Edit Opening Balance – A summary of the activity

This activity allows you to modify the details of the selected opening balance document. You can modify the details of the opening balance document that is in the “Draft” or “Fresh” status. If the opening balance document is in “Draft” status, you can change the status to “Fresh”, after all the details have been updated.  

You can also enter the lot number and serial number details of the part, in case the part is lot number or serial number controlled.

In addition, you can also enter the rate or value for the quantity of the part, if the part valuation method is specified as “Weighted Average”, “Actual Cost” or “Standard Cost”. For a part with the valuation method defined as “LIFO” or “FIFO”, the various rates or values at which the part was received must be specified in a chronological order.

You can also use this activity to cancel the opening balance document.

You are provided with a help facility for selecting the part, warehouse, zone and bin.

Getting familiar with the pages inside

What you can do in this activity

Modify the serial and lot number details

Modify the cost details for the various stock valuation methods

Cancel the opening balance document

Modify the serial and lot number details

You can modify the serial number and lot number details that are already recorded for the parts received.

• Select the opening balance document to be modified, in the “Select Opening Balance Document” page.

• Use the “Serial and Lot Details” page, to modify the serial and lot number details of parts that are serial number or lot number controlled.

Modify the cost details for the various stock valuation methods

You can modify the actual cost or the unit rate details for the various stock valuation methods such as “Weighted Average”, “Actual Costing”, “LIFO” and “FIFO”.

• Select the opening balance document to be modified, in the “Select Opening Balance Document” page.

• Use the “Edit Weighted Avg / Actual Lot Cost Information” page, to modify the actual cost for a part with stock valuation method defined as “Weighted Average” or “Actual Costing”

• Use the “LIFO/FIFO Rate Details” page, to modify the LIFO or FIFO rates for a part with stock valuation method defined as “LIFO” or “FIFO”.

Cancel the opening balance document

You can also cancel the opening balance document in this activity.

• Select the opening balance document to be cancelled, in the “Select Opening Balance Document” page.

•  Go to “Edit Opening Balance” page.

•  Click the “Cancel Opening Balance” pushbutton.

The status of the document changes to “Cancelled”, upon cancellation.