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

1. Select Items from the left-side menu bar and then select Inventory adjustments.
2. To create an adjustment, enter the following:
   1. Select DRAFT under the status. Once you do so, a draft adjustment row is automatically created. We will change the status to POSTED after you complete all the required fields.
   2. Enter the date of the adjustment and the currency.
   3. Under the Item column, select the previously created item. The item must be a tracked inventory item.
   4. Under Line item description, enter “Opening stock”.
   5. In the Quantity column, enter the quantity you have in your inventory. Under Inventory value, enter the value of your inventory.
   6. Under Account select the Opening Balance Offset account.
   7. To post the adjustment, change the status to POSTED.

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.