Importing Inventory Opening Balances in Rise Accounting and Rise School Management

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Overview

Here you will learn how to add opening balances for each inventory item very easily and quickly.

The importing tool will update your inventory balances and assign to lots accordingly. It will also give you the choice to add the entries to your financial reports according to the double entry for the opening balance transaction.

Preparing Excel Spreadsheets

To import the inventory opening balances into the system, use Excel spreadsheets. The spreadsheet needs to be in a specific format which is already mapped in the system. If certain fields are not attributable for a specific inventory item, you can leave them blank.

The file should have 1 row for each inventory item and 12 columns for each attribute: Code, Description, Lots, Type, Unit of Measurement, Quantity, Price, Amount, Category, Account, Open balance Account, and Location respectively.

For example:


Excel Spreadsheet example 1.png


If the item belongs to a specific category or lots in the system, you can add it in your file if applicable. You can also leave it blank and fill it in from the system when importing. The same is for the inventory account and opening balances account.

You can have more than one inventory item in your file, as long as each item has its separate row. Save and close the file when it is ready to be imported.

Creating an Opening Balances Inventory Document

To import a file:

1. Go to Warehouse and click Opening balances inventory. This will open up the list of any previous inventory opening balances imports that have been done.

An alternative way to open Opening balances inventory is to go to Quick menu > Getting started and select Inventory opening balances under Enter opening balances.

2. Click Create to import inventory opening balances.

3. Enter the Date. The Number field will be filled by the system automatically.

4. Click Import. The screen will then be divided into 2 parts. The left side will be the inventory attributes that have already been mapped to the required Excel format as stated above.

5. Click the small circle with a plus beside Inventory.

The user will see all the attributes needed when importing inventory.

The user will see that the attributes have already been mapped to the columns in the Excel spreadsheet.

The right side will be the part where the user will be able to preview the file before importing.

6. Click Read from file to select the file from the disk.

The user will be able to see how the file columns are mapped to the attributes on the left.

7. If the file has a header, indicate it by selecting the Has header check box at the bottom.

8. Once the file is ready to be imported, click Prepare data.


Opening Balances Inventory. Prepare Button.png


Checking Imported Files

After the user clicks Prepare data, they will be redirected to another screen where they will be able to check if all the information has been imported correctly, fill in the missing information, and correct any needed information.

1. Go through the information available on the screen.

2. Click Check data so that the system informs you if there are any fields missing which should be filled.


Opening Balances Inventory. Check Data.png


If there are missing fields, the system will give you a message.

You can fill in this information manually or let the system do it for you by clicking the buttons at the top.

The Category, Lots, Location, and Account will come from the imported inventory’s data card which was filled in when it was created.

The Opening balance account will come from the default account set under the accounting settings.


Opening Balances Inventory. Helpers.png

If there is a space after the name of the product in the file, the system will say that the product in the file and in the system are not the same. Please double check if there are no spaces nor any differences between product names in the system and in the file.

3. Once all the information is filled, click Check data again to double check if everything is done.

When the system checks that all necessary information is in, it automatically selects the Ready to import check box.

4. Once the check box is selected, click Import to finalize importing.


Opening Balances Inventory. Import.png


This will take you to the Opening balances inventory document screen that you have initially started with.

5. Click Reread to bring in all the new information.

6. Check if the information is correct and click Post to complete.