The first Stock Count that is performed in Restaurant365 is considered a Beginning Balance Stock Count and must be initiated in a manner slightly different than all future Stock Counts. When a Beginning Balance is entered, your company's Balance Sheet equals the Inventory Value on the Stock Count, allowing for future counts to be accurate. To create the Beginning Balance Stock Count, a completed Stock Count Template must first exist. Click here for more information on Stock Counts.
There are two ways to perform a Stock Count:
- Zeroing Out Inventory Values
- Entering a Legacy Stock Count
Zeroing Out Inventory Values
After the first Stock Count is complete and left as Unapproved, run the Balance Sheet for the following report parameters:
- Report Type - YTD
- Filter By - Location
- Filter - The Location noted on the Stock Count record
- As Of - The date of the first Stock Count
- Detail Level - Detail
- Account View - Name
- Hide $0 Balances - No
- Rounding - No rounding
- Show Unapproved - No
View the Inventory Asset Value section to see the Inventory Balance. This section will be used as a reference during the Journal Entry process.
Create a new Journal Entry by hovering over 'Account' in the top ribbon and clicking 'Journal Entry'. When the new window opens, the date and Location of the first Stock Count should be entered in the header.
Begin entering the Inventory Accounts by transferring over the exact amount for each account listed on the Balance Sheet. As each Inventory Account is credited, make sure to debit its corresponding COGS Account. When completed, 'Approve and Close' the Journal Entry.
Return back to the Balance Sheet and review the Inventory Asset Values. Due to creating and Approving the Journal Entry, all values should be zeroed out.
Finally, reopen the first Stock Count and Approve the count. The beginning balance Stock Count is now complete! This process should be repeated for each Location.
Entering a Legacy Stock Count
Once a Stock Count Template has been prepared, and the initial Stock Count is ready to be performed in Restaurant365, the Beginning Balance Stock Count is ready to be created.
A User with the Security Role of Accounting Manager will hover over the 'Administration' menu in the top ribbon, subsequently hovering over 'New Beginning Balance' and clicking on 'Stock Count'. This action will open a prompt where the User will then select the Stock Count Template to use in the creation of the Beginning Balance Stock Count as shown below:
The User will then select the Stock Count Template from the drop-down list and click the 'Create' button. This action will close the prompt and open a new tab containing the Stock Count. The sole visible distinction between this Stock Count and any other Stock Count is the presence of 'Beginning Balance' at the top of the record below the 'Unapproved' status line.
The Beginning Balance Stock Count Template is now ready to be used for performing the initial Stock Count. Click here for more information on Stock Counts via Browser, and Stock Counts via Mobile App.
This process should be repeated for each Location.