Inputting my inventory on hand quantities in new company - Reckon Accounts Plus 2018 Desktop

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  • Updated 4 months ago
Hi there, I am using Reckon Accounts Plus 2018 Desktop.  On the 1st of July I changed my business entity from partnership to sole trader and have exported all my customers, suppliers, inventory lists and invoice templates into a new company.  I need to manually put all my inventory quantities in but what account do I choose?  This is what I have experimented with so far:
I printed my stock take list from company A, and want to transfer to company B.
I chose 'Adjust Quantity on Hand' in Company B and put 3 items into stock and put it against Adjustment Account 'Inventory Asset' because that's where my stock dollars is sitting in Company A.  But when I look up my Chart of Accounts it is still a zero balance.
I have about $10,000 worth of stock that I need to have in my new company before I can start doing Purchase Orders and invoicing so my stock levels are correct.
Can anyone offer any assistance as to where I am going wrong?
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Chris B

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Posted 4 months ago

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Chris B

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Hi can anyone help me??
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Linda Putland, Accredited Partner

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sorry been too busy to read this one - but will try tonight and give you some suggestions!
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Chris B

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Yes I did Kwikbooks, thanks!
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Linda Putland, Accredited Partner

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Hi Chris - have arrived home and read your post properly - you did well with the Adjust Quantity on hand entry - but you just probably didnt tick the box at the bottom left of this screen called Value adjustment?  this adds value columns where you can put in the value of the stock that matches the quantities you have entered...Also I would choose not Inventory Asset as your adjustment account - because putting the stock values in will debit this account anyway - and the adjustment account is going to credit whatever you choose - which will cancel itself out in your example... so the adjustment account should be either an equity account (ie the value of the stock you bring to the business) or an other current liability account (ie a loan from the partnership to the soletrader that should/could be paid out at some stage?)... hopefully that makes some sense?
Hi Linda

As stated above, I have sent Chris a link via email explaining all this and more
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Linda Putland, Accredited Partner

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No worries - felt committed to respond since I said I would and I thought might help others too? all good. :)
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Chris B

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Thank you so much Linda for your input