When you first start your file there is no inventory information in it. Unless you are a new business, you are likely to have existing inventory that you need to enter and track so that your Saasu file is accurate and represents your true inventory position.
What if I have a new business? Is this necessary?
If you are using Saasu for a new business that has been created from scratch (i.e. you have no trading history) then generally you do not need to enter inventory opening balances. However, even a new business may need to enter opening balances depending on how your business is structured and established. A new business may have stock you build or assemble even though the business has had no sales activity as yet. You will need to discuss with your accountant how best to bring these items into your business. For example at what book value etc.
Your previous accounting system will contain the information you need to correctly transfer your closing inventory position to your new accounting system. Closing the period and doing a stock take prior to this is a good idea otherwise you might be bringing across inaccurate stock on hand. Note that you can edit Inventory Opening Balances later so it’s not critical, just good practice.
- Ensure all your inventory items have been setup or imported. To import your items go to View > Import or Export > Inventory Items. See also the help note about importing inventory items to assist you through that process.
- Ensure that unpaid Sales or Purchases have been entered into Saasu. This is because the following opening inventory number will be net of the inventory traded in those transactions. In a simplistic way opening inventory is what you haven’t sold yet, not what hasn’t been paid for.
- Enter the last date of your previous record keeping system into the field provided.
- Enter the quantity of each Inventory Item from your previous accounting software and their unit cost. The Line Total will be calculated automatically.
- Click Save at the bottom of the list
For large item lists >500 items
If you are a high volume inventory business we suggest creating your opening inventory via the Inventory Adjustment screen as several transactions (possibly by product category). Trying to capture everything in one opening balance screen for large volumes isn’t supported yet in Saasu.
- Go to Items > Inventory Adjustment and add line items as required using the plus icon next to each item in the screen.
- Post to Equity: historical balancing account because you aren’t capturing these in the opening balances screens when using this method.
My Inventory Item Opening Balances don’t appear in the Balance Sheet?
The balances won’t appear in the Asset accounts by entering Item Opening Balances because when you enter your opening balances for the chart of accounts Saasu captures in that area (View > Accounts > Opening Balances). Saasu doesn’t post a balance to the Asset account in the Inventory Opening Balances Screen to avoid a double up, Saasu just creates the Inventory quantity and value such as average cost. Once you enter the chart of accounts opening balances you will capture the value from there in say for example an Asset: Stock on Hand account.
