Inventory Balance Without Inventory

Question

I'm new to bookkeeping and have taken over from someone else who set up the books. I am unable to close history due to Inventory B having a value of $1,000 entered into history but not having any actual inventory linked to it. Error reads: 
 The total value of inventory items linked to asset account 1530 Inventory B does not equal current balance of account 1530 Inventory B. 
 0 Total Value of Inventory Items 
 1,000.00 Current Balance of Inventory B. 
 
 How do I link inventory to this $1,000.00 so that I can close history?

DeneshS · Answer

Hi 
 If the current balance of $1000 is correct, you will need to create a new inventory item, then link it to account 1530 and with a historical opening value of $1000 dollars. 
 1) Follow KB 46959 to create a new inventory item - call it whatever you like 
 
 On the asset selection ( in step 8 of that article), select your account 1530 
 
 2) Follow KB 93824 to enter historical opening inventory value 
 
 Hope this helps.

Sage 50 Canada

Inventory Balance Without Inventory

COMMUNITY

COMPANY

PARTNERS

SUPPORT & TRAINING