Inventory form: options and information

Available in Microsoft Office Accounting Professional 2008 only.

The Inventory form contains information about items (name, number, sales and purchase information, and cost of goods sold account information) that your business purchases for sale, tracks in inventory, and displays on a balance sheet. For more information, see About inventory items and inventory.

Open the form

  1. On the Customers or Vendors menu, point to New, and then click New Item.
  2. In the Select Item Type dialog box, select Inventory.

Customize the form

You can customize an Inventory form to meet your company's needs by adding, moving, or removing fields. You can also rename field and group header names.

  • On the View menu, click Modify Layout.

 Note   When you save a modified form, Microsoft Office Accounting 2008 will continue to open this template until you select a different template. To select a different template, click the Current Layout arrow on the toolbar.

Form options

ShowForm options and descriptions

Option Description
General tab
Item name (Required.) Type the inventory item name.
Item no This field appears if you selected the Use item numbers check box in the Preferences dialog box. Enter a number in accordance with your company's chart of accounts structure.
UPC/SKU Type the universal product code/Stock-Keeping Unit number (UPC/SKU).
Weight Type the weight per unit for the inventory item.
Sales description Type a description of the inventory item.
Sales price Type the sales price for the inventory item.
Income account (Required.) Click the arrow next to Income account to select an Income account that will be charged when the inventory item is sold, or select Add a new Financial Account.
Item tax (Required.) Click the arrow next to Item tax to select an item tax code, or select Add a new Item Tax.
Commission item Select the Commission item check box if commission is paid for this inventory item. If you leave the Commission item check box clear, no commission is associated with this item.
Item group Click the arrow next to Item group to select an item group name, or select Add a new Item Group .
Status

Default status is Active. You can make the inventory item inactive by clearing the Active check box.

 Note   Inactive items do not appear on transaction lists. You can, however, continue to create transactions using inactive items by entering an item name manually.

Purchase description Type a description of the purchase.
Purchase price Type a purchase price for the inventory item.
Asset account (Required.) Click the arrow next to Asset account to select an Asset account that will be charged when the inventory item is purchased, or select Add a new Financial Account.
Preferred vendor Click the arrow next to Preferred vendor to select a preferred vendor for the inventory item, or select Add a new Vendor.
Vendor item no. Type a vendor's number for the inventory item.
COGS account (Required.) Click the arrow next to COGS account to select a Cost of Goods Sold account that will be charged when the item is sold, or select Add a new Financial Account.
Reorder point

Type the minimum quantity that you want to maintain on hand. Office Accounting 2008 uses this value to calculate the proposed quantity to order in the Reorder Inventory dialog box.

 Note   When the quantity on hand plus the quantity on open purchase orders equals or falls below the reorder point, the item is listed in the Reorder Inventory dialog box and in the Inventory to Reorder reminder. Also, a warning symbol appears in the Reorder column on the Item List.

Restock level

Type the maximum quantity that you want to maintain on hand. Accounting 2008 uses this value to calculate the proposed quantity to order in the Reorder Inventory dialog box.

 Note    If the Reorder point and Restock level are both specified, the restock level must be greater than or equal to the reorder point.

On hand Type the number of inventory items on hand. After the Inventory form has been saved, the field is read-only.
Total value Type the total value of the inventory item currently in stock. After the Inventory form has been saved, the field is read-only.
As of

Displays the company start date selected in Company Setup. To change the date, type the starting date for the Inventory record or click the arrow next to As of to open the calendar. After the Inventory form has been saved, the field is read-only.

 Note   You can enter a date prior to the start date that you selected in Company Setup. If you do so, a message appears that gives you the option to allow Accounting 2008 to automatically create all fiscal years necessary to include the entered date.

On PO Displays the total quantity of the inventory item on open purchase orders. This field appears only after the Inventory form has been saved and is read-only. Accounting 2008 automatically updates this field.
On SO Displays the total quantity of the inventory item on open sales orders. This field appears only after the Inventory form has been saved and is read-only. Accounting 2008 automatically updates this field .
Add Links Click Add Links to link documents, reports, charts, or photographs to the inventory record. Only the application icon and document name appear in the field. Double-click the icon of the document you want to open. This is a link to the original document, not a copy.
Used-Defined Fields tab
New Fields

Click New Fields to create new fields (text, date, number, or check box) for a record on the User-Defined Fields tab. New fields can be moved to other tabs on the record and added to transaction forms that relate to the type of record on which you created the new field. For example, a new field created on a vendor record can be added to purchase orders and vendor bills. All users can see user-defined fields.

 Notes 

If you create a new field on an Inventory form, the field will also be available on document line items with service, kit, or non-inventory items.

A Color field appears by default on the User-Defined Fields page only when you open the product-based sample company in Accounting 2008. If you create a new company, the field does not appear.

Additional actions

ShowActions menu commands

On the Actions menu, you can select the following commands.

Click To
New Item Create an item.
New Invoice with Item Create an invoice from an item record.
New Quote with Item Create a quote from an item record.
New Sales Order with Item Create a sales order from an item record.
New Purchase Order with Item Create a purchase order from an item record.

Related topics

About items
Inventory reports
Print a physical inventory worksheet
Modify record and transaction forms
 
 
Applies to:
Accounting 2008