Items and inventory
Setting up an initial quantity on hand for an inventory item
When you start using Wafeq, you most likely already have inventory stock. This article explains how you can set up the opening quantity on hand for an inventory item.
Learn by watching
Watch this video on how to set up an initial quantity on hand for your inventory items or read on below. Setting up an initial quantity on hand for an inventory item
Step-by-step instructions
- Select
Items
from the left-side menu bar and then selectInventory adjustments
. - To create an adjustment, enter the following:
- Select
DRAFT
under the status. Once you do so, a draft adjustment row is automatically created. We will change the status toPOSTED
after you complete all the required fields. - Enter the date of the adjustment and the currency.
- Under the
Item
column, select the previously created item. The item must be atracked inventory item
. - Under
Line item
description, enter “Opening stock”. - In the
Quantity
column, enter the quantity you have in your inventory. UnderInventory value
, enter the value of your inventory. - Under
Account
select theOpening Balance Offset
account. - To post the adjustment, change the status to
POSTED
.
- Select
Once you’ve done the above, the quantity on hand in your Items
tab for the item you adjusted will increase by the amount you entered in the Quantity
column of the adjustment.