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Dynamics 365 Community / Forums / Small and medium business | Business Central, N... / Wrong Opening Balances...
Small and medium business | Business Central, N...
Suggested Answer

Wrong Opening Balances (Inventory & Items Stock)

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Posted on by WayToShop 43

I have a serious issue and need help.

Our Microsoft Partner during the migration from the old ERP to Business Central Dynamics 365 did the following steps with regards to Actual Stock and Inventory (12-31-2022) which we did not verify or saw back in January 2023:

 

  1. Entered the Items quantity with ZERO cost, resulted in correct stock but ZERO Inventory Valuation
  2. Entered Inventory Opening Balance of $416,064 so our Year-End Financials are correct

 

Today after running few months, we came to look into some reports and realized high profit due to sales registered and posted with zero cost and our Inventory Valuation is just the new purchases, does not include the old stock.

 

Kindly advise with the best approach to resolve this issue as we are not prepared to revamp all like they did twice and made us enter and re-enter many sales invoice and purchase invoices, and payments.

 

 

Regards,

Rabih Adada

I have the same question (0)
  • Suggested answer
    Inge M. Bruvik Profile Picture
    Inge M. Bruvik 1,111 Moderator on at

    The correct approach is to revaluate your inventory.

    I have written a blog about how that is done, and you can read that here:

    bc365.co/.../

  • WayToShop Profile Picture
    WayToShop 43 on at

    Thanks Inge,

    If I do that does it affect my Inventory Ledge? For Example

    - Inventory Opening Balance (COA) was $416,064

    - Current Inventory Valuation $537,220.57

    - Current Inventory Ledger COA $953,284.57 (which makes sense adding the Opening Balance + Current)

    Now if I adjust the cost of those items that were entered/posted with ZERO cost does it affect the Inventory Ledger in COA? Would it increase by $416,064 again?

    Kindly advise before I suggest to them to do this.

    Thanks

  • Suggested answer
    Inge M. Bruvik Profile Picture
    Inge M. Bruvik 1,111 Moderator on at

    Yes it will affect your inventory ledger and it will affect the cost of acquisition.

    And if it is done correctly you should end up with the correct inventory value.

    But please not that it will also effect your general ledger. So you will need to post a journal in the G/L to make the value correct in the G/L.

    If you are in BC online i will recommend that you try it out in a sandbox before you run it on your production environment.

    You can copy your production environment into a sandbox using the BC admin center.

    And if you do it in a sandbox and does not get the expect result it can be investigated there before you do the steps in production.

  • WayToShop Profile Picture
    WayToShop 43 on at

    Thanks, will update you on Monday or Tuesday as I will seek their help to do it

  • Suggested answer
    Inge M. Bruvik Profile Picture
    Inge M. Bruvik 1,111 Moderator on at

    That is great, and please reach out if you need more detailed explanation of any of the steps.

    I hope they are able to fix it.

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