Inventory Opening Balance is included in G/L Opening. User need to use Item Journal to enter the Inventory Quantity and the Unit Cost for the create the inventory opening. Steps as below:
1, Make sure the General Ledger Setup - Posting Date is set allow posting. E.g. For Milktop, the opening inventory booke is 31/5, please change to 31/5. After finish, change back to 1/6.
2, In General Posting Setup, set the expected G/L account (e.g. Inventory) into [Inventory Adjmt Account] for the Gen. Prod Posting Group (Gen. Bus. Posting Group is blank).
*For Milktop, please set ALL Inventory Adjustment Account to 1-2240
3, Inventory Posting Setup, setup ALL the inventory account to be the same as Inventory Adjustment Account = 1-2240
**Can also use "Configuration Package" import export to update. (refer to point 5)
4. Create Item Journal Batch (i.e. Opening)
-Key data for the entries: Posting Date / Entry Type select "Positive Adjmt" / Location / Item No. / Quantity / Unit Cost
-To reverse Entry Type = "Negative Adjmt"
Item Tracking
If item tracking line is required, enable the check box "Item Tracking on Lines" on the Item Journal Batch
5, Search "Configuration Package", Pacage Name = INV OPENING
6, After filling the template, click Import and apply
7, Go to Item Journal, preview posting
click the journal
Opening in excel to verify.
**G/L account summed up should be 0.
**Item Ledger Entry total cost = Inventory cost
