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alternatively you can print report on General Ledger Reports -> List of Journal Entries.
just for my curiosity, why the journal have so many entries?

All your mentioned accounts should be in old system balance sheet entries. The easier way is taking the old system balance sheet entries and enter into FA opening balance.

1.   Dr Bank
          Cr Owner's Equity(Capital)

2.   Dr Owner's Equiry(Capital)
           Cr Bank

Hi, I am not from Philippines, but I don't think we need to getting permit from tax authorities to use any accounting system.
Your invoices and financial reports must compliant with the financial regulations in your country,
and this can be done by settings and modifying reports in FrontAccounting.

I think most users enter supplier invoice number in the supplier ref. field.
and usually supplier sent statement only include the invoice number,
for easier checking, It's good to include supplier ref in the Supplier Balances report (rep201.php)

If you know php, you can change the reporting/rep201.php in ver 2.4.8 is on line number 192
change $trans['reference'] to $trans['supp_reference']

        while ($trans=db_fetch($res))
        {
            if ($no_zeros && floatcmp(abs($trans['TotalAmount']), $trans['Allocated']) == 0) continue;
            $rep->NewLine(1, 2);
            $rep->TextCol(0, 1, $systypes_array[$trans['type']]);

You need to close the existing account and the balance sheet will be the opening balance in new FA accounting system.

you can refer to:
https://frontaccounting.com/fawiki/index.php?n=Main.OpeningBalances

or my YouTube Video, How to enter Opening Balances in FA:
https://youtu.be/Ka563SskUrg

If you want to create your custom stock report you can refer to rep301.php (Inventory Valuation Report)

Closing GL Transactions is used to lock the transactions to prevent entering new transactons up to specified date.
For example, accountant have done quarterly Tax report, he should close GL transactions to prevent new data that will affect the final tax report.
Closing a fiscal period is on Setup->Fiscal Years.

if your company manufacture not many different items, maybe you can create specific inventory a/c for each item.

I think you are referring to Profit & Loss statement.
in manual accounting, you have to enter all debit and credit entries for trial balance, P&L and Balance sheet.
in computerize accounting system, all GL entries are posted from Sales,purchases, Journal entries etc modules,and trial balance, P&L, Balance sheet reports are generated from GL.
Profit and Loss, Balance Sheet report requirement differ from all countries, companies and type of business, so either we output FA report to excel format and modifying from it, or customize the 2 reports.