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TaraB

Help! inventory and services wont balance.

SOLVED
Posted By

Hi! 2013 was my first year doing accounting and I thought everything was running smooth until I tried starting a new calendar/fiscal year.... my problem I am unable to close the historical. I am running windows 8 and its sage pro 2013

I get "the total value of inventory items linked to asset account 1505 First and Last does not equal the current balance of account 1505 First and Last.

$68.33 total value of inventory items

-$63.17 current balance of 1505 first and last

-------------------

$131.50 Difference

either your inventory item historical information or the opening balance of account 1505 first and last, or both, is incorrect.

and the list goes on with most of my inventory items. I have been trying to figure out what I am doing wrong but have been stuck trying to research etc for a couple days now and am lost. any help would be appreciated. if it helps I am a nail technitian so my inventory is mostly gels, tools etc.

all my other data and accounts are all balanced and ok so it is just this that is holding me back. thank you in advanced for taking the time to help me.

  • 0

    Hi!

    How did you enter your inventory in account 1505 First and Last?

    Did you use a purchase or did you enter an amount directly in the account?

  • 0 in reply to Ottawa

    Hi Ottawa! I had entered them in the history tab when I first set up the accounts as I had purchased them previous to opening officially then as I purchased more threw out the year I entered them as a purchase invoice under the appropriate vender.

  • 0
    verified answer

    Hi Tarab,

    This message means when you setup your inventory items with opening values, you did not put the total values of all items linked to 1505 frist and last as the opening balance of that account.  The is the reason why you have the difference now.

    As per the instruction, you will need to adjust the opening balance of 1505 first and last account so the balance of this account equals to the total values of inventory item linked to this asset account.

    In this case, you will go to the chart of account, double click 1505 first and last account, add $131.50 to the opening balance to make it go to $68.33.  The software will have a pop up asking you to credit an account for the difference (-$63.17).  You can choose an account of your choice or consult your own accountant for the appropriate account to be used. 

    Repeat the same procedures as mentioned above to fix all the discrepancies on other inventory asset accounts and you will be able to leave history mode.

    Hope this helps.

     

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