Introduction
In Empress, managing your inventory effectively is a crucial aspect of running your business. Particularly, when dealing with serialized and batch items, it’s important to understand how to manage their opening stock balance. This guide will guide you on how to update opening stock balances for these items in Empress.
Introduction: The Importance of Opening Stock Balance
The opening stock balance is a critical element in inventory management. It represents the quantity of goods or items available at the start of a specific period. In the context of serialized and batch items, it’s essential to ensure these balances are accurately recorded for efficient inventory tracking and management.
Why Opening Stock Balance for Serialized and Batch Items Can’t Be Updated via Stock Reconciliation
In Empress, the stock level of a serialized item is determined by the count of Serial Numbers (Nos) for that item. This means that unless Serial Nos. are created for the serialized item, its stock level will not be updated. The Stock Reconciliation Tool in Empress allows you to update the opening quantity of an item, but not the Serial No. or Batch No.
A Step-by-Step Guide to Creating Opening Stock Balance Entry for Serialized and Batch Items
Step 1: Create a New Stock Entry
Firstly, navigate to the following path in Empress:
Stock > Stock Entry > New
Step 2: Select Purpose
Next, update the Stock Entry Purpose to Material Receipt.
Step 3: Update Posting Date
The Posting Date is essentially the date on which you wish to update the opening balance for an item. Ensure that this date is correctly entered.
Step 4: Update Target Warehouse
The Target Warehouse refers to the warehouse in which you want to update the opening balance of an item.
Step 5: Select Items
At this point, choose the items for which the opening balance needs to be updated.
Step 6: Update Opening Quantity
For the serialized item, update the quantity according to the number of Serial Nos present. For each serialized item, assign Serial Nos equivalent to its quantity.
For a batch item, provide the Batch ID where the opening balance will be updated.
Step 7: Update Item Valuation Rate
The valuation rate, which signifies the per unit value of an item, should be updated next.
Step 8: Difference Account
In the perpetual inventory valuation system, an accounting entry is created for every stock transaction.
Step 9: Save and Submit Stock Entry
Finally, save and submit the Stock Entry.
By following these steps, you can efficiently manage the opening stock balances of serialized and batch items in Empress, ensuring accurate and up-to-date inventory records. This will greatly enhance your inventory management processes and contribute to the smooth running of your business operations.
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