Inventory Opening Balances

Inventory Opening Balances are entered typically when you are setting up a new company data file and need to enter existing balances and stock quantities for your inventory.  You must make sure all your Inventory items have already been entered into the Inventory form before you can enter stock quantities or make opening balances.

This form can be opened from the System menu > Opening Balances > click the Inventory Opening Balance button.

To add an opening/starting balance to your inventory, click the New button.  Then enter the Date, Job ID (if applicable), Store ID and any notes about the opening balance.  Select the Item No to which you want to have an opening balance. If lotted or serialized items were selected, a new tab for Lot and Serialized items will be shown right next to the Items tab. This is where lot and/or serial numbers used in the opening balance will be displayed. Then enter the Warehouse.  The warehouse should also have been setup prior to entering any opening balance transaction.  You need at least one warehouse setup and if you normally do not use warehouses then make the default location of where your company is or where your inventory is stored.  VisionCore creates a default warehouse called "MAIN" that you can use or change.  Then, enter the add quantity and the unit cost.

When you are finished entering all the inventory detail for the opening balances, you should then Post the transaction to enter all the detail into the General Ledger and update your inventory stock.  If you open the Inventory form and search for the inventory item you entered an opening balance for, you will notice that the inventory stock has changed to reflect the new quantity.  See: Adding Inventory Opening Balance.

You can click the Recap button at the top of the form to display a preview form of what will be entered in your General Ledger when you post the inventory adjustment.

Toolbar Buttons

Toolbar Buttons perform an action on the current record like adding, deleting or saving.

The New button will clear the form to allow a new inventory opening balance to be added.  See: Adding Inventory Opening Balance.

The Save button will save the selected inventory opening balance.

The Find button will enable you to Find inventory opening balance.  See: Find

The Delete button will delete the selected inventory opening balance.  See: Deleting Inventory Opening Balance.

The Undo button will cancel out the last change/s done to the record reverting it to its older state.

The Print button will open the Inventory Opening Balance preview.

The Post or Unpost button will update the general ledger.  See:Posting Inventory Opening Balance or Unposting Inventory Opening Balance.

The Recap button is used to display a preview of what accounts will be affected by this transaction.

The Close button will let you exit the form.

Press F1 or click F1-Help button at the bottom left corner of the form for help on what this form is all about.