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Opening Stock - Quickbooks Migration

Hi,

We are migrating from Quickbooks but the stock valuation in the Quickbooks balance sheet is not accurate. We did a stock count on the closing day of using quickbooks and we’d like to use the stock quantities as the opening balance of stock in postbooks.

How does one go about this? Should we post miscellaneous stock adjustments or use count tags and slips?

Thanks.
Mahinda Kariuki

thanks for that dkmeans…

I’ll try that

You’ll end up at the same place, but I’d suggest using the tags / slips approach so you can see what’s been entered and can make corrections before you commit it to being posted.

Version 3.8 has a feature that lets you turn off the GL feed while you enter the opening inventory. Then you can turn it back on again after. Otherwise, you will have to reverse the GL entry that is creates.

fblauer, what do you mean by reversing the G/L entry that it creates?

I have done as suggested above but there’s an inventory adjustment account that is credited to balance the stock asset. I am not sure how to reverse this, so that I can key in the other balances from Quickbooks.

I also have the total value of Work In Progress. How should I enter this? Directly as a G/L entry or through S/O, W/O and Material Issue from store?

If I entered the WIP value directly, will I be able to post production once items are complete and also deliver and invoice for them?

Thanks in advance!

When you key in your trial balance did it have a value for inventory? If so, wouldn’t this get duplicated when you key in the inventory count, which in turn creates an entry in the GL? (unless you imported the inventory directly into the API tables - this would not create a GL entry)