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Busy software invoice format download for Inventory

hi welcome to tracking inventory for existing items by tracking your inventory and working point you will have the real-time information you need to make the best buying decisions for your business working point will help you track your current on hand quantities of your items so you will know what you have to sell and what you need to reorder the average cost of your items and the cost of goods sold what it cost you to sell your items in this video I'll show you how easy it is to start tracking inventory for items that are already in your items list the first thing I need to do is figure out what inventory I've got so i can start tracking it my previous system offered a report called an inventory valuation report it shows me the value of my inventory as of the date i stopped using my previous system this report has everything I need to bring over my inventory into my working point account if your previous system doesn't provide you with this type of report that's okay i'll show you the type of information that you'll want to gather before entering your inventory the first column is the item ID or name this is how I know which item the next columns data refers to the next column I need is the on hand column or quantity available in working point this tells me exactly how many units of this item I have on hand and will serve as my starting quantity for the item next its average cost from this basis working point will calculate the average cost of the item going forward next is a sales price this is how much i charge my customers for one unit of this item and lastly the asset value this is the total value of the inventory I am transferring into working point I can use this figure as a check to make sure my inventory balance ties out for my old system to working point now that I know the inventory information I am bringing over into my working point account all I need to do is add it I'll start with the first item on my list apricot preserves from the items list I'll select the item you can see here from the items detail page they have already been using this item because there are a couple of sales record in the item activity and that's okay i can add inventory at any time i'll click ad inventory an inventory adjustment transaction is recorded on the date i specify year so i need to make sure that i choose my ending date for my previous system this is also the date of the valuation report i'll use today's date next I'll enter the number i want for my starting quantity from my report and i'll enter the cost per unit from a report as well working point automatically adds the value to the inventory asset account but lets me choose the account i want to track the adjustments in since i'm transferring inventory over as part of the account setup i will choose 0 clean balance equity but you can choose any account you want i can enter an optional memo and then click Save you can see that working point has entered an inventory tracking line item in the item activity showing me when I started tracking inventory for this item since I started tracking inventory after I had already recorded sales for this item those sales won't factor in to the current quantity available let me show you what would happen if I started tracking inventory before the previously recorded sales I'll select a date just before the first sale occurred because there is already item activity on this item working point lets me know how many units of the item i have already sold so i can be sure to enter at least that many i will enter the quantity the cost and then click Save you can now see that the line item in the item activity was recorded before the previous sales each sale after tracking begins reduces the current quantity available and any purchases will increase it I'll continue this process to add inventory to the other items on my valuation report and then check my inventory asset account to make sure it matches the asset value for my inventory report and that's it that's how easy it is to start tracking inventory for items already in the items list