How to Set up a New Item in Sage 2020
The inventory needs to be set up before doing any transaction related to the items. So, here you get the process for how to set up a new item in 2020 Sage Peachtree. After setup the new item you can o its transaction in your account easily. It is important to update the items in inventory on time. The items can be added easily and later on you can delete or modify them according to your requirements.
Steps for Setup for Adding an Item in Sage 2020
- Open the Sage Peachtree 2020 software in your system
- Go to the Open Inventory and Services Tasks Navigation Panel
- Select the Inventory Items option
- Then, click on the New Inventory items option from the further options list
- The Maintain Inventory Items window opens up
- In the Item ID field, provide the unique ID
- Write the item’s description
- Choose the item class
- Now enter the Price level and then choose the cost method (these 2 things cannot be changed after saving the item)
- Then click on the GL Accounts
- Now enter the description for the Sales and the Purchases
- Also, provide the information for the fields UPC/SKU, Location, Item Type, Weight, Stoking U/M, Preferred vendor ID, Minimum Stock, Buyer ID, and Reorder Quantity
- In the end, click on the Save button and also review it and then save it in inventory.
After set up, you have to enter the inventory item’s beginning balance
If you have the existing records and you are transferring for the first time from another accounting system to Peachtree. So enter the beginning balance of all the inventory items when you are done with adding inventories in Peachtree.
If you create an item then the same widow of Maintain Inventory items is used. But if you are adding many items together then it a bit easier to add beginning balances for all items at the same time.
For adding Beginning Balances
- Open the Maintain Inventory items Window
- Locate and then click on the arrow of Beginning Balance for each inventory to enter the balance in it for concern item
- The Inventory Beginning Balances window open in front of you
- From the list of items mentioned in it, click on the item you want to choose
- Confirm by checking the Item ID and Description of the item
- Enter the number of Quantities you have
- In the Unit Cost field, mention the purchase price in it
- Now Total Cost is calculated automatically by the Peachtree software
- Then scroll down to select the next type of inventory for entering the balance of it
- After adding all items with balances
- You get the Total Beginning Balance in the bottom right side of Window
- In the end, click on the OK button for saving the information.
How to reach www.accountingadvice.co?
Above, you get the easy method for how to set up a new item in 2020 Sage Peachtree. After this must remember that you can modify it and delete it in your account.
If you have any other queries or issues then dial the Sage 50 customer helpline number 1844-871-6289. They are here to help you all around the clock. You can also send them an email at firstname.lastname@example.org, or do a Sage 50 live chat support with experts and get the best assistance.
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