Beginning Balances Inventory Count

The first Stock Count that is performed in Restaurant365 is considered a Beginning Balance Stock Count and must be initiated in a manner slightly different than all future Stock Counts. 

When a Beginning Balance is entered, your company's Balance Sheet equals the Inventory Value on the Stock Count, allowing for future counts to be accurate. To create the Beginning Balance Stock Count, a completed Stock Count Template must first exist.

Entering a Beginning Balance Stock Count

After the first Stock Count is complete and left as Unapproved, run the Balance Sheet for the following report parameters:

• Report Type - YTD

• Filter By - Location

• Filter - The Location noted on the Stock Count record

• As Of - The date of the first Stock Count

• Detail Level - Detail

• Account View - Name

• Hide $0 Balances - No

• Rounding - No rounding

• Show Unapproved - No

View the Inventory Asset Value section to see the Inventory Balance. This section will be used as a reference during the Journal Entry process.

Create a new Journal Entry by hovering over 'Account' in the top ribbon and clicking 'Journal Entry'. When the new window opens, the date and Location of the first Stock Count should be entered in the header.

Begin entering the Inventory Accounts by transferring over the exact amount for each account listed on the Balance Sheet. As each Inventory Account is credited, make sure to debit its corresponding COGS Account. When completed, 'Approve and Close' the Journal Entry.

Return back to the Balance Sheet and review the Inventory Asset Values. Due to creating and Approving the Journal Entry, all values should be zeroed out.

Finally, reopen the first Stock Count and Approve the count. The beginning balance Stock Count is now complete! This process should be repeated for each Location.