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  • Section: Getting Started
  • Last updated: May 20, 2019, 11:08 a.m.

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.

Set Up Items List

First step is to make sure your items are entered into your items list. You can enter items into Inventory, either one at a time by going to the top menu bar and selecting Lists > Items and then click the New button at the bottom, or by importing a list of items from a tab-delimited or comma-separated file.

Print the Inventory Count Sheet

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.

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

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.
  7. The Opening Balance Check window appears. Click Opening Balances.
  8. 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 the Adjust Inventory window appears.
    • If you did not enter an inventory opening balance:
      • The the Account Balance Check window appears. If you want AccountEdge to adjust the balance of your inventory Asset account click Adjust Balances. Then the Adjust Inventory window appears.
  9. 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 adjustment account. 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.
  10. Enter any changes to the default entries in the Inventory Journal Number, Date, and Memo fields.
  11. 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).
  12. Click Record. The value of each item in the list is updated.

Review Items List Summary Report

You can print the Items List Summary report to check your inventory status. To run the Items List Summary report go to your top menu bar and select Reports > Index to Reports. Select the Inventory tab at the top and then display the Items List Summary report. This report will show quantities and values for your items.

Notes on Importing Items and Inventory Adjustments

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 NameField Characteristics
Item Number30 characters, alphanumeric
Item Name30 character, alphanumeric
Buy1 character. Any non-blank character signifies that the item is bought
Sell1 character. Any non-blank character signifies that the item is sold
Inventory1 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 AcctLinked 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 NameField Characteristics
Item Number30 characters, alphanumeric. Must be a valid, pre-existing item number that is marked I Inventory
Location10 characters, alphanumeric (this field is optional; required if you use Locations)
Quantity11 characters plus 3 decimal places. If more than 3 decimal places, it is rounded to 3 decimal places
Unit Cost11 characters plus 4 decimal places. If more than 4 decimal places, it is rounded to 4 decimal places
Amount13 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.