Taking On Inventory Balances

This procedure explains how to import your existing inventory items, average cost prices, suppliers, and opening stock quantities into Smart-IT when setting up your company.

 

Step 1. Import Inventory Items.

The recommended method is to import your inventory items, including their average cost prices and suppliers, using the CSV/Excel Import form.

 

To import your inventory items:

1. Go to Stock Items > Stock Extra > Stock & Price List Import.

2. Select your XLSX file

3. Map your Excel columns to the corresponding Smart-it fields.

4. Click Import        

 

Note on Suppliers: Stock items must be added per supplier. Ensure that your Excel file includes the correct supplier information for each item before importing.

For a detailed walkthrough, see the guide on Stock and Pricelist Importing, Exporting and Updating.

 

Step 2. Importing Opening Stock Quantities

 

Important: Ensure you have successfully added the average cost price for each item (Step 1) before importing your quantities.

 

To import your opening stock quantities:

1. Go to Stock > Stock Take and click on Regular Stock Take.

2. Click the Create New Stock Take tab.

        Configure the following setting:

•Has Transactions: Deselect this option. When entering opening stock quantities for the first time, the items may not have any existing transactions. Deselecting this option allows you to include items without transactions.

 

3. Open the Stock Take Report.

After creating the stock take, return to the Stock Take Report.

Double-click or right-click on the Stock Take Report to open the Process Stock Take screen

 

4. Set the Stock Adjustment Account

Before processing the stock take, change the Stock Adjustment Account from the default Stock Adjustment Account to the appropriate Capital or Retained Earnings account, depending on your business structure and accounting setup.

 

5. Import the stock quantities

Select your Excel or CSV file and click Import to load the opening quantities into the Stock Take Report.

Select Import Counted from the menu.

 

6. Process the Stock Take

Once you have checked the imported quantities and confirmed the Stock Adjustment Account, click Process to update your stock balances.

 

Alternative Method: Stock Adjustment

You can also use the Stock > Stock Adjustment form to import your opening stock quantities and average cost values.

 

Important Accounting Note

When capturing opening stock balances, ensure that the Stock Adjustment Account is changed from the default Stock Adjustment account to the appropriate Capital or Retained Earnings account, as applicable to your accounting setup.

 

This ensures that the opening stock balances are recorded against the intended opening balance account.

 

See also: Stock Take