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 have ‘built’ or ‘created’ even though the business has had no sales activity. 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 choose Setup>Import>Inventory Items from the main menu and refer to 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
