Create Taxed Item Opening Stock
How to Create Taxed Item Opening Stock in Muhasib ERP
Overview
This guide will help you establish beginning inventory with its approved tax and accounting treatment.
Muhasib establishes stock and can post inventory/tax/opening-balance entries. Wrong treatment affects stock value, tax reports, and Trial Balance.
Who can do this
You need access to Taxed Opening Stock, inventory, Tax, and needed Financials permissions.
Before you start
Complete all ordinary opening-stock prerequisites, create the tax, confirm recoverable/non-recoverable tax treatment, get source documents, and back up the database.
Before saving, check that the correct company is open and that you have permission to complete this task.
Where to find it
Back Office → Items & Advanced Inventory → Manage Items → Taxed Item Opening Stock.
Create Taxed Item Opening Stock
Step 1: Confirm item, date, unit, location, batch/serial, quantity, and pre-tax cost
Step 2: Select the approved tax and calculation basis
Step 3: Review tax amount and total valuation
Step 4: Confirm inventory, tax, opening-balance, and counter-account mappings
Step 5: Save once
Step 6: Preserve the source schedule/reference
Check your work
Compare and Confirm Stock Ledger/value, Tax Report, Journal/General Ledger, Account Ledger, and Trial Balance to the approved opening schedule.
Take a moment to check your work before closing the window. This small check can save time later.
If something goes wrong
- Restore/correct before ordinary transactions if tax or valuation is wrong.
- Do not offset errors with an unrelated voucher.
Related guides
- Create Item Opening Stock
- Create a Tax
- Assign Item Accounting Accounts
- Prepare and Review a Trial Balance