Adding cost to an inventory item

Question

Hi guys my partner when he first started the company he inputed all the inventory items but he did a pretty sloppy and bare minimum job

He didn't put the cost of the item anywhere, but I'm trying to figure out where to put it now because I want to be able to do a report at every x amount of time that shows
Item xxxxx sold at 9$ but cost us 6$ yield us x amount of profit

How do I proceed?

RandyW · Answer

Sage 50 is different from some other software that has a 'cost' field for items that have never been purchased / adjusted into inventory / entered as setup beginning inventory values. 
 
If your inventory ledger is in agreement with your General Ledger inventory balance, and it's out of 'history' mode, then you can enter inventory adjustments to correct your inventory balances. 
 
In the Inventory Adjustment screen there are three columns, the Quantity, Per Item, and Amount. 
If you need to correct the cost of, say 4 items that should be $10 each, but they're now in at $7.00 each you can either: 
Adjust out 4 at the $7 each cost that's on your books, and put 4 back in at $10 each, 
 
or if you're using Average cost: 
Adjust an additional ($3*4) $12 to that item's book value. 
 
Or... 
 
Do nothing, and as inventory is sold, and replaced, the cost will be corrected. 
 
 (i.e. if you sell 2 at a cost of $7, $14 cost goes out, then when 2 @ $10 is bought to replace it, $20 goes back in, so instead of being out by $3.00 as above, it's on average $1.50 too low, per item). 
 
I hope that helps, please post back.

Sage 50 Canada

Adding cost to an inventory item

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