Inventory

To enter the item's opening quantity and value

 

If you don't already know the actual quantity of your items, find out what it is before you start. (To count your item's opening quantity)

The Count Inventory window should be displayed.

  1. Click Count Inventory in the Inventory Command Center to open the Count Inventory window.


  2. Notice that all the items for which you marked I Inventory This Item in the Item Information window are displayed. All your items display 0 (zero) in the On Hand column because you have not yet recorded quantities for any of them.


  3. Select either the Group by Item or Group by Location option.


  4. Enter the actual item quantities in the column. The difference between the On Hand and Counted columns will automatically appear in the Difference column.


  5. When you've finished making entries in the Counted column, click Adjust Inventory. Since you're entering opening inventory quantities and values, you won't need to enter a Default Expense Account in the Default Adjustment Account field. Click Continue.


  6. Another Adjustment Information window, subtitled "Opening Balances,' appears. This window informs you that some of your on-hand inventory quantities are zero. Click Opening Balances.


  7. If you entered an opening balance for your inventory asset account, skip to the next step.


    If you opted not to enter an opening balance for your inventory asset account, the Account Balances window will appear, informing you that AccountEdge has noticed that the balance of one of your inventory asset accounts is zero. Click Adjust Balances.
  1. The Inventory Adjustments window shows a line for each item whose opening quantity you entered in the Count Inventory window. The line items show each item's number, name and quantity, as well as the inventory asset account, or, if you opted not to enter an opening balance for your inventory asset account, your historical balancing account.


    Warning:  Don't change the entry in the Account column!
  1. Next, you'll enter the opening total values for each item. There are two ways to do this:


When you make an entry in either column, the column in which you didn't make an entry will change to reflect the entry you did make.

    Warning:  Enter costs, not selling prices
  1. When you're finished entering values for every item, click Record to assign the new quantities and values to the items.


  2. Return to the procedure To add a new item -- all types.


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