Thanks for your reply. I have the following questions:
1. So I would do this in closing off 2019 as this is before we want to actually track inventory?
2. Can you be more specific about which journal entries would need to be entered? This will impact Inventory Asset, Inventory Shrinkage and Cost of Goods Sold?
3. This has been done.
4. Would I use January 1, 2020 as the date for this?
5. I've already been entering purchase orders and bills for 2020, will this be ok?
I appreciate any and all advice. I'm not an accountant and I haven't worked with inventory systems before.
