How do you enter initial product inventory carryover from the previous year?

This article will explain how to enter initial product inventory carryover. This is product inventory delivered and paid for the previous year.

Note:  You must have both Basic Accounting and Basic Operations in order to use this feature.  Inventory is recorded in Accounting and the running total is viewed in Operations.  Traction is currently cash based accounting, the inventory values will not be reflected in your balance sheet.

1.  Click on the Dashboard and select Accounting.  Next, select the proper account in the Account Register.  Then click on the Add New button and select Add New Payment.




2.  Enter Jan 1 (entity start year) for the transaction date.  Click on the arrow to the right of Other and select Supplies.  Select the desired Account and enter the product details. b4


3.  Click the + Add Row button and select the account from the previous line.  This time leave the Type as Other.  Enter the negative amount for the Amount.  This will offset the expense and add the supply to your initial inventory for this year.  Click on the Save & Close button to record the transaction.  Next, click on the Yes button in each window to confirm the amount and to update product costs. b7



4.  Click on the Dashboard and select Field Ops.  Next, click on the Products tab in the left margin to check view the inventory. b1



5.  Click on the product row and select Manage Inventory to view the inventory. The inventory has been adjusted for Jan 1 (start of the entity year). b10