Create a new inventory file
When you are ready to start a new inventory period, you need to create a new inventory file. If this is your very first inventory period (see entering your first inventory). After you complete your first inventory period, you will always create a new inventory from that point on using your very last inventory period file and following the steps below.
Let's create a new inventory file.
To begin a new inventory period, you need to open your previous inventory period's file. This is important, because the ending inventory numbers of your last inventory period are going to be the starting inventory numbers for the new inventory period.
With your last inventory period's file open, first make sure that it is complete. Confirm that all inventory data from the previous inventory period has been entered (counts, purchases, adjustments) and your ending inventory numbers are final. If everything is good, click the "Save Icon" and save the file as your new inventory period name (see saving your inventory files).
After the file has been saved, you should see the new inventory file name in the top message bar. What you have essentially done is created a duplicate file of your previous inventory period, just with a new name. The newly named file should be open and connected, while the previous inventory file was closed (still saved on your computer).
You can now proceed in the new file by clicking "Create New Inventory" and then "Create".
Your new inventory period file is setup and ready to enter your new inventory period data.
In "Analytical Metrics", the ending inventory numbers where transferred to the starting inventory column in each category. All of your previously entered inventory count numbers, adjustments, and purchases were deleted making the new file ready to enter ending data for your new inventory period. The file can now be closed and reopened when you are ready to enter your new ending inventory period numbers.
The inventory process...
Step 1: Open your previous inventory period's file (make sure it is complete).
Step 2: Save the file with a new name (creating a duplicate file with a different name).
Step 3: In the new duplicate file, Click "Create New Inventory" and then "Create".
Step 4: Your new inventory file is created and ready for your next inventory period.
Step 5: Enter next ending inventory counts, received purchases, and sales adjustments at the end of new inventory period.
Step 6: Checkout analytical metrics and variance analysis reports.
Step 7: Always frequently save the file after adding data or making any changes, keeping the same file name.
Step 8: Start over with step one to begin your next inventory period.
Things to know:
1) The inventory process steps are the same whether you are taking inventory daily, weekly, bi-weekly, or monthly. *If you take inventory daily, you enter received purchases in the inventory file created on the same day that you physically add them into your stock.
2) Once you create a new inventory file, the action cannot be undone. If you click "Create New Inventory" and run the process by mistake. Immediately save the file with the name "Trash File" or something similar and then close the file. You can then delete the trash file and reopen the previous saved inventory file name to continue.
