diff --git a/client/src/containers/Items/ItemForm.js b/client/src/containers/Items/ItemForm.js
index 67ed8446c..2acc022f0 100644
--- a/client/src/containers/Items/ItemForm.js
+++ b/client/src/containers/Items/ItemForm.js
@@ -6,6 +6,7 @@ import { useHistory } from 'react-router-dom';
 import { useIntl } from 'react-intl';
 import classNames from 'classnames';
 import { defaultTo } from 'lodash';
+import moment from 'moment';
 
 import { CLASSES } from 'common/classes';
 import AppToaster from 'components/AppToaster';
@@ -42,6 +43,9 @@ const defaultInitialValues = {
   category_id: '',
   sellable: 1,
   purchasable: true,
+  opening_quantity: '',
+  opening_cost: '',
+  opening_date: moment(new Date()).format('YYYY-MM-DD'),
 };
 
 /**
diff --git a/client/src/containers/Items/ItemForm.schema.js b/client/src/containers/Items/ItemForm.schema.js
index 76c0d09ad..0ebc8ab17 100644
--- a/client/src/containers/Items/ItemForm.schema.js
+++ b/client/src/containers/Items/ItemForm.schema.js
@@ -2,6 +2,7 @@ import * as Yup from 'yup';
 import { defaultTo } from 'lodash';
 import { formatMessage } from 'services/intl';
 import { DATATYPES_LENGTH } from 'common/dataTypes';
+import { isBlank } from 'utils';
 
 const Schema = Yup.object().shape({
   active: Yup.boolean(),
@@ -17,20 +18,24 @@ const Schema = Yup.object().shape({
     .max(DATATYPES_LENGTH.STRING)
     .label(formatMessage({ id: 'item_type_' })),
   code: Yup.string().trim().min(0).max(DATATYPES_LENGTH.STRING),
-  cost_price: Yup.number().min(0).when(['purchasable'], {
-    is: true,
-    then: Yup.number()
-      .required()
-      .label(formatMessage({ id: 'cost_price_' })),
-    otherwise: Yup.number().nullable(true),
-  }),
-  sell_price: Yup.number().min(0).when(['sellable'], {
-    is: true,
-    then: Yup.number()
-      .required()
-      .label(formatMessage({ id: 'sell_price_' })),
-    otherwise: Yup.number().nullable(true),
-  }),
+  cost_price: Yup.number()
+    .min(0)
+    .when(['purchasable'], {
+      is: true,
+      then: Yup.number()
+        .required()
+        .label(formatMessage({ id: 'cost_price_' })),
+      otherwise: Yup.number().nullable(true),
+    }),
+  sell_price: Yup.number()
+    .min(0)
+    .when(['sellable'], {
+      is: true,
+      then: Yup.number()
+        .required()
+        .label(formatMessage({ id: 'sell_price_' })),
+      otherwise: Yup.number().nullable(true),
+    }),
   cost_account_id: Yup.number()
     .when(['purchasable'], {
       is: true,
@@ -56,9 +61,27 @@ const Schema = Yup.object().shape({
   stock: Yup.string() || Yup.boolean(),
   sellable: Yup.boolean().required(),
   purchasable: Yup.boolean().required(),
+  opening_cost: Yup.number().when(['opening_quantity'], {
+    is: (value) => value,
+    then: Yup.number()
+      .min(0)
+      .required()
+      .label(formatMessage({ id: 'opening_cost_' })),
+    otherwise: Yup.number().nullable(),
+  }),
+  opening_quantity: Yup.number()
+    .min(1)
+    .nullable()
+    .label(formatMessage({ id: 'opening_quantity_' })),
+  opening_date: Yup.date().when(['opening_quantity', 'opening_cost'], {
+    is: (quantity, cost) => !isBlank(quantity) && !isBlank(cost),
+    then: Yup.date()
+      .required()
+      .label(formatMessage({ id: 'opening_date_' })),
+    otherwise: Yup.date().nullable(),
+  }),
 });
 
-
 export const transformItemFormData = (item, defaultValue) => {
   return {
     ...item,
@@ -66,7 +89,7 @@ export const transformItemFormData = (item, defaultValue) => {
     purchasable: !!defaultTo(item?.purchasable, defaultValue.purchasable),
     active: !!defaultTo(item?.active, defaultValue.active),
   };
-}
+};
 
 export const CreateItemFormSchema = Schema;
 export const EditItemFormSchema = Schema;
diff --git a/client/src/containers/Items/ItemFormBody.js b/client/src/containers/Items/ItemFormBody.js
index 9750123e5..c33019628 100644
--- a/client/src/containers/Items/ItemFormBody.js
+++ b/client/src/containers/Items/ItemFormBody.js
@@ -57,7 +57,6 @@ function ItemFormBody({ accountsList, baseCurrency }) {
                   <InputPrependText text={baseCurrency} />
                   <MoneyInputGroup
                     value={value}
-                    prefix={'$'}
                     inputGroupProps={{ fill: true }}
                     disabled={!form.values.sellable}
                     onChange={(unformattedValue) => {
@@ -132,7 +131,6 @@ function ItemFormBody({ accountsList, baseCurrency }) {
                   <InputPrependText text={baseCurrency} />
                   <MoneyInputGroup
                     value={value}
-                    prefix={'$'}
                     inputGroupProps={{ medium: true }}
                     disabled={!form.values.purchasable}
                     onChange={(unformattedValue) => {
diff --git a/client/src/containers/Items/ItemFormInventorySection.js b/client/src/containers/Items/ItemFormInventorySection.js
index 42fa52166..f595635cc 100644
--- a/client/src/containers/Items/ItemFormInventorySection.js
+++ b/client/src/containers/Items/ItemFormInventorySection.js
@@ -1,18 +1,37 @@
 import React from 'react';
 import { FastField, ErrorMessage } from 'formik';
-import { FormGroup, InputGroup, Position } from '@blueprintjs/core';
+import {
+  FormGroup,
+  InputGroup,
+  ControlGroup,
+  Position,
+} from '@blueprintjs/core';
 import { DateInput } from '@blueprintjs/datetime';
-import { AccountsSelectList, Col, Row, Hint } from 'components';
+import {
+  AccountsSelectList,
+  MoneyInputGroup,
+  InputPrependText,
+  Col,
+  Row,
+  Hint,
+} from 'components';
 import { CLASSES } from 'common/classes';
 import { FormattedMessage as T } from 'react-intl';
 import classNames from 'classnames';
 import withAccounts from 'containers/Accounts/withAccounts';
-import { compose, tansformDateValue, momentFormatter, inputIntent } from 'utils';
+import withSettings from 'containers/Settings/withSettings';
+import {
+  compose,
+  tansformDateValue,
+  momentFormatter,
+  inputIntent,
+  handleDateChange,
+} from 'utils';
 
 /**
  * Item form inventory sections.
  */
-function ItemFormInventorySection({ accountsList }) {
+function ItemFormInventorySection({ accountsList, baseCurrency }) {
   return (
     <div class="page-form__section page-form__section--inventory">
       <h3>
@@ -47,23 +66,23 @@ function ItemFormInventorySection({ accountsList }) {
             )}
           </FastField>
 
+          {/*------------- Opening quantity ------------- */}
           <FastField name={'opening_quantity'}>
-            {({ field, field: { value }, meta: { touched, error } }) => (
+            {({ field, meta: { touched, error } }) => (
               <FormGroup
                 label={<T id={'opening_quantity'} />}
                 labelInfo={<Hint />}
                 className={'form-group--opening_quantity'}
                 intent={inputIntent({ error, touched })}
+                helperText={<ErrorMessage name={'opening_quantity'} />}
                 inline={true}
               >
-                <InputGroup
-                  medium={true}
-                  {...field}
-                />
+                <InputGroup medium={true} {...field} />
               </FormGroup>
             )}
           </FastField>
 
+          {/*------------- Opening date ------------- */}
           <FastField name={'opening_date'}>
             {({ form, field: { value }, meta: { touched, error } }) => (
               <FormGroup
@@ -75,14 +94,16 @@ function ItemFormInventorySection({ accountsList }) {
                   CLASSES.FILL,
                 )}
                 intent={inputIntent({ error, touched })}
+                helperText={<ErrorMessage name={'opening_date'} />}
                 inline={true}
               >
                 <DateInput
                   {...momentFormatter('YYYY/MM/DD')}
                   value={tansformDateValue(value)}
-                  onChange={(value) => {
+                  onChange={handleDateChange((value) => {
                     form.setFieldValue('opening_date', value);
-                  }}
+                  })}
+                  helperText={<ErrorMessage name={'opening_date'} />}
                   popoverProps={{ position: Position.BOTTOM, minimal: true }}
                 />
               </FormGroup>
@@ -90,20 +111,28 @@ function ItemFormInventorySection({ accountsList }) {
           </FastField>
         </Col>
 
+        {/*------------- Opening cost ------------- */}
         <Col xs={6}>
-          <FastField name={'opening_average_rate'}>
-            {({ field, field: { value }, meta: { touched, error } }) => (
+          <FastField name={'opening_cost'}>
+            {({ form, field: { value }, meta: { touched, error } }) => (
               <FormGroup
-                label={'Opening average rate'}
+                label={<T id={'opening_average_cost'} />}
                 labelInfo={<Hint />}
-                className={'form-group--opening_average_rate'}
+                className={'form-group--opening_cost'}
                 intent={inputIntent({ error, touched })}
+                helperText={<ErrorMessage name={'opening_cost'} />}
                 inline={true}
               >
-                <InputGroup
-                  medium={true}
-                  {...field}
-                />
+                <ControlGroup>
+                  <InputPrependText text={baseCurrency} />
+                  <MoneyInputGroup
+                    value={value}
+                    inputGroupProps={{ fill: true }}
+                    onChange={(unformattedValue) => {
+                      form.setFieldValue('opening_cost', unformattedValue);
+                    }}
+                  />
+                </ControlGroup>
               </FormGroup>
             )}
           </FastField>
@@ -117,4 +146,7 @@ export default compose(
   withAccounts(({ accountsList }) => ({
     accountsList,
   })),
+  withSettings(({ organizationSettings }) => ({
+    baseCurrency: organizationSettings?.baseCurrency,
+  })),
 )(ItemFormInventorySection);
diff --git a/client/src/containers/Items/ItemsDataTable.js b/client/src/containers/Items/ItemsDataTable.js
index 09a9736f1..7b1d8f925 100644
--- a/client/src/containers/Items/ItemsDataTable.js
+++ b/client/src/containers/Items/ItemsDataTable.js
@@ -124,6 +124,14 @@ function ItemsDataTable({
     ],
   );
 
+  const quantityonHandCell = ({ value: quantity }) => {
+    return quantity <= 0 ? (
+      <span className={'quantity_on_hand'}>{quantity}</span>
+    ) : (
+      <span>{quantity}</span>
+    );
+  };
+
   const handleRowContextMenu = useCallback(
     (cell) => {
       return actionMenuList(cell.row.original);
@@ -189,13 +197,7 @@ function ItemsDataTable({
       {
         Header: formatMessage({ id: 'quantity_on_hand' }),
         accessor: 'quantity_on_hand',
-        className: 'quantity_on_hand',
-        width: 140,
-      },
-      {
-        Header: formatMessage({ id: 'average_rate' }),
-        accessor: 'average_cost_rate',
-        className: 'average_cost_rate',
+        Cell: quantityonHandCell,
         width: 140,
       },
       {
diff --git a/client/src/lang/en/index.js b/client/src/lang/en/index.js
index 8a825ad04..757673bac 100644
--- a/client/src/lang/en/index.js
+++ b/client/src/lang/en/index.js
@@ -100,6 +100,7 @@ export default {
   inventory_information: 'Inventory Information',
   inventory_account: 'Inventory Account',
   opening_quantity: 'Opening quantity',
+  opening_cost: 'Opening cost',
   save: 'Save',
   save_as_draft: 'Save as Draft',
   active: 'Active',
@@ -928,5 +929,9 @@ export default {
     'Are you sure you want to activate this item? You will be able to inactivate it later',
   inactivate_item: 'Inactivate Item',
   activate_item: 'Activate Item',
-  all_payments:'All Payments'
+  all_payments: 'All Payments',
+  opening_quantity_: 'Opening quantity',
+  opening_average_cost: 'Opening average cost',
+  opening_cost_: 'Opening cost ',
+  opening_date_: 'Opening date ',
 };
diff --git a/client/src/style/pages/items.scss b/client/src/style/pages/items.scss
index 383b524a0..0e4287f67 100644
--- a/client/src/style/pages/items.scss
+++ b/client/src/style/pages/items.scss
@@ -95,6 +95,9 @@
             color: #9eaab6;
           }
         }
+        .quantity_on_hand {
+          color: #ff0000;
+        }
       }
     }
   }