Creating items

Step 2: Enter the itemís opening quantity and value

Step 1 > 2

If you havenít already read the Items Overview, see Enter the itemís opening quantity and value for more information.

To count your items opening quantity

The Index to Reports window should be displayed.

  1. Click the Inventory tab, then highlight Inventory Count Sheet.
  2. Click Filters. 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 inventory 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 itemís opening quantity and value

If you donít already know the actual quantity of your items, find that quantity at this time.

The Count Inventory window should be displayed.

  1. Notice that all the items for which you marked the I Inventory 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 AccountEdge 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 youíre finished making entries in the Counted column, click Adjust Inventory. Since youíre entering opening inventory quantities and values, you wonít need to enter a Default Expense Account in the Default Adjustment Account field. Click Continue.
  4. Another Adjustment Information window appears, subtitled ìOpening Balances.î This window informs you that AccountEdge has noticed that some of your on-hand inventory quantities are zero. Click Opening Balances.
  5. If you entered an opening balance for your inventory asset account, skip to step 8.

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 appears, showing a line item for each item whose opening quantity you entered in the Count Inventory window. The line items show each itemís number, name and quantity, as well as the inventory asset account number, or, if you opted not to enter an opening balance for your inventory asset account, your historical balancing account number.
Warning: Donít 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, youíll enter the opening total values for each item. You have two choices for how you want to do this:
  • In the Unit Cost column, you can enter the cost of a single buying unit of measure for the item.
  • In the Amount column, you can enter the total value of the item. (The itemís total value is the total cost of all the itemís units.)

When you make an entry in either column, the column in which you didnít make an entry will change to reflect the entry you did make.

Warning: Enter costs, not selling prices Remember to enter the amounts these items cost you, not how much youíre selling them for.
  1. When youíre finished entering values for every item, click Record to assign the new quantities and values to the items.

Creating items - Step 2