Creating items
Step 2: Enter the item's opening quantity and value

Step 1 > 2


If you haven't already read the Items Overview, see Enter the item's opening quantity and value for more information.

To count your item's opening quantity
To enter the item's opening quantity and value

To count your item's opening quantity

The Index to Reports window should be displayed.

  1. Click the Stock tab, then highlight Stock Count Sheet.
  2. Click Customise. Be sure to choose the Sort by Item Number selection, then click OK.
  3. Click Print.
  4. After the report is finished printing, count your actual quantities of stock items and write down those quantities on the report. You might also want to write down the unit cost of each item, as well; this will help speed your setup of the items later in this procedure.

To enter the item's opening quantity and value

If you don't already know the actual quantity of your items, find that quantity at this time. See To count your item's opening quantity.

The Count Stock window should be displayed.

  1. Notice that all the items for which you marked the I Stock This Item selection in the Item Information window are displayed. All your items display 0 (zero) in the On Hand column at this time because MYOB Accounting Plus has no record of quantities for any of those items yet.
  2. Enter the actual quantities of your items in the Counted column. The difference between the On Hand and Counted columns will automatically appear in the Difference column.
  3. When you're finished making entries in the Counted column, click Adjust Stock. Since you're entering opening stock quantities and values, you won't need to enter a Default Expense Account in the Default Adjustment Account field. Click Continue.
  4. Another Adjustment Information window appears, subtitled "Opening Balances." This window informs you that Accounting Plus has noticed that some of your on-hand stock quantities are zero. Click Opening Balances.
  5. If you entered an opening balance for your stock asset account, skip to the next step.

  1. The Stock Adjustments window appears, showing a line item for each item whose opening quantity you entered in the Count Stock window. The line items show each item's number, name and quantity, as well as the stock asset account, or, if you opted not to enter an opening balance for your stock asset account, your historical balancing account.

Warning: Don't change the Account column!

Be sure you leave the entry in the Account column unchanged. Choose Recap Transaction from the Edit menu to view how this adjustment will affect your accounts.

  1. Next, you'll enter the opening total values for each item. You have two choices for how you want to do this:

Warning: Enter costs, not selling prices

Remember to enter the amounts these items cost you, not how much you're selling them for.

  1. When you're finished entering values for every item, click Record to assign the new quantities and values to the items.