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 Inventory window should be displayed. (To find the Count Inventory window)

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 you're finished making entries in the Counted column, click Adjust Inventory. Since you're entering opening inventory 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 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 the next step.

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.

6. 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 item's number, name and quantity, as well as the inventory asset account, or, if you opted not to enter an opening balance for your inventory 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.

7. Next, you'll 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 item's total value is the total cost of all the item's units.)

When you make an entry in either column, the column in which you didn't 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 you're selling them for.

8. When you're finished entering values for every item, click Record to assign the new quantities and values to the items.
9. Return to the To add a new item procedure.