Do you have inventory on hand?
You will need to account for the difference between your opening and closing inventory values.
To ensure that you report your Inventory Value accurately:
The value in the Inventory Opening Balance Account is included as part of your Inventory Value. Because this account is displayed on your financial reports
in a separate line, you will need to process a journal entry to account for the difference between your Inventory Value and these opening balances.
Inventory Value – Inventory Opening Balance Account Value = Difference to be accounted for (the Closing Balance entry).
This closing balance entry is processed as a journal entry.