I want to use ERPNext but im already in the middle of my fiscal year. I have already made a number of purchases in the past, the items are currently in my stock, many sales have been made. How to record all this in the ERPNext. The past records were recorded in papers so no use of talking about directly importing them.
Is there a guide tutorial somewhere that explains how to do this?
You can create an Opening Entry for the account balances at the beginning of the fiscal year.
For the activity, you can create one or many journal entries. you can create one, to bring the books up to date, or you can create one for each month, week, or day (depending on how detailed you’d like your reports to be).
You can also create opening invoices for sales and purchases.
Is there a specific item you are having trouble with?
Thanks for your reply,
Just an example, suppose I have currently 10 units of Item A in my stock. And in the past, I have sold 20 units of that Item. Initially, I bought 50.
After these transactions, now I am starting to use ERPNext. How do I record these transactions given that these happened before?
You would recreate the transactions that influenced the inventory changes (if you wanted to report on theses values). This would be double data entry.
Personally I would only set current inventory levels (stock moves impact the stock ledger not the financial ledger).
Ok, this is where I get the confusion, I am going for setting current inventory levels only,
I add an item Stock->Item->Add Item, say Item B, the quantity is 15, the valuation Rate (Cost Price) is 700 and the Standard Selling Price is Rs. 1500.
Now, I go to the Profit And Loss Statement, it says that I have a profit of 10,500. It must have multiply 700 x 15. Check the image.
Im confused on how is that a profit. I would expect a loss. Because an opening without having made any sales cannot return a profit
You should be setting inventory level via opening stock balance, not by adding qty to the item record.
I check the above and added opening stock using stock entry. I am getting exactly the same problem, that is in Profit and Loss Statement, it is showing a Profit of Rs. 10,500 as shown in the screenshot above
I tried also adding opening balance via Stock Reconciliation, it’s the same problem
The Good News: You can migrate to ERPNext at any point of time during fiscal year.
You only have to have balance sheet ready at that point of time as a cut off date where your Assets side has to be drilled down for receivables and inventory to minute level.
For Receivable you can either book a lumpsum balance for each customer in Opening JV or otherwise invoice creation tool may help you get invoice wise opening receivables.
As ERPs are itemized and you have to record and report most of the transactions using items needs your inventory to be identified with item code, name, qty and costing rate under a warehouse to be established as opening inventory by using stock reconciliation docytpe.
The Credit side of the Balance Sheet where suppliers balances can be established by using Opening JV or Invoice creation Tool as well. The rest of credit side will be booked in Opening JV against each GL account like Equity and Fixed Liabilities. The Temporary opening account will help you settle balances in this activity as well.
The Bottom line is to have Balance Sheet ready on a certain date by which you want to migrate towards ERPNext.
Please write if you need further understanding.
Yes, it looks like stock reconcillation is what you want.
Here’s an example:
Choose your differencing account above.
See the accounting ledger is not impacted.
The stock ledger below shows only quantity balance, without add/remove.
The above solution works for me, thanks
