Recalculating Item Prices Shouldn’t be Such a Pain in Sage 50
It is a well-known fact that proper inventory accounting is one of the contributing factors to business success. Every business must take steps to update the inventory after calculating its value at the end of every accounting period. It needs to update the balance as a part of the closing entry or by adjusting the entries.
The Sage 50 accounting software provides 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 the amazing inventory tools and features incorporated in Sage 50, businesses can track the inventory inflow and outflow for any accounting period. Price fluctuations on items are quite normal and at times, it becomes necessary to change and recalculate all or part of your inventory. In Sage 50, it is easy to do so, whenever such a need arises. If you are yet to explore this feature in Sage 50, you are missing something! If you are not sure about how to do this in Sage 50, we have it covered for you! In this blog, we will discuss how you can change or recalculate item prices in Sage 50.
How to Change Item Prices manually in Sage 50?
Here are the steps to follow-
- Click on the Inventory & Services Navigation Center
- Now click the Inventory Items navigation aid
- Choose View and Edit Inventory Items.
- Select the item for which you want to change the price
- Click Open.
- the Maintain Inventory Items screen will appear
- click on the General tab
- now, select the arrow button adjacent to the sale price of the item
- The Multiple Price Levels window will be displayed.
- Over the existing prices, type the changes you need to make.
- Click OK to accept the new price levels
- If you do not want the changes to make, click the Cancel button to reset the prices to the starting levels.
How to Recalculate New Item Prices?
This feature is available in Sage 50 Premium Accounting and higher only. Here are the steps to follow-
- Go to the Maintain menu
- Choose Item Prices.
- The Maintain Item Prices (Filter Selection) window will be displayed on your screen.
- Enter /select a range of items you need to adjust.
- Click OK.
- The Maintain Item Prices window will be displayed.
- Specify each price level you wish to recalculate.
- Select the suitable option of adjustment:
- Click on the Recalculate toolbar button to adjust item prices depending on the options selected.
- Go to the New Price field and enter/change item prices manually.
- If you want a printed report of the price adjustments you made, click Print.
- Click Save to record your price adjustments.
- Close the window to finish.
From now onwards, all new sales transactions will use the recalculated item prices.
We hope the sequential steps mentioned above have given you a fair idea about how to change or recalculate item prices in Sage 50. If you are still having any issues in implementing the above-mentioned procedures or you have any queries, you may get in touch with some authorized Sage professionals.
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How can I Create an Inventory Item Record in Sage 50?
Here are the steps to follow-
🔹 Open Sage 50
🔹 Navigate to the Home window
🔹 Click Inventory & Services
🔹 Now, go to the Tasks section
🔹 Right-click the Inventory & Services icon
🔹 From the menu displayed on your screen, click the Add Inventory & Services tab
🔹 Go to the Type section on the right-hand pane
🔹 Click Inventory
🔹 Navigate to the Item Number box
🔹 Type a suitable reference number for your inventory item
🔹 Next, go to the Description box and type a small description about the said item.
🔹 If you are using Sage 50 Premium Accounting, you can select a category from the already prepared list
🔹 Navigate to the Inventory & Services Record window. Here, you will need to enter relevant details in the sections such as Quantities, Vendors, Units and others
🔹 If you do not wish to sell or purchase a particular item, you can check the Inactive Item box at the bottom of the window
🔹 Navigate to the File menu
🔹 Finally, select Save to finish
What is the Sage Inventory Advisor?
The Sage Inventory Advisor is a cloud-based and highly secure subscription service provided in Sage 50. It helps reduce excess inventory, working capital and stock-outs. It is quick and affordable. It can be integrated directly with Sage X3, Sage 100cloud and Sage 300cloud.
What is a Service Item on Sage?
The non-physical items you buy and sell may be termed Service items. To give you an example, a hardware repair company can enter both the stock and non-stock items in Sage to track the hardware items. They may also enter service items for software upgrades, virus removal or other such purposes.
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