Introduction
Welcome to this comprehensive guide on how to manage the Opening Stock Balance for serialized and batch items in Empress. This feature is essential in maintaining accurate inventory records, crucial in planning and decision-making processes in your business.
Introduction: The Significance of Managing the Opening Stock Balance
In a business environment, keeping track of inventory is crucial. Particularly when dealing with serialized and batch items, it’s important to manage their opening stock balance. In Empress, this task is straightforward and user-friendly, allowing you to update these balances efficiently. Understanding how to do it correctly can significantly improve your business’s inventory management and overall operational efficiency.
Why We Don’t Use Stock Reconciliation for Serialized and Batch Items
In Empress, the stock level of a serialized item is determined based on the count of Serial Numbers for that item. Hence, unless Serial Nos. are created for the serialized item, its stock level will not be updated. The Stock Reconciliation Tool only lets you update the opening quantity of an item, not the Serial No. and Batch No.
Step-by-Step Guide to Create Opening Stock Balance Entry for Serialized and Batch Items
Here’s how to tackle this task using the Empress user interface:
1. Create a New Stock Entry
Begin by navigating to:
Stock > Stock Entry > New
2. Select Purpose
Next, you need to set the Stock Entry Purpose to Material Receipt.
3. Update Posting Date
The Posting Date should be the date you want to update the opening balance for an item.
4. Update Target Warehouse
The Target Warehouse should be the warehouse where you want to update the opening balance of an item.
5. Select Items
Choose the items for which you need to update the opening balance.
6. Update Opening Quantity
For the serialized item, adjust the quantity according to the number of Serial Nos present. Assign Serial Nos equivalent to its quantity. If Serial Nos are created based on a Prefix, manual assignment isn’t necessary.
For batch items, provide the Batch ID where the opening balance will be updated. Ensure the batch master is ready for the Batch Item. To create a new Batch, navigate to Stock > Setup > Batch > New.
7. Update Item Valuation Rate
Update the valuation rate, which represents the per unit value of an item. If different units of the same items have different valuation rates, update them in separate rows with their respective rates.
8. Use a Difference Account
In the perpetual inventory valuation system, an accounting entry is made for every stock transaction. To balance the Total Debit with the Total Credit in an entry, use a Temporary Opening account as a Difference Account when submitting the Stock Entry.
9. Save and Submit Stock Entry
Finally, save and submit the Stock Entry. Upon submission, a stock ledger posting will be posted, and the opening balance will be updated for the items on the given Posting Date.
Conclusion: Enhanced Business Processes
By following these steps, you can efficiently manage the opening stock balances of serialized and batch items in Empress, ensuring accurate inventory records that are vital for your business operations.
For further assistance, please refer to the Empress help center or contact our support team.