How to key In stock opening balance?

Entering a stock opening balance is an essential step in setting up your inventory records accurately, especially if you're starting with new accounting or inventory management software.

Here’s a step-by-step guide on how to key in stock opening balances.

1. Find the section Products/Services.

2. Gather Information:

• Compile a list of all inventory items with their quantities and values as of the opening balance date.
• Ensure you have accurate information on the cost price of each item.

1. Item Name
2. Item Code
   
3. Unit : means Kg / Gram / Pcs / Carton
4. Opening Cost : The cost per unit of each inventory item.
5. Stock level : The number of units available at the beginning of the period.

• Average Cost : understanding average cost and adjustment date is crucial for accurate financial reporting and inventory management.
• Adjustment Date : refers to the specific date on which an inventory adjustment is recorded.

3.After complete fill up details, click on Save.

You’re done with Key In Stock Opening Balance now.