• tom
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  • From: USA, FL, Tampa
  • Registered: 03/24/2009
  • Posts: 326

Topic: Setting Initial Stock, COGS, Balances etc

I am not an accountant, but a programmer.

Can someone explain in FA terms how to set up my opening values?

1) Stock Level

Looks like Item Adjustment is the right place to add initial stock.
If I have correct Unit Cost will that also take care of and required GL entries,
such as Cost of Goods sold?
(So I can avoid any Journal Entries)

2) Supplier Balances

I would say Journal Entry (since that seems to be the catch-all answer) but
I do not see how to associate that entry with a specific supplier.

3) Bank accounts

Again Journal entry (ditto) but how to say which account?
I have a bank account and a paypal account

4) Customer Balances/Credits

I don't need them, I ship on paid items only, but if we answer this the thread
may become worthy of being Sticky...

5) Did I leave anything important out?

tom

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  • joe
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  • Registered: 03/15/2007
  • Posts: 5,107

Re: Setting Initial Stock, COGS, Balances etc

1. Correct. You add the material value in the cost field and when saving the GL inventory is updated too.
2. Correct. You can enter this direct in the GL entry. But you will not get syncronised with the supplier ledger.
3. I guess it is better to setup your bank accounts and then use the GL Entry together with the rest of the Open Balance values. As an admin you have access to the bank-accounts also in GL Entries.
4. This is somewhat related to 2.

I guess there already exists a sticky topic on this but I can't really remember it.
Maybe somebody in the community that are a better accountant than me could give us some more ideas?

/Joe

  • tom
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  • From: USA, FL, Tampa
  • Registered: 03/24/2009
  • Posts: 326

Re: Setting Initial Stock, COGS, Balances etc

Well maybe the answer for #2 is to enter a dummy invoice.

If that is correct I will edit my original post

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  • tom
  • Senior Member
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  • From: USA, FL, Tampa
  • Registered: 03/24/2009
  • Posts: 326

Re: Setting Initial Stock, COGS, Balances etc

As fro #3 it looks like a Bank Deposit will do it.
The default GL Acct is 3000 (Sales) does the acct matter since we're talking about something from the prior year?

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