It is an agreed fact that proper inventory accounting is one of the most important factors that contribute to business success. As per the periodic inventory accounting system, the balance of the inventory account remains constant throughout the accounting period . Also, the inventory must be updated after determining its value at the end of the accounting period. This balance needs to be updated as a part of the closing entry or by adjusting the entries.
In Sage 50, you will find important features to facilitate proper inventory management. This indeed is a much-needed relief for small and medium businesses, in particular. With the help of this, businesses can now track the inventory inflow and outflow for the entire year.
Read More-: How to Delete Charts of Account in Sage 50
Are you yet to explore the inventory management tools in Sage 50? We think you are missing something! If you are not quite sure about what the Sage 50 inventory module can offer, we have it covered for you! Simply go through this blog. Here, we will discuss one important feature in the Sage inventory module. We will show how you can void or reverse an inventory adjustment in Sage 50.
Before proceeding to the core topic, let’s first show how to create an inventory item in Sage 50. You can move to the next section straightaway, if you have already created one.
Procedure to Create an Inventory Item in Sage 50
Please follow the steps mentioned below-
- Open Sage 50 accounting
- Go to the Home window
- Click on the Inventory & Services section
- Now, click on the Tasks tab
- Right-click on the Inventory & Services button
- A menu will appear on your screen. Click on the Add Inventory & Services tab
- Navigate to the Type section
- Tab on Inventory
- Click the Item Number text box
- Type a reference number for the inventory item
- Next, click on the Description box
- Type a brief description about the item.
- Open the Inventory & Services Record window. You will need to fill in relevant details in these sections –
- Serial Numbers (in Sage 50 Quantum Accounting)
- Detailed Description
- Build (in Sage 50 Quantum Accounting)
- Additional Info
- If you do not need to sell/purchase an item, check the Inactive Item box
- Click on the File menu
- Finally, click Save to finish
Steps to Void or Reverse an Inventory adjustment
Here are the steps to void or reverse an inventory adjustment in Sage 50 –
Total Time: 10 minutes
Step 1: To Look up the Transaction
🔷 Go to Reports if you need to look up the journal entry in the Journal Entry Report /Transaction Detail or if you are looking to see the change in the General Ledger. Then click on the Transaction Detail /Journal Entries and you will see the concerned entry posted therein
🔷 You can also go to Reports, Transactions and Inventory & services sections. Then click on Inventory Transaction Report .There, you will be able to view the changes in the value and quantity, adjusted with the entry .You can also specify your preferred type and date of transactions in case of any Adjustments or Transfers.
Step 2: To Void or Adjust the Entry
🔷 Here you need to reverse the original entry. You can do so by posting another inventory adjustment with opposite values and quantities.
🔷 If required, you can also post another inventory adjustment, with the changes desired.
Final Words :
We hope the sequential steps mentioned above have given you a fair idea about how to void or reverse an inventory adjustment in Sage 50. If you are still having any issues in implementing the above-mentioned procedure or you have any queries, you may speak to some authorized Sage experts.
👉 Frequently Asked Questions
What is a service item on Sage?
The non-physical items you buy and sell can be termed as Service items. For example, a hardware repair company may enter both the stock and non-stock items in the Sage accounting software to track the hardware items.They may also enter service items for purposes such as software upgrades or virus removal.
What is the Sage Inventory Advisor?
It is a cloud-based and secure subscription service embedded in Sage 50. It helps you reduce working capital , excess inventory and stock-outs. It is quick and affordable. You can connect and integrate it directly with Sage 100cloud , Sage X3 and Sage 300cloud.
Are the Sage Inventory Management tools useful?
Yes. Sage 50 is embedded with a completely web-based Inventory Management Module.You can manage and track your inventory with it in real time. It includes a host of modular features along with easy facility to integrate with Sage 50.