Enter Inventory Opening Balances

If you had items on hand as of the first day of your conversion month, and you want to track on-hand quantities and values of these items, you need to enter your inventory opening balances.

Before you enter your opening inventory balances, you need to count the actual items in your inventory. To help you do this, you can print the Inventory Count Sheet report, which lists all your inventoried items, and manually record quantities on it.

To print the inventory count sheet

1) Go to the Inventory command center and click Count Inventory. The Count Inventory window appears.

2) If you store your items at several locations, select the method you want to use to group your items. You can group items by item number or by location.

3) Click Print. The Inventory Count Sheet report is printed with a list of all your items.

4) Enter all your on hand quantities on this sheet.

To enter opening on hand inventory items and values

1) Go to the Inventory command center and click Count Inventory. The Count Inventory window appears with a list of your inventory items.

2) If you store your items at several locations, select the method you want to use to group your items. You can group items by item number or by location.

3) If you store your items at several locations, select the Include Zero On-Hand Quantities option. A list of all your items appears.

4) In the Counted column, type the quantity counted for each item. The Difference column will change to show the difference between the On Hand column and the Counted column.

5) When you have entered all your item quantities, click Adjust Inventory. The Default Expense Account window appears.
When you are entering opening on-hand balances, you don’t need to enter a default expense account.

6) Click Continue. The window that appears depends on whether you have entered an opening balance for your inventory asset account (see Enter account opening balances).

  • If you entered an inventory opening balance, the Adjust Inventory window appears.
  • If you did not enter an inventory opening balance, the Opening Balance Check window appears. Click Adjust Balances. The Adjust Inventory window appears.

The Adjust Inventory window displays a line for each item whose opening quantity you entered in the Count Inventory window. The line items display each item's number, name, quantity, and the account to which the opening balance will be posted. This account is either your inventory asset account, or, if you have not entered an opening balance for your inventory asset account, your historical balancing account.

7) Enter any changes to the default entries in the Inventory Journal Number, Date, and Memo fields.

8) Type the unit cost of each item (that is, how much a single unit of each item costs you, not how much you are selling it for).

9) Click Record. The value of each item in the list is updated.

You can print the Items List Summary report to check your inventory status.