How do I create an opening stock balance of my company’s stock as at start of financial year for each stock item? Thanks [Removed]

I'm here to assist you in creating an opening stock balance for each item in QuickBooks Online, @suebrewery. 

To achieve this, you need to set up an account for each item in QuickBooks Online to track your inventory value. This will help ensure that your records accurately reflect the stock levels at the start of your financial year.

Here’s how you do it:

1. Within your company file, select the Gear icon.
2. Select Chart of accounts, then click New.
3. From the Account Type dropdown, choose Current assets.
4. Select Other current assets from the Detail Type.
5. Enter a name, description, default tax code, and balance for the account, then hit Save and Close.
6. Repeat the steps for each type of inventory.
   

You can use this reference for more information about tracking items manually in the program: Track the value of your stock assets.

If you need assistance operating the sales procedures, it's best to contact your accountant. If you don't have one yet, refer to our Proadvisor website to find one. Our advisors can also offer you technical and accounting perspectives. All you need to do is enter your city, state, or ZIP code in the provided box.

When everything is settled, you can access reports to view all transactions related to your stocks. QuickBooks provides customization options for a clear presentation.

If you have other concerns or queries besides managing your company stocks, you can inform me by leaving comments below. I’ll get back to you as soon as I can, @suebrewery.