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Hi:
Upon first starting a business, should the total dollar amount of inventory that was first imported into Business Central appear in either the Income Statement or Balance Sheet?
Thanks!
John
Great! Thank you, Inge!
John
You will have to use the same offset account that was used for your inventory when the opening balance for you G/L was posted.
Or if your G/L opening balance is not posted yet, you should use the account that is planned for posting inventory in your opening g/l balance.
Your accountant could advice you, most likely.
Hi:
This initial inventory "adjustment" was posted to an inventory account, as well as to an "Inventory Adjustments" account in the Income Statement section of the chart of accounts.
When entering a journal entry to back out adjustment and "from" this Income Statement account, what offsetting account do I use in this journal entry?
Thanks!
John
If correctly configured and correctly posted it should show up in the balance sheet on the inventory account defined in your inventory posting groups.
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