Hello, I have situation where i am setting up opening balances from balance sheet to fresh erpnext instance.
The account stock received but not billed let say have $100 amount against multiple suppliers. what is the proper way for opening balance for the account.
I am facing the same issue. Once I find the answer, I will share it. I am surprised that no one took this question seriously.
@Botanium , Please refer the doc.
When purchased items are received, an accounts posting is done based on the value of the purchased items in the Stock-in-hand / fixed-assets account. When you sell and deliver those items, an expense (cost-of-goods-sold) is booked, equal to the buying cost of the items.
As stock balance increases through Purchase Receipt, Warehouse account is debited and an adjustment account called Stock Received But Not Billed account is credited. At the same time, the negative expense is booked in account head having category as “Valuation” or “Total and Valuation” in taxes and charges table for the amount added for valuation purpose, to avoid double expense booking.
On receiving Bill from the supplier, you will make Purchase Invoice against a Purchase Receipt. Here Stock Received But Not Billed account is debited, hence nullifies the balance in the Stock Received but not Billed Account.
The balance in the Stock Received but not Billed account indicates the value of items for which Purchase Receipt has been made, but billing is pending.
Ref https://docs.erpnext.com/docs/user/manual/en/stock-received-but-not-billed
Thanks.
I just did a test, and here is the solution for you.
First, you need to create a JV and mark it as an Opening. Debit the “Stock Received But Not Billed” and then credit “Temporary Opening”. This will only add the balance, once you receive the goods, then you can create a “Stock Entry - Material Receipt” Only. this transaction will Debit the “Stock In Hand” account and Credit “Stock Received But Not Billed”. for ease of use, and not to get confused, create all the pending Purchase Receipts as a Draft using the “Stock Entry - Material Receipt”. this way when you receive the materials you can submit the documents. The reason is that the PO and the PINV were already created in the previous system when you got the opening balance from.