Item opening Balances

[Former Member]

Hi

While entering intial quantities for items there is a GL account code for each item. What do we enter in this and whats the purpose of this? Pls explain me the accouting entries when the initial quantities gets posted. Do we need to set of the Open inventory account as we do for Business partners in the G/L opening balnces screen

[Former Member · Accepted solution]

Check this thread on Opening Balances

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[Former Member]

Hi Prasath,

During Initial balance uploading whether BP balance or opening stock, we need to create Initial uploading accounts in SAP B1. This accounts are just used to upload the initial balance only.

While Uploading balance from Trial Balance or Balance Sheet, we have debit & credit balance from GL accounts, Customer & vendor. So, while uploading balance we need to give double effect of accounting entries.

Example -

While uploading Inventory which always have debit in accounts. So, when you upload the inventory balance in B1 you need to debit Inventory account & need to credit some account which is nothing but your Initial upload account.

This initial upload account get nullified at the end of all balance upload.

Hope this will help you.

Regards,

Abhishek

Edited by: Abhishek A on Nov 24, 2008 12:24 PM

[former_member206437]

Hi Prasath Mahalingam

Yes u want to create one more opening balance account for inventory as per Bp opening balance . U want to select that opening balance acc for inventory in Intial qty so its reflects in all the fields for the items.

Regards

Giri

[former_member583013]

Hello,

Typically, the GL Account would be the Gain/Loss Inventory account. This is an account that is defined in the Cost of Goods drawer.

But when you are bringing inventory in for the first time, you should be using the Opening Balance G/L account which is a temp GL account that you will set to be used with all opening balance transaction import.

Suda