Accurate Inventory Management: Understanding MoneyWorks Gold 7 Double Entry

When transitioning from an existing accounting system to QuickBooks, accurately recording inventory balances and values is crucial. One of the key steps in this process is capturing opening balances using the Opening Balance Equity account, a standard QuickBooks system account. In this article, we will explore how to achieve accurate double entry for your inventory management using MoneyWorks Gold 7.

Recording Opening Balances

To capture opening balances when migrating to QuickBooks, you need to debit the Inventory Assets account and credit the Opening Balance Equity account. This ensures that all opening balances are accurately reflected in your new accounting software. It's essential to follow this process carefully to avoid any discrepancies or errors.

Updating Stock on Hand Quantity and Value

After recording opening balances, it's time to update your stock on hand quantity and value. To do this, click the 'Save & Close' button to complete the updating process. You can then enter the new quantity at the New Quantity column and the total value of the highlighted item in the New Value column.

Selecting Items for Adjustment

To select items for adjustment, click the 'Find & Select Item' button in the Adjust Quantity/Value On Hand window. Ensure that you have selected all relevant items by clicking the 'Select All' button. In this window, specify the Adjustment Type as Quantity and Total Value if you need to update both quantity and value.

Adjusting Quantity and Value on Hand

To start the stock adjustment process, navigate to the Company navigator and select 'Adjust Quantity/Value On Hand' from the Inventory Activity drop-down list. This function allows you to update the quantity and value on hand accurately. However, please note that this method may not work if you have imported your product list instead of creating it one at a time.

Recording Stock on Hand Quantity and Value

Another way to record stock on hand quantity and value is to do so when creating each stock item in QuickBooks. It's essential to ensure that the quantity and value are accurate, matching your stocktaking as of the crossover date.

Accurate inventory management is critical for any business, especially during a transition from an existing accounting system to QuickBooks. By following the steps outlined above, you can ensure that your opening balances are accurately recorded using MoneyWorks Gold 7 double entry. Remember to update your stock on hand quantity and value regularly to maintain accurate records and make informed business decisions.

Moneyworks gold 7 double entry