This feature comes with certain plans. If it is not in your menu, it is not in your business's plan.
Prepare the items and choose a way
Opening stock is what you hold on the day your books start. Make sure every item is saved with Stocked product (quantities and cost are tracked) ticked. Then choose:
- Many items from an old system or a file: use Migrate data.
- A few items: enter them yourself with a Stock adjustment.
First way: with Migrate data
Open Migrate data from the side menu. In the items file, map the Opening quantity and Cost columns. The quantities are recorded on the Opening balance date in the default warehouse, and posted against Opening balance equity. This works only for new items that the migration creates.
If the opening trial balance also holds the inventory account, the stock would be counted twice. The message Receivables may be counted twice appears: tick the option under it before you continue.
Second way: with a stock adjustment
In Inventory press Stock adjustment, then enter for each item:
- Quantity change: the quantity you hold, as a positive number.
- Date: the day your books start.
- Warehouse: where the goods are.
- Unit cost: always type it.
- Counter account: change it to Opening balance equity.
| Account | Debit | Credit |
|---|---|---|
| Inventory | 17,000.00 | |
| Opening balance equity | 17,000.00 |
Do not leave the counter account on Inventory shrinkage. That is an expense account, and it would show the whole value of the goods as profit you never made. If the item is new and you leave Unit cost blank, the quantity can arrive with no value, and you will see No difference — nothing will be posted.
Check the result
Open the On hand tab. You should see each item with its quantity and cost, and the Difference card should say Ties to the ledger. In Movements, the source reads Opening for what came through the migration and Adjustment for what you entered yourself.
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