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        <a class="WebWorks_Breadcrumb_Link" href="settingup.5.1.htm#1069369">Advanced setup</a> &gt; Enter inventory opening balances</div>
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      <blockquote>
        <div class="hs_SectionHeading"><a name="1069369">Enter inventory opening balances</a></div>
        <div class="b_Body"><a name="1088525">If you had items on hand as at the first day of your conversion </a>month, and you want to track on-hand quantities and values of these items, you need to enter your inventory opening balances. </div>
        <div class="b_Body"><a name="1088504">Before you enter your opening inventory balances, you need to </a>do a stocktake of the actual items in your inventory. To help you do this, you can print the <span class="w_Widgets">Inventory Count Sheet</span> report, which lists all your inventoried items, and manually record quantities on it.</div>
        <div class="hp_ProcedureHeading" onclick="WebWorks_ToggleDIV(WebWorksRootPath, &quot;wwdd1088506&quot;);">
          <span class="N_007eProcBullet"></span><a name="1088506">To print the inventory count sheet</a><script type="text/javascript" language="JavaScript1.2">WebWorks_WriteArrow(WebWorksRootPath, "wwdd1088506", false);</script></div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVOpen("wwdd1088506", false);</script>
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                  <span class="N_007eStepNum">1	</span>
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              </td>
              <td width="100%">
                <div class="bs_BodyStep_inner"><a name="1088507">Go to the </a><span class="w_Widgets">Inventory</span> command centre and click <span class="w_Widgets">Count </span><span class="w_Widgets">Inventory</span>. The <span class="w_Widgets">Count Inventory</span> window appears.</div>
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                  <span class="N_007eStepNum">2	</span>
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                <div class="bs_BodyStep_inner"><a name="1088508">Click </a><span class="w_Widgets">Print</span>. The <span class="w_Widgets">Inventory Count Sheet</span> report is printed with a list of all your items.</div>
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                <div class="bs_BodyStep_inner"><a name="1088509">Record your on-hand quantities on this sheet.</a></div>
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        <div class="hp_ProcedureHeading" onclick="WebWorks_ToggleDIV(WebWorksRootPath, &quot;wwdd1069371&quot;);">
          <span class="N_007eProcBullet"></span><a name="1069371">To enter opening on-hand inventory items and values</a><script type="text/javascript" language="JavaScript1.2">WebWorks_WriteArrow(WebWorksRootPath, "wwdd1069371", false);</script></div>
        <script type="text/javascript" language="JavaScript1.2">WebWorks_WriteDIVOpen("wwdd1069371", false);</script>
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                  <span class="N_007eStepNum">1	</span>
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                <div class="bs_BodyStep_inner"><a name="1069372">Go to the </a><span class="w_Widgets">Inventory</span> command centre and click <span class="w_Widgets">Count </span><span class="w_Widgets">Inventory</span>. The <span class="w_Widgets">Count Inventory</span> window appears with a list of your inventory items. </div>
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                <div class="bs_BodyStep_inner"><a name="1132432">In the </a><span class="w_Widgets">Counted</span> column, type the quantity counted for each item. The <span class="w_Widgets">Difference</span> column will change to show the difference between the <span class="w_Widgets">On Hand</span> column and the <span class="w_Widgets">Counted</span> column. </div>
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                <div class="bs_BodyStep_inner"><a name="1132439">When you have entered all your item quantities, click </a><span class="w_Widgets">Adjust </span><span class="w_Widgets">Inventory</span>. The <span class="w_Widgets">Adjustment Information </span>window appears advising you to provide a default adjustment (expense) account. </div>
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        <div class="bsc_BodyStepContinued"><a name="1101972">Note that when you are entering opening on-hand balances, </a>you don’t need to enter a default expense account.</div>
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                <div class="bs_BodyStep_inner"><a name="1101974">Click </a><span class="w_Widgets">Continue</span>. The window that appears depends on whether you have entered an opening balance for your inventory asset account (see <span class="l_Link"><a href="companyfile.4.7.htm#1091721">Enter account opening balances</a></span>).</div>
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                  <span style="color: Gray;">■</span>
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                <div class="bsb_BodyStepBulleted_inner"><a name="1069403">If you entered an inventory opening balance, the </a><span class="w_Widgets">Adjust </span><span class="w_Widgets">Inventory</span> window appears.</div>
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                  <span style="color: Gray;">■</span>
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                <div class="bsb_BodyStepBulleted_inner"><a name="1069404">If you did not enter an inventory opening balance, the </a><span class="w_Widgets">Opening Balance Check</span> window appears. Click <span class="w_Widgets">Adjust </span><span class="w_Widgets">Balances</span><span class="w_Widgets" style="color: #8e6528;">. </span>The <span class="w_Widgets">Adjust Inventory</span> window appears.</div>
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        <div class="bsc_BodyStepContinued"><a name="1127971">The </a><span class="w_Widgets">Adjust Inventory</span> window displays a line for each item whose opening quantity you entered in the <span class="w_Widgets">Count Inventory</span> window. The line items display each item's number, 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.</div>
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                  <span class="N_007eStepNum">5	</span>
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              </td>
              <td width="100%">
                <div class="bs_BodyStep_inner"><a name="1127979">Enter any changes to the default entries in the </a><span class="w_Widgets">Inventory </span><span class="w_Widgets">Journal Number</span>, <span class="w_Widgets">Date</span> and <span class="w_Widgets">Memo</span> fields.</div>
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                  <span class="N_007eStepNum">6	</span>
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              <td width="100%">
                <div class="bs_BodyStep_inner"><a name="1088967">Type the unit cost of each item (that is, how much a single </a>unit of each item costs you, not how much you are selling it for).</div>
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        <div class="bnfi_NoteHeadingFirstIndent">
          <span class="N_007eNoteCautionWarning">note : </span><a name="1105647">Do not change the account number in the Account </a>column</div>
        <div class="bnLi_NoteBodyLastIndent"><a name="1105651">The selection you made at </a><span class="l_Link"><a href="#1127979">step&nbsp;5</a></span> determines the default account used to record your opening balances. </div>
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                  <span class="N_007eStepNum">7	</span>
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              <td width="100%">
                <div class="bs_BodyStep_inner"><a name="1088152">Click </a><span class="w_Widgets">Record</span>. The value of each item in the list is updated.</div>
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        </div>
        <div class="bsc_BodyStepContinued"><a name="1088906">You can print the </a><span class="w_Widgets">Items List Summary</span> report to check your inventory status. For more information on printing reports, see <span class="l_Link"><a href="reports.13.1.htm#1087117">Reports</a></span>.</div>
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        <div class="href_ReferenceBlockHeading"><a name="1132698">Related Topics</a></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="settingup.5.2.htm#1100800" name="1132702">Advanced tasks</a></span></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="inventory.10.2.htm#1106276" name="1132706">Creating items</a></span></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="purchases.8.3.htm#1096612" name="1132710">Entering purchases</a></span></div>
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                <div class="bbi_BulletedIndented_inner"><span class="l_Link"><a href="sales.7.3.htm#1087120" name="1132714">Entering sales</a></span></div>
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        <div class="bsc_BodyStepContinued" style="color: #000000; font-size: 8.5pt; margin-top: 3.0pt; text-transform: none;"><a name="1101796">&nbsp;</a></div>
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