Help

3

Importing journal entries of 2021 with stock:. Facing problem because the debit I import in the journal entry for the stock doesn't show in the inventory report

Avatar
Iman Abdulrahman

Hello all ,

I am setting a new company were the accountant sent me the journal entries of the year so I uploaded it and it contain the stock finished valuation account as $2,153,500.00 debit and same for raw material valuation account as $1,850,000.00 debit but after that I found that it didn't change anything in the inventory report and it only changed in the balance sheet.

So when I imported stock on hand I found that there is a difference because when I imported the stock the system created journal entries for each product. 

How can I solve that as if I tried to remove the two account debit from the journal entries of 2021 I will have difference between the credit and debit.

Please I need help in that so that I have clean work.

Thanks in advance,


头像
丢弃
2 答案
3
Avatar
Iman Abdulrahman
Best Answer

Hello all,

Thanks for who tried to help I got the way to solve this issue..

The issue was that I will be getting the stock value doubled but the way you can make is to follow the steps below:.

* Upload your stock in you journal entries of the year so that you don't have any difference between the debit and credit.

* Then upload your stock from date 1/1 , so you will find that the system created for you journal entries for these adjustment.

* Group by journal [Stock] or if you don't have journals reorder by date to get the newest on top.

* open them and return them to draft by clicking on [RESET TO DRAFT].

* and then you will find journal items which will work on.

* click on [EDIT].

* and change the amount in credit to zero and the debit to zero.

So that you will have the quantity on hand with the amount of credit and debit from the journal entry you uploaded by date of 1/1.

Which this can help anyone who face this issue and for not taking risk you can duplicate your database and try if it work with you.

Best Regards,


头像
丢弃
1
Avatar
Balagopal R
Best Answer

Hello,

You need to cancel the direct journal entry in the system and instead of that, you can import the exact stock to the system with corrected values. So, it will create journal entries automatically as per the valuation of the products. If needed you can choose the Accounting data as well when you are doing the Inventory Adjustment. The direct journal entries don't have any impact on your inventory-related reports.

I hope it will help you.

2 注释
头像
丢弃
Avatar
Iman Abdulrahman
-

Hi Balagopal,

Thanks for replying,

But if I will import the stock it shouldn't be in the journal entry of 2021 and if I removeit their will bea difference where I will not be able to save and post.

Avatar
Balagopal R
-

Hello Iman,

You are not able to Save and Post because there might be a difference in the Debit and Credit sides. You can allocate the difference amount in an opening balance account and Post-it. And if you don't want to create journal entries while importing the initial stock for 2021, then give the Inventory valuation in the Product category as Manual.