--- title: "Adding Initial Inventory -Standard Aspire Accounting Solution (SAAS)" slug: "adding-initial-inventory-standard-aspire-accounting-solution-saas" tags: ["Language - English", "Area - Inventory", "Industry - Landscaping", "Type - Task (How-To)", "Role - Accountant (AR)", "Skill Level - 2 (Intermediate)", "Skill Level - 3 (Advanced)"] updated: 2025-10-28T20:53:49Z published: 2025-10-28T20:53:49Z canonical: "guide.youraspire.com/adding-initial-inventory-standard-aspire-accounting-solution-saas" --- > ## Documentation Index > Fetch the complete documentation index at: https://guide.youraspire.com/llms.txt > Use this file to discover all available pages before exploring further. # Adding Initial Inventory -Standard Aspire Accounting Solution (SAAS) ## **Purpose** If you are using our *Standard Aspire Accounting Solution* (SAAS) you will be managing your inventory in Aspire. You will also be reconciling the *Inventory Holding Accounts* on your balance sheet at the end of every month after entering the *End of Month (EOM) Expense* tab and *Inventory* tab journal entries. It is best practice to enter a beginning inventory prior to using Aspire. You should also take an inventory count at the end of each month but no less than quarterly or annually. Then, you can update the on-hand quantities in Aspire before closing the month. ## **Setting Up Inventory Items** Make sure that all inventory items have the box checked to make that item available for inventory. - Click on your *Profile Icon* in the blue side menu and select *Administration.* *![](https://cdn.document360.io/5942a8d7-f3b1-4919-bdfa-d477d8498fe3/Images/Documentation/adding-initial-inventory--standard-aspire-accounting-solution-saas-image-clw7hq5v.png?sv=2026-02-06&spr=https&st=2026-11-15T01%3A27%3A26Z&se=2026-11-15T02%3A27%3A26Z&sr=c&sp=r&sig=7pW48%2B49SqQSB6kcqA%2FVz7iImra8Dla4qte5fV3ZLp4%3D)* - Select the *Estimating* tab and then the *Item Catalog* tab. ![](https://cdn.document360.io/5942a8d7-f3b1-4919-bdfa-d477d8498fe3/Images/Documentation/adding-initial-inventory--standard-aspire-accounting-solution-saas-image-sla5t9o7.png?sv=2026-02-06&spr=https&st=2026-11-15T01%3A27%3A26Z&se=2026-11-15T02%3A27%3A26Z&sr=c&sp=r&sig=7pW48%2B49SqQSB6kcqA%2FVz7iImra8Dla4qte5fV3ZLp4%3D) - Find the item that you will be using for *Inventory* or enter the item if it has not already been entered. - Make sure that the *Inventory Item* box is checked on the item. ![](https://cdn.document360.io/5942a8d7-f3b1-4919-bdfa-d477d8498fe3/Images/Documentation/adding-initial-inventory--standard-aspire-accounting-solution-saas-image-m5dzq980.png?sv=2026-02-06&spr=https&st=2026-11-15T01%3A27%3A26Z&se=2026-11-15T02%3A27%3A26Z&sr=c&sp=r&sig=7pW48%2B49SqQSB6kcqA%2FVz7iImra8Dla4qte5fV3ZLp4%3D) ## **Adding Existing Inventory into Aspire** You can now attach inventory items to purchase receipts! - Navigate to the *Purchasing* module. ![](https://cdn.document360.io/5942a8d7-f3b1-4919-bdfa-d477d8498fe3/Images/Documentation/adding-initial-inventory--standard-aspire-accounting-solution-saas-image-nqmc2s50.png?sv=2026-02-06&spr=https&st=2026-11-15T01%3A27%3A26Z&se=2026-11-15T02%3A27%3A26Z&sr=c&sp=r&sig=7pW48%2B49SqQSB6kcqA%2FVz7iImra8Dla4qte5fV3ZLp4%3D) - Create a new purchase receipt using your company name as the vendor. If your company is not already set up as a vendor in your accounting system, please add it to your accounting system and allow the vendor to sync over to Aspire. - Enter the items to the purchase receipt that you want recorded into Aspires’ inventory. Enter the quantity and use the item cost from the item catalog in Aspire. The cost should automatically populate on the item line of the purchase receipt. - The received date should be the 1st day of your *Go Live* month in Aspire. - Once the purchase receipt is received and approved in Aspire, send it to your accounting system. 📑To learn more about *Purchase Receipts for Inventory*, please read [this article](https://guide.youraspire.com/docs/different-ways-to-create-a-purchase-receipt). ## **Managing Initial Inventory in Your Accounting System** Once you approve the *Purchase Receipt* in Aspire, it will sync to your accounting system. The automatic entry in your accounting system will be a debit to the appropriate *Inventory Holding* account and a credit to the *Accounts Payable* for the vendor. You will want the vendor bill to remain in the *Inventory Holding* account, but you will want to clear the *Accounts Payable* balance for the vendor. There are two ways that you can handle clearing the vendor bill from *Accounts Payable.* In either option, you will need to *apply the vendor bill to the vendor credit*: ### **Option 1** Create a *Journal Entry* if you show *Inventory* on the *Balance Sheet*. Create a journal entry debiting *Accounts Payable* with your company’s name in the *Name* portion of the journal entry. Credit the *Balance Sheet Inventory Account*. If you do not show *Inventory* on the *Balance Sheet*, create a journal entry debiting accounts payable with your company’s name in the *Name* portion of the journal entry. Credit the appropriate COGS account for the materials. The credit would be where the initial inventory purchase was coded or expensed. ### **Option 2** If you show *Inventory* on the *Balance* *Sheet* and If you are using QuickBooks, you can open the vendor bill in QuickBooks, create a copy, change the copy of the bill to a *Credit* and then delete the inventory holding accounts line from the credit and add the appropriate *Inventory Balance Sheet Account.* If you do not show *Inventory* on the *Balance Sheet* and you use QuickBooks, you can open the vendor bill in QuickBooks, create a copy, change the copy of the bill to a *Credit* and then delete the inventory holding accounts line from the credit and add the appropriate COGS accounts. The credit would be where the initial inventory was coded or expensed.