Create& Authorize Opening Balance

Create And Authorize Opening Balance

This page allows you to create and authorize an opening balance transaction. You must record the opening balance details of the item/variant in a warehouse before any transactions such as issue, receipt have been performed on the item/variant under consideration. The opening balance includes the item details, variant details, quantity, zone and details, costing method and the UOM of the stock available in the warehouse. You can also specify the lot number/serial number if the item is lot or serial controlled. Opening balance can be created only once for an item/variant. Therefore, it is necessary to ensure that an opening balance transaction has not occurred previously on the item/variant in the warehouse, zone and bin under consideration.

Select the "Create And Authorize Opening Balance" link under the "Stock Maintenance" business component

The “Create And Authorize Opening Balance” page appears.

The system displays the following:

Status

The status of the opening balance transaction. The system displays one of the following values:

Draft – Indicates this status, if the line number of the item is serially numbered or lot controlled.
Fresh - Indicates this status, if all the information pertaining to the opening balance has been entered.

The system displays “Draft” by default.

Enter the following:

Transaction No.

A unique number identifying the opening balance transaction (Alphanumeric, 18). This number is displayed by the system, when the “Create Opening Balance” pushbutton is clicked. The transaction number is generated based on the numbering type selected in this page.

Numbering Type

Use the drop-down list box to select the numbering type for generating the transaction number of the opening balance transaction. All the numbering types defined for the “Opening Balance” transaction type in the “Create Numbering Type” activity of the “Numbering Type” component will be displayed here. The numbering type set as default for the “Opening Balance” transaction type will be displayed here by default. If no default numbering type is set, the system displays the numbering type that comes first in alphabetical order by default.

Note: If the numbering type is selected as “Manual”, then the transaction number field must not be left blank.

Transaction Date	The date on which the opening balance is created (Date format). Mandatory. Ensure that this date is earlier than or the same as the system date. The transaction date must be greater than the date on which the financial period was closed previously.
Warehouse Code	A unique code of the warehouse in which the items are stored (Alphanumeric, 10). Mandatory. Ensure that the warehouse code is defined for the login organizational unit (OU) and is in “Active” status.
	Help facility available.

Note: If the system parameter "Warehouse User level Security” is set to "Yes" for a warehouse, then the user must have permissions for that warehouse. Else, the system displays an error message.

Enter the following in the “Item Information multiline:

Item Code	A unique code identifying the item for which opening balance is to be created (Alphanumeric, 32). Ensure that the item code is not left blank if atleast one of the attributes of the item in the multiline is selected or entered.
	Help facility available.
Variant Code	Variant code of the item (Alphanumeric, 8). Ensure that the variant code is not left blank if the item corresponding to the item code supports variant.
	Help facility available.

Note:. Item Code entered must not be of item types "Reference Item", "Service", "Model" Or "Kit".

The system displays the following in the “Item Information” multiline:

Item Variant Desc.	A textual description of the item variant.
Stock UOM	The unit of measurement of the item stored in the warehouse. This measurement must be defined in the “Create UOM” activity of the “UOM Administration” component.

Note: Fractions can be entered, only if the UOM has been set to “Allow fractions” in the “Create UOM” activity of the “Unit of Measurement Administration” business component.

Enter the following in the “Item Information” multiline:

Qty.	The number of units of the item received into the warehouse.(Integer) Ensure that the value entered in this field is greater than zero.
Stock Status	Use the drop-down list box to select the stock status of the item for which you need to enter the opening balance. All the stock statuses defined for the “Opening Balance” transaction type in the “Stock Status Definition” component will be displayed there. The system also displays “Blank” as one of the values. Ensure that this field is not blank if the sub-lot applicable combo is set to “No”.
Zone	The number identifying the zone in which the item is stored in the warehouse (Alphanumeric, 10). This number must have been defined in the “Storage Administration” component for the warehouse and must be in “Active” status.
	It is mandatory to enter this field, if the warehouse selected is of type “Normal”.
	Help facility available.
Bin	The number identifying the bin in which the item is stored (Alphanumeric, 10). This bin number must have been defined in the “Storage Administration” component for the warehouse-zone and must be in “Active” status.
	It is mandatory to enter this field, if the zone selected is of type “Normal”.
	Help facility available.

Note: It is not mandatory to enter zone and bin, if the warehouse type is “Free”.

If the storage rule for the item/variant is not given as "Only At" and if the warehouse has more than one zone defined under it, then ensure that the zone field is not left blank. Similarly if the storage rule for the item/variant is not given as "Only At" and if the zone more than one bin defined under it, then ensure that the bin field is not left blank.

Lot No.	The unique number identifying the lot in the warehouse.
	Help facility available.

Note: When the lot number is entered, the system checks whether the system parameter "Lot no Unique across items" is set as "Yes". If so, the system displays an error message if the lot number has been previously allotted for any other item/variant.

Ref. Lot No.	The lot number specified by the vendor or manufacturer.
Manufacturing Date	The manufacturing date of the received items.(Date format). Mandatory for LOT controlled items.
Sub Lot Applicable	Use the drop-down list box to specify whether sub-lot is applicable for the lot. Selecting “Yes” from the drop-down list box indicates sub-lots can be defined for the lot. The system provides the options, “Yes” and “No”. Ensure that this field is set to “No” if the item is lot controlled and stocks are stored only at the lot level.

Note: If the item is not lot controlled, the sub-lot applicable field must not be chosen as “Yes”. Also, the sub-lot applicable field must not be chosen as “Yes” if the item is both lot controlled and serial controlled.

Serial Controlled

Indicates if the item is serially controlled.

Costing Method

The costing method used to calculate the rate or value of the item at an inventory location. The system lists any one of the following costing methods.

Standard Cost – indicates that the valuation is made at the standard cost.
LIFO (Last In First Out) - indicates that the items are issued at the latest price. Issues thereafter are made at previous prices. A strict chronological order is followed
FIFO (First In First Out) – indicates that the items are issued at the earliest receipt prices. Issues thereafter are issued at later prices in a strict chronological order
Weighted Average Rate – indicates that the issue rate is calculated as the average of stock value by the stock quantity.
LFL – indicates that stocks are issued at the rate specified for each lot

Check the box in the “Select” column of the multiline for viewing item details, creating sub-lot and serial number information, creating rate information, attaching notes, modifying opening balance, viewing storage allocation details, warehouse stock and storage information, and creating lot information.

Click the “Create Opening Balance” pushbutton to create the opening balance transaction.

The system saves the transaction details and displays the message “Transaction created successfully”.

Click the “Create And Authorize Opening Balance” pushbutton to create and authorize the opening the opening balance transaction.

The system saves the transaction details and displays the message “Transaction created and authorized successfully”.

The status of the transaction is set as “Authorized”.

Created By	The login id of the user who created the opening balance.
Created Date	The system date on which the opening balance is created.

To proceed, carry out the following

Select the “View Item Details” link at the bottom of the age to view the details of items.

Select the “Sub Lot Information” link at the bottom of the page to create sub-lot information.

Select the “Serial No. Information” link at the bottom of the page to create serial number information.

Select the “Rate Information” link at the bottom of the page to create rate information.

Select the “Attach Notes” link at the bottom of the page to attach notes for the opening balance.

Select the “View Storage Allocation Details” link at the bottom of the page to view the storage allocation details.

Select the “View Warehouse Stock” link at the bottom of the page to view the warehouse stock details

Select the “View Warehouse Information” link at the bottom of the page to view the storage information details.

Select the “Create Lot Information” link at the bottom of the page to create and modify lot related information.