Adding Current Item Quantities and Costs

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About Setting Up Inventory Items

Setting Up Inventory Control

This topic describes the steps you take to post the current item quantities and costs for each of your inventory items when you are setting up your Inventory Control system.

  • From your existing system, gather the amounts and costs for your items at each location.
  • On the Integration tab of the I/C G/L Integration screen:
    • Select Manually Using I/C Create G/L Batch Screen for Create G/L Transactions.
    • Select Creating a New Batch for Create G/L Transactions By.
  • On the Processing tab of the I/C Options screen, clear (do not select) the following options:
    • Keep Transaction History
    • Keep Item Statistics

To add current item quantities and costs:

  1. Use the I/C Receipts screen to add your current item quantities and costs to Inventory Control.
  2. Use the I/C Day End Processing screen to update your Inventory Control records.
  3. Print the I/C Item Valuation report to check that the item quantities and costs you added match those on your source documents.

    Note: If you need to adjust the item quantities and costs you added, use the I/C Adjustments screen.

  4. Print the I/C Receipts Posting Journal, including the posted receipts and adjustments, if any.
  5. Compare the posting journals to the I/C Item Valuation report and your source documents.
  6. Delete the printed posting journals for receipts and adjustments.
  7. Print the I/C G/L Transactions report using the displayed posting sequence number.
  8. Use the I/C Create G/L Batch screen to create general ledger transactions for the Inventory Control transactions you posted. (Use the displayed day-end number.)

    Compare the I/C G/L Transactions report to your general ledger listing to be sure the totals balance.

  9. Delete the general ledger batches that you created.
    Warning!

    If you do not delete the batches, you risk posting them twice in your general ledger. More...

    If you have just set up your inventory control balances and need to delete General Ledger batches, follow the instructions in the General Ledger help for deleting a batch. (The batches from Inventory Control will appear as open General Ledger batches.)

    In General Ledger, you must select the Allow Edit Of Imported Entries option on the Posting tab of the G/L Options screen.

If you had to change options on the I/C Options screen or the I/C G/L Integration screen before entering item quantities and costs, you can now restore the settings as they were before you made the changes.