DESKTOP EDITION CLOUD EDITION SERVER EDITION THEMES GUIDES FORUM
Guides

Set starting balances for inventory items

Starting balances for inventory exist only if you are transferring an existing business to Manager from another accounting system. In that case, you need to set starting balances for inventory items already in stock, including both quantities and average costs. Your starting balances in Manager will be your closing balances from your previous accounting system.

Set a start date

Before you can enter a starting balance for any account, go to the Settings tab and set a Start Date:

Enter starting balances

If you initially entered inventory items without starting balances, the amounts in the Qty, Average cost, and Total cost columns of the Inventory Items tab will all be zero. This would have been correct if you had been starting a brand new business. New businesses all start with quantities and costs at zero.

But when you must enter starting balances, go to the Inventory Items tab and click Edit next to the inventory item for which you will enter starting balances:

Check the Starting balance box and enter the starting quantity and average purchase cost per unit:

Click Update to save changes. Starting balances will be reflected in the Inventory Items list:

Also, the Total cost amount will appear on the balance sheet under the Inventory on hand asset account:

Notes
Starting balances should match the physical count on the start date. If unpaid sales or purchase invoices issued prior to the start date are entered to establish starting balances in Accounts receivable or Accounts payable, do not adjust the inventory item starting balance to adjust for items yet to be received or delivered. Manager ignores inventory item quantities on starting balance invoices.

If you have many inventory items with starting balances, you can use the Batch Update function in the bottom-right corner of the Inventory Items tab:



Procedures are described in another Guide.

Products

Support

Subscribe to Updates

Subscribe to our newsletter and get exclusive product updates you won't find anywhere else straight to your inbox.

© 2017 - Based in Sydney, Australia but providing goodness globally