Record opening inventory
Each product's opening stock is recorded per warehouse, with a value that equals the inventory account balance.
Before you start
- Stock products with Track inventory, a base unit and an inventory account. See Add products and services.
- An active warehouse. Every company already has the main HQ warehouse.
- The cutover date on the Opening Balances page, and a stock count at that date.
- Access to manage inventory and the chart of accounts.
Steps
Step 1: Set up the warehouses
In Master Data › Products, open the Warehouses tab. The main HQ warehouse already exists. For another one, click More actions, then New warehouse, fill in Warehouse name and click Save warehouse.
Screenshot coming soon
The Warehouses tab on the Products page with the default HQ warehouse and the New warehouse button.
Step 2: Open the stock import on Opening Balances
Open Accounting › Chart of Accounts and click Opening balances. On the Product · Stock card, click Import. The Import beginning inventory dialog opens.
Screenshot coming soon
The import cards on the Opening Balances page with the Product · Stock card and its Import button.
Step 3: Download the template and fill in the stock
Click Download template. Fill in one row per product per warehouse: the cutover year and month, warehouse name, product code, base unit, opening quantity, and unit cost or total value.
Screenshot coming soon
The Import beginning inventory dialog with the Download template button and the Import mode options.
Step 4: Upload the file, then click Apply import
Choose the Import mode, then upload the CSV or Excel file. Each row shows Valid, Invalid or Skipped. Apply import is enabled once no row is invalid.
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The beginning inventory import preview with the row statuses and the Apply import button.
Step 5: Match the inventory account balance
In the opening balance grid on the same page, enter the total stock value on the inventory account, then publish. See Enter the opening balance sheet.
Screenshot coming soon
The opening balance grid with the inventory account balance equal to the stock import total.
When you are done
- Each product's stock goes up in its warehouse, on the 1st of the import period month.
- The stock value is quantity times unit cost, or the value you fill in.
- This import posts no journal. Enter the total stock value on the inventory account in the opening balance grid, then publish.
Common problems
A row is refused because the warehouse is not found
The warehouse name in the file must match the name in Finday exactly, for example HQ. The template's sample uses another name, so replace it with yours.
A row is refused because the unit differs
Use the product's base unit, not a packaging unit. The quantity is in the base unit too.
Opening stock was missed after transactions started
Create a stock adjustment from Stock opname with the counted quantity and a manual cost. Pick an equity offset such as 3-30999 Opening Balance Equity, not the default adjustment account, so it stays out of profit and loss.
Something still unclear?
Ask us on WhatsApp. The Finday team replies during office hours and can walk you through it in your own account.