Enter Historical Inventory Levels and Sales for an Inventory or Service Item

To enter historical inventory levels and sales for the Inventory and Services module:

  1. Make sure that you have added all of your inventory items and services to Sage 50 Accounting.
  2. In the Home window, open the item record.
  3. On the History tab, enter the Opening Quantity and Opening Value for this item.
  4. (Optional) On the Statistics tab, enter information about the item as of last year and up to the date when you started using Sage 50 Accounting.
  5. (Optional) On the Serial Numbers tab, enter the serial numbers for the units that are on-hand. (Sage 50 Quantum Accounting)

    Note: If you reduce the Opening Quantity at a later date, you will need to select serial numbers to remove. If you increase the Opening Quantity, you can enter the additional serial numbers at the same time or when you sell the items.

  6. Print a trial balance and print summary reports for each asset account. If you have four asset accounts, then you will print four reports.
  7. Compare the total of each inventory summary report with the appropriate asset account. If they are not the same, then recheck your entries.
  8. If this module is the final one for which you need to enter history, then complete the steps to finish entering history.