Hi,
I was doing a system for a company that didn’t use system so i prepared the database and imported the item names and the next step was put the quantities so i’ve choose the Temporary Account in the adjustment, after that i created a new journal entry so i can credit the Temporary Account so i didn’t know which account i should choose so i was thinking about choosing the Opening Equity is that right?
Hi,
The way I do implementations for my clients is that I take the Trial Balance from the client. The clients I work with are typically on the larger side - size wise, so it is not possible to upload the Trial Balance in one transaction. Plus if you have perpetual inventory enabled (and it looks like you do), you anyway can only update the Current Assets - Stock Assets only by using a Stock Entry or a Stock Reconciliation transaction.
So, every opening entry I create I use Temporary Opening Account to balance that entry.
If I do everything right (and if the Trial Balance given by my client is correct), after everything is updated the Temporary Opening Account should have nil balance.
If you keep trying to move things from one account to the other, you will go around in circles. Leave it in Temporary Opening Account and finish up updating the trial balance completely is my advice to you.
Hope this helps.
Thanks
Jay
I can leave it on the Temporary Account but the the problem will be in the balance sheet i will get in the assets accounts Stock in Hand possitive value on the other hand the Temporary Account will be negative i just want to remove that negative from the balance sheet
I am not saying leave it there forever. I am just saying update the entire trial balance using the Temporary Opening Account to balance the other side and the balance in Temporary Opening Account will become 0.
Hope this helps.
Thanks
Jay
What if they doesn’t have a trial balance and they just gave you and excel sheet with the items name, qty, U.cost