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  1. Tracked inventory - Add opening stock when creating new item

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    1 comment  ·  For small businesses » Business features  ·  Admin →
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    Gaining Support  ·  AdminPaul Hodges (Admin, Xero) responded

    Hi, thanks for sharing this idea about setting the opening stock for a tracked item at the same time you add it.


    Now it's up to the community to get behind and support your idea with their votes and comments about how this would help them, too.


    As for how this is currently done, as well as setting the item's starting Quantity on Hand, there needs to be an accounting record for where the existing Value comes from.


    The current process is to add the item(s) as Tracked and then either:

    • Importing the opening balances for your tracked items. *This option is only for when you first start using Tracked Inventory in your organisation*.
    • Entering an approving a Supplier Bill to record the first purchase of the item.
    • Entering an Adjustment (Increase Quantity-type) to move the value from another account (the adjustment account) to the Inventory Asset Account.
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    Cathie Reid commented  · 

    I agree kept thinking I was missing something as couldn't find a simple way to enter the opening stock, glad I found your comment saves me to continue looking for a simplified solution cheers
    Cath

    Cathie Reid supported this idea  ·