It is common knowledge that accurate inventory accounting is one of the key elements of a successful business. After determining the inventory’s worth at the conclusion of each accounting period, every business must take action to update the inventory. As part of the closing entry or by changing the entries, it must update the balance.
For appropriate inventory management, the Sage 50 accounting program offers crucial features. In fact, small and medium-sized firms in particular will be much relieved by this. Businesses may track the inventory intake and outflow for any accounting period with the aid of the fantastic inventory tools and features built into Sage 50. Price changes on goods are extremely common, and occasionally it becomes necessary to adjust and recalculate all or a portion of your inventory. Whenever a requirement like this occurs, Sage 50 makes it simple to do so. You’re losing out if you haven’t looked at this Sage 50 feature yet! Sage 50 has this covered for you if you’re unsure how to go about doing it. This blog post will cover how to modify or Recalculating Item Prices Shouldn’t Be Such A Pain in Sage 50.
Recalculating Prices in Sage 50
Sage 50 (Peachtree) makes it simpler than you might think to adjust prices for all or a portion of your goods or services. You could certainly go to Maintain Inventory Items and alter the price of each item separately, which is excellent if you only need to make a few changes. However, there is a more effective technique to implement widespread pricing increases.
You’ll discover a choice for Item Prices in the Maintain menu, immediately underneath Inventory Items Sage Stock Reconciliation. A selection filter window will appear once you make your choice. Simply click Ok to change the rates across the board.
Alternatives include setting filters for:-
- Item Class
- Item ID
- Item Type
- Preferred Vendor
- Location
- Item Tax Type
- Active/Inactive
- G/L Sales Account
- Item Cost
To make your choices more limited, you can apply filters to as many of those fields as you like. A list of items and their prices that meet your criteria will appear once you click OK. Deselecting specific things using the check box in the last column will allow you to further narrow your selection.
Selecting which price levels will undergo recalculation is possible in the window’s upper left corner. Everybody is chosen by default.
If you have any specific query, also get in touch with the experts of Sage 50 Live Chat.
You Can Select One of Three Calculating Methods
- Based on the formulas you previously established for each item in Maintain Inventory Items, Level’s current computation and fresh cost information compute pricing.
- In Maintain >>> Default Information >>> Inventory Items >>> Price Levels, the default calculation for each price level sets the default formulas that are used to recalculate prices for each price level. Formulas created for specific products in Maintain Inventory Items will not be taken into account by this option.
- Regardless of the formulae chosen in Maintain Inventory Goods or Maintain Default Information, you can define a formula in Calculation selected below that will be used to recalculate prices for all the items you’ve selected.
How to Manually Change Item Prices in Sage 50?
The actions to take are as follows: –
- Select Inventory & Services Navigation Center from the drop-down menu
- Next, click on the Navigation Aid for Inventory Items
- Select the option to View and Edit Inventory Items
- Choose the item whose price you want to change
- Select “Open” from the menu
- The Maintain Inventory Items screen will then show up
- Toggle to the General tab
- Then click the arrow button next to the item’s sale price
- It will show the Multiple Price Levels window
- Write the adjustments you need to make over the prices as they are now
- Accept the changed price levels by clicking on the “Ok” button
- Clicking the Cancel option will return the prices to their original settings if you do not want the changes to take effect.
Read Article: Sage Last Reconciled Balance Wrong
How to Recalculate New Item Prices?
Sage 50 Premier Accounting and newer versions only have access to this feature. You should take the following actions:-
- Initially, go to the Maintain menu
- Next, select the Item Prices
- Your screen will now show the window for Maintain Item Prices (Filter Selection)
- You can enter or choose a list of the things you need to change
- To proceed, select the “Ok” button
- You’ll see the window for maintaining item prices
- The price levels you want to recalculate at must be specified
- Choose which adjustment option is best
- In accordance with the choices made, click the Recalculate toolbar button to modify item pricing
- You can manually enter or modify item prices in the New Price field
- Click Print if you’d like a printed copy of the report of your price modifications
- For your price changes to be saved, click on the “Save” button
- To complete, close the window.
All future sales transactions will make use of the recalculated item prices.
Conclusion
Hopefully, the above discussed information are enough for Recalculating Item Prices Shouldn’t Be Such A Pain Sage 50. In case, you stuck or experience any difficulties while executing the steps, you can reach out our team for quick and precise solutions. Make a quick call at our Sage Customer Helpdesk, and our representatives will be there to assist you in a single call. So why to wait more? Get in touch live chat with us today, and avail the most reliable solutions for your queries.
FAQs
What Actually a Service Item in Sage 50?
Your purchases and sales of service items could be considered non-physical goods. In order to track hardware products, for instance, a hardware repair business can record both stock and non-stock items in Sage. They may also input service items for things like malware removal, software upgrades, and other things.
How Do I Create an Inventory Item Record in Sage 50?
The procedures to establish an inventory item record in Sage 50 are listed below:-
- Initially, launch the Sage 50
- Get to the Home window by navigating it
- Select the Inventory & Services
- Go to the Tasks section now
- Right-click the Inventory & Services icon
- Click on the “Add Inventory & Services” tab from the menu that appears on your screen
- Navigate to the Type section in the right-hand pane
- Select Inventory from the menu
- Go to the Item Number box
- Enter a reference number that is appropriate for your inventory item
- Next, enter a brief description of the said item in the Description box
- Select a category from the predefined list if you are using Sage 50 Premium Accounting
- The Inventory & Services Record pane can be found by navigating it
- The sections here, such as Quantities, Vendors, Units, and others, require you to provide the relevant information
- Checking the Inactive Item box at the window’s bottom will prevent you from buying or selling a specific item
- The File menu should then be selected
- When you’re ready to finish, click on the Save button.
What Do you Understand with Sage Inventory Advisor?
One of Sage 50’s subscription services, The Sage Inventory Advisor, is cloud-based and extremely safe. It aids in lowering working capital, stock-outs, and surplus inventory. Fast and reasonably priced. Sage X3, Sage 100 cloud, and Sage 300 cloud are all capable of direct integration.
