How do I set up the Opening Balances in Inventory

This FAQ applies to AccountEdge, AccountEdge Network Edition, and Premier Accounting

After you have entered or imported all of your items into your company file, select Count Inventory from the Inventory Command Center. There, you will see a list of all of the items. If this is a new File, or you have just imported inventory from an old accounting software or from an Excel spreadsheet, you will have zero on hand and zero value for each item you inventory.

Before you start entering the data in the Count Inventory window, you might want to print off the Inventory Count Sheet under Inventory Reports, to help facilitate your physical count of inventory.

1. Once you are sure your count is accurate, select Count Inventory from the Inventory Command Center. Begin entering the actual quantities on hand for each item.
2. Once you have entered the item quantities, click on 'adjust inventory'.
3. You will be prompted to enter an adjustment account. Since this a new file, you will want to use the Inventory Asset account you entered for the items under Item Information/Item Profile Tab. If you have several different asset accounts for inventory, you should count and adjust each account separately. Run an Inventory Value Reconciliation Report for each inventory account to provide a list or items per account. After you've entered the account, click CONTINUE.
4. You will get the message that the software has noticed that your previous quantity on hand was zero, are you entering opening balances? Click 'YES'.

Proceed with entering the Unit Costs for each of you items. Once entered, click 'RECORD'.