Opening Inventory Balances
Entering Initial Inventory
Starting from the Items List in the Inventory Command Center
- You can enter items into Inventory, either one at a time by clicking the New button in the Items List window, or by importing a list of items from a tab-delimited or comma-separated file.1
- After you have entered or imported all of your items into AccountEdge, select Count Inventory from your Inventory Command Center. You will see a list of the Inventory items, and each item will show zero on hand quantity and zero value.
- Enter the actual quantities on hand for each item. Click Adjust Inventory.
- You'll be prompted to enter an adjustment account. Enter the inventory account referenced in the item profile. If you have different asset accounts for inventory items, you should leave this field blank. Click Continue
- If you receive the following message, click Continue
One more thing. AccountEdge Pro also noticed that the balance of at least one of the inventory asset accounts linked to the new items is set to zero. Do you want AccountEdge Pro to adjust them?
Click Adjust Balances if you want AccountEdge Pro to adjust the asset account balances to match your inventory values. Otherwise click Continue.
NOTE: ONCE IN THE INVENTORY ADJUSTMENTS WINDOW BE SURE TO ENTER THE PER-UNIT COST OF EACH ITEM - In the next window, the Adjust Inventory window, enter the appropriate inventory account(s) in the Account column, and the cost(s) in the Cost column.2 AccountEdge will multiply the quantity by the cost to determine the amount (value). When complete, click Record.
Run the Items List Summary report (Reports > Index to Reports > Inventory > Items List Summary). This report will show quantities and values for your items. You now need to enter the opening balances in the inventory account(s) associated with the items. With the report displayed or printed
- Open the Accounts List (Lists > Accounts)
- Click the arrow to the left of the appropriate inventory account(s) (typically in the Assets classification)
- Enter the value displayed in the report into the Opening Balance field
- Click OK when finished
- Perform the same operation for the appropriate (Owner) Equity account (see below)
Notes:
- You can import items from a tab-delimited or
comma-separated list (File > Import Data > Items). (Inventory
counts and values are imported separately; see Note 2.) The list
must have lines with at least the following fields; each line will
be the entry for 1 item:↵
Field Name Field Characteristics Item Number 30 characters, alphanumeric Item Name 30 character, alphanumeric Buy 1 character. Any non-blank character signifies that the item is bought Sell 1 character. Any non-blank character signifies that the item is sold Inventory 1 character. Any non-blank character signifies that the item is inventoried Asset Acct Linked asset account. Must be a valid, pre-existing AccountEdge account number. 5 characters, numeric. May have an optional non-numeric separator between the first digit and the last 4 digits, for example, 1-1234 Income Acct Linked income account. Must be a valid, pre-existing AccountEdge account number. 5 characters, numeric. May have an optional non-numeric separator between the first digit and the last 4 digits, for example, 1-1234 Expense/COS Acct Linked expense or cost of sales account. Must be valid, pre-existing account number. 5 characters, numeric. May have an optional non-numeric separator between the first digit and the last 4 digits, for example, 1-1234 - You import quantities on hand and value using the
Inventory Adjustments import (File > Import Data > Inventory
Adjustments). Each line of a tab-delimited or comma-separated file,
will contain the quantity and value for 1 item. Each line must have
at least the following fields:↵
Field Name Field Characteristics Item Number 30 characters, alphanumeric. Must be a valid, pre-existing item number that is marked I Inventory Location 10 characters, alphanumeric (this field is optional; required if you use Locations) Quantity 11 characters plus 3 decimal places. If more than 3 decimal places, it is rounded to 3 decimal places Unit Cost 11 characters plus 4 decimal places. If more than 4 decimal places, it is rounded to 4 decimal places Amount 13 characters plus 2 decimal places. If more than 2 decimal places, it is rounded to 2 decimal places Account # 5 characters, numeric. Must be valid, pre-existing AccountEdge account number. May have an optional non-numeric separator between the first digit and the last 4 digits, for example, 1-1234 - Inventory Adjustments imports cannot import adjustments with zero quantities.
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