening stock to, in this instance it will be the default stock account within your balance sheet.

  • Click ok to book

NB. As you would have entered your opening stock balance as part of your overall opening balances from your previous accounting software when the stock adjustment is booked you will see a debit and a credit for the same amount so net result is nil to your financials but the quantities will be present on the product ledgercard along with the full cost of the products.

An internal document is produced which can be downloaded and saved or printed as a record of the transaction.

Your Stock account within your balance sheet will then show the transaction as so, the first entry being your opening stock figure as part of your opening balances and then the stock adjustment posting a debit and a credit to the same account.

The product ledgercard will show the number of units, the unit price and the extended price which agrees with your stock account.

If you have a large product list you can use the import functionality.

You will need to enter or have your inventory downloaded or entered onto an excel csv file in order to import into the system.

Your file should contain the following information:-

  • Product number - this can be a mix of alpha and numeric

  • Location - if you have several warehouses you can enter them here

  • Qty - the number of units relating to the goods

  • Unit price - the unit price of each item

  • Currency - enter the currency code, in a default UK agreement this would be GBP

  • Exchange rate - should you have entered a different currency code to your base currency then enter the exchange rate to convert into base to the power of 100

  • Once your file is complete save an an excel.csv file.

Go to the Inventory tab > Inventory adjustment > click on the Import icon far right

A popup box will appear, click on Choose file locate your saved file and click on Load file

Once loaded you will see this screen:-

  • Skip lines - you cannot import headers so skip the first row so it's highlighted in pink, if you have more than one header row increase the number accordingly

  • Source file - this is the file you created showing the information ready to load

  • Load file - this is the area you are going to map in order to pull the information into the system.

  • Type - keep at Fixed Value and change the fixed value box to Opening

  • Product no. - map the Load from box with the column in your source file

  • Location - map the Load from box with the column in your source file

  • Quantity - map the Load from box with the column number of the qty of your product

  • Unit price - map the Load from box with the column number of the unit price of your product

  • Currency - if all of your product prices are in GBP change the Load from to read Fixed value and change the Fixed value box to GBP otherwise, enter the column to load from within your source file

  • Exchange rate - If your products are all in your based currency (GBP) leave as Fixed value in the Load from box and 100 in the Fixed value box or, enter the exchange rate to convert the price into GBP to the power of 100

  • Click on Import data

Confirmation of the number of lines imported will show, close this screen and go back to Inventory adjustments and your imported lines will be present waiting to be posted.

To post follow the same instructions for manually entered stock adjustments.

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