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Advanced setup > Enter inventory opening balances
Before you enter your opening inventory balances, you need to do a stocktake of the actual items in your inventory. To help you do this, you can print the Inventory Count Sheet report, which lists all your inventoried items, and manually record quantities on it.
To print the inventory count sheet
1
Go to the Inventory command centre and click Count Inventory. The Count Inventory window appears.
2
Click Print. The Inventory Count Sheet report is printed with a list of all your items.
To enter opening on-hand inventory items and values
1
Go to the Inventory command centre and click Count Inventory. The Count Inventory window appears with a list of your inventory items.
2
In the Counted column, type the quantity counted for each item. The Difference column will change to show the difference between the On Hand column and the Counted column.
3
When you have entered all your item quantities, click Adjust Inventory. The Adjustment Information window appears advising you to provide a default adjustment (expense) account.
4
Click Continue. The window that appears depends on whether you have entered an opening balance for your inventory asset account (see Enter account opening balances).
If you did not enter an inventory opening balance, the Opening Balance Check window appears. Click Adjust Balances. The Adjust Inventory window appears.
The Adjust Inventory window displays a line for each item whose opening quantity you entered in the Count Inventory window. The line items display each item's number, quantity and the account to which the opening balance will be posted. This account is either your inventory asset account, or, if you have not entered an opening balance for your inventory asset account, your historical balancing account.
5
Enter any changes to the default entries in the Inventory Journal Number, Date and Memo fields.
The selection you made at step 5 determines the default account used to record your opening balances.
7
Click Record. The value of each item in the list is updated.
You can print the Items List Summary report to check your inventory status. For more information on printing reports, see Reports.

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