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Entering opening inventory balances

You can use item records to store information about a product, track the quantities you buy (Not Basics), and how much you sell. You can also create records for each type of service you provide.

Do you have stock on-hand? We'll show you how to quickly enter your item opening balances.

Do you need to complete this task?

If you buy and sell items, such as finished goods, components used in production and raw materials, you need to create records for them.

Create item records

Item records enable you to view the sales history of the products you sell or use in production, spot sales trends and see which items are your best sellers. In AccountRight Standard, Plus and Premier, you can track what’s in stock so you can reorder items before you run out of them.

You can also create item records for the services you provide. This enables you to list the items and services you buy and sell on the same purchase order or invoice.

For example, if you are a plumber, you could set up items for the materials you use in order to carry out your work. You could also set up item records for the services you provide, such as installation and repairs. You can then record the labour and material charges on the same invoice.

For information about creating item records, see Creating items.

Enter your item opening balances

Not available in AccountRight Basics

If you had items on hand as at the first day of your conversion month, and you want to track the 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 do a stocktake of 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 centre and click Count Inventory. The Count Inventory window appears.

  2. Click Print. The Inventory Count Sheet report is printed, displaying a list of all your items.

  3. Enter all your on hand quantities on this sheet.

To enter opening on-hand inventory items and values

  1. Go to the Inventory command centre and click Count Inventory. The Count Inventory window appears, displaying a list of your inventory items.

  2. 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 Counted column.

  3. When you have entered all your item quantities, click Adjust Inventory. The Adjustment Information window appears advising you to provide a default adjustment account. For your opening balance, this should be your inventory asset account. This should be the only time you use this account for inventory adjustments.

  4. 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 window appears. Click Adjust Balances. The Adjust Inventory window appears. 

  5. The Adjust Inventory window appears and 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.

  6. Enter any changes to the default entries in the Inventory Journal NumberDate and Memo fields.

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

    Do not change the account number in the Account column.The selection you made at step 4 determines the default account used to record your opening balances.

    Do not change the account number in the Account column.

    The selection you made at step 4 determines the default account used to record your opening balances.

  8. 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.

Optional item setup tasks

You may want to do the following tasks if they are relevant to your business.

  • Import items - see Importing data to learn how to import item information from:

    • another company file

    • another accounting system

    • a spreadsheet

    • a text file.

  • Set up pricing levels (not Basics) - Customise item pricing according to customer status and sales quantities. See Custom price levels

  • Group items using custom lists - Group and sort items by assigning attributes to your items from custom lists you define. See Custom item lists

  • Create custom fields - Set up fields to record additional information about your items. See Custom item fields

  • Add pictures - Add pictures to your item records for easier identification. See Item pictures