The most important aspect of wrapping up your business' year-end pertains to inventory. It is the only report that is time-sensitive. Before entering any new tax year information, you'll want to ensure you capture this information.
Step 1: Print the Inventory view
- From the Product menu, select Product List (or from the Products - Inventory group on the main toolbar, click Inventory).
- From the View drop-down, select Inventory.
- From the product list toolbar, click Print.
- From the preview toolbar, click to print.
Step 2: Make Adjustments
After you've printed your current On Hand amounts, if you need to make adjustments you can quickly change the On Hand amounts or Enter Your Base Inventory or Create a Mock Order.
IMPORTANT NOTE: The wholesale amount is calculated from the Default Discount percent located in Inventory Orders Settings. Please ensure your default discount is set to the correct percent before proceeding (Product menu > Inventory Order > Settings). View
- From the Product menu, select Product List (or from the main toolbar, click Inventory).
- From the View drop-down, select Default (If necessary, from the product list toolbar, click Expand).
- Make adjustments to the On Hand field for any product that is not a pre-pack or collection.
Step 3: Print Inventory Listing by Category report & Export as PDF
When the On Hand inventory amounts are accurate for year-end, we recommend not only printing but also export as a pdf so that you have an electronic copy.
Tip! Visit Preferences if you would like your name and other business information displayed on tax reports. View
- From the Business Tools menu, select Reports (or from the main toolbar, click Reports).
- Under the Tax section, double click the Inventory Listing by Category report (All section 1 items with on-hand amounts will be displayed).
- From the Preview toolbar, click to print.
- When finished printing, click to choose an export format such as pdf.
Step 4: Take a Backup
Taking a backup allows you to go back and see a "snapshot" of what your inventory was at the time the back up was taken and can then be accessed in the future, if necessary.
- From the File menu, select Backup.
- From the Save in drop-down options (or if you click This PC or Computer from the left-hand side), navigate to where you'd like to save the .zip back up file, then click Save.
- Click OK to acknowledge that the backup process is complete.