I have set the costing method as FIFO and Inventory Valuation as Automated and set the Stock Valuation, Stock Interim(Recieved), Stock Interim(Delivered), Stock Journal accounts.
I have added the initial inventory using the Inventory Adjustments menu and updated the quantity.
In the balance sheet I see stock valuation account has a debit balance equal to my inventory and Stock Interim(Recieved) has a Credit balance of the same amount and cancels the stock valuation.
How to reflect the opening balance in the banace sheet correctly?
Kindly help.
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Here you may need to adjust the Stock Interim Received Account with the Undistributed Profit and Loss after entering the Account Opening balances.