How to Add Opening Balances for Inventory in Qoyod (Manually or via Excel)

How to Add Opening Inventory Balances in Qoyod

You can add opening inventory balances in Qoyod using one of the following two methods:

• Manual addition

• Or import via Excel template

Choose the appropriate method based on the number of products you have.

Video for how to add opening inventory balance: Link

First Method: Add Opening Balances Manually

This method is used when you have a limited number of products.

Steps:

1. Go to Accounting

2. Select Manual Journal Entries

3. Click on Opening Balances

4. Select Entry Type: Products and Costs

Filling in Entry Data:

• Date: The date of the opening entry

• Description: Example: Opening balances for products

• Opening Balance Account:
  An account from Equity to which the opening balance is charged

• Location: Select the inventory location where quantities will be added

• Product Name: Select the product from the Products and Costs list

• Average Unit Cost:

  • Average cost per unit, which is used as the basis for inventory pricing until subsequent purchases are made. You can enter a reasonable cost estimate
    Based on:

  • Last known purchase price

  • Approximate market price or average supplier prices

• Quantity: The opening quantity of the product

To add more products:

• Click Add More

• Or use the keyboard shortcut SHIFT + A

Saving the Entry:

1. Click Continue

2. Review the entered data

3. Click Continue to save

After saving:

• A manual journal entry appears

• And it can be linked to a project through Additional Information

Second Method: Import Opening Balances Using Excel

This method is used when you have a large number of products.

Steps:

1. Go to Accounting

2. Select Manual Journal Entries

3. Click on Opening Balances

4. Select Products and Costs

5. Click on Import Opening Product Balances from the top options

Before Downloading the Template:

Fill in:

• Date

• Description

• Opening Balance Account

Then click Download as XLSX to download the Excel template.

Filling in the Excel Template:

Inside the file, enter the following data:

• Product Serial Number

• Average Cost Per Unit

• Quantity

Each location has a separate table at the bottom of the page
For locations where you don’t want to add balances:

• Leave them blank

• Don’t enter any data in them

Uploading the File:

1. Save the Excel file when finished

2. Return to the import page

3. Click Choose File

4. Select the updated file

5. Click Upload New File

Very Important Notes

• Non-inventory products cannot have quantities added to them

• Make sure of:

  • Quantity accuracy

  • Cost average precision

• Opening balance entries cannot be edited after saving

  • Cannot edit: Product, Quantity, or Average Cost

  • If there’s an error:

    • You must delete the entry

    • Then add it again

• You will receive an email:

  • Confirming the successful import

  • Or clarifying errors if the import fails

Frequently Asked Questions

Why don’t some products appear in the opening balances?

Answer:
If the product doesn’t appear when adding the opening balance, or if a message appears:

Product doesn’t exist or is not inventoried during import

Make sure that:

• Product status is Inventoried

• Product is not archived

Non-inventoried or archived products:

• Do not appear when adding opening balances