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How to update Stock Opening Balance in GL account
12-15-2018, 03:04 AM
Post: #1
How to update Stock Opening Balance in GL account
The Manual says-
Entering Inventory Balances

Once information about stock items is all entered and by implication the base data required first (preferably all in advance), the stock balance at each stock location must be entered as stock adjustments.

The stock/general ledger interface should be disabled in the company preferences screen until the stock balance in the general ledger (which would be set up using a manual journal in the general ledger) is reconciled to the standard cost of all stock items entered into the system, per the stock valuation report. This reconciliation requires that the standard cost for each stock item entered be correct as well as the total units held in all locations.

I am in process of migrating to weberp, I have followed the manual to setup the system, I have entered stock items with CVS import with cost. Stock counts updated with- StockCounts.php.
the inventory valuation report agrees with my stock quantities and price list ( direct database update), as per the manual now it is time to enter, manual journal entries for stock in GL.
I am not able to understand where and how are the manual journal entries entered in the general ledger.
how to reconcile stock balance in the general ledger to standard cost of all stock items.
Please help
Sorry for my Poor accounting knowledge.

Thanks
Swaminathan
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12-15-2018, 03:31 AM
Post: #2
RE: How to update Stock Opening Balance in GL account
When setting up a new company I always use StockCounts.php rather than a stock adjustment. Both will work, a stock count just seems neater.

What you need is a Trial Balance from your old system, whether that is manual or computerised. Your accountant should be able to provide this. The values against each GL account in the TB should be entered using GLJournal.php.

You need to make sure your control accounts balance with your ledger valuation, Debtors ledger, and Creditors Ledger.

Tim
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12-15-2018, 03:39 AM (This post was last modified: 12-15-2018 03:46 AM by swaminathan.)
Post: #3
RE: How to update Stock Opening Balance in GL account
(12-15-2018 03:31 AM)falkoner Wrote:  When setting up a new company I always use StockCounts.php rather than a stock adjustment. Both will work, a stock count just seems neater.

What you need is a Trial Balance from your old system, whether that is manual or computerised. Your accountant should be able to provide this. The values against each GL account in the TB should be entered using GLJournal.php.

You need to make sure your control accounts balance with your ledger valuation, Debtors ledger, and Creditors Ledger.

Tim

Thank you Tim for the prompt reply.
I have all balances for TB, I shall go ahead with GL entry
please confirm whether the stock/general ledger interface should be disabled in the company preferences while entering the TB data.
I am not sure should I enter( value of inventory in stock) Finished Goods Inventory(1460) as well.
Thanks

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Swaminathan
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12-15-2018, 04:39 AM
Post: #4
RE: How to update Stock Opening Balance in GL account
The interface should be disabled tI'll you have everything entered and reconciled.

Yes, all GL balances are included in the take on balances
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