Hi,
1. While creating an Inventory Opening Balance document, the system asks for Account Code for each item. The GL associated with this Account Code is credited in the auto generated Journal Entry. Under which drawer should I create this Account Code?
2. How can I see a listing of all the documents for Inventory Opening Balance documents, and the related Journal Entries across all Financial Years / Posting Periods?
3. While creating an Inventory Opening Balance, it is possible to give any arbitrary date as Posting Date or Document Date, including dates of previous financial years or current financial year in case of multiple years data in same database. Usually, the Inventory Opening Balance will be entered only for the 1st day of the first Posting Period in the database. When is it useful to enter any arbitrary date as Posting Date or Document Date?
4. While entering the opening balances of all the GLs through Journal Entry during the initial implementation, should we also enter the opening balance of the Inventory G/L in Journal Entry, or it should be entered only through the Inventory Opening Balance document, which will automatically debit the Inventory G/L account associated with the Item? I guess it should be entered only through the Inventory Opening Balance document. However, in that case, the credit GL account will be probably a different GL account than the one which is used as Opening Balance control account for other GLs.
So how can I verify that the opening balance of all the control accounts has become zero, which should be the case if the opening balances of all GLs as well as Inventory Items has been entered correctly?
Many Thanks.