RickBC44 said:

I am a total newbie with inventory and don't know how to enter all the new products that I bought that I would like to resell.

The easiest way to get an idea how it works is to poke around in the sample file.  The best way to really learn how it works, is to take a course.  Sage used to supply a basic tutorial on the CD back around 2007, a current printed, spiral bound tutorial is available from Sage. 

RickBC44 said:

My accountant told me to handle inventory outside Sage but didn't tell me how I should best do that.

If your inventory list is fairly short (dozens of distinct items) then it might be easier to re-count it periodically (at least annually) and keep a price list on paper or in Excel.

RickBC44 said:

So, to summarize, I have four different products that are going into inventory. Does each of these have to go into their own inventory account?

RickBC44 said:

Do I just create new accounts for these to match my new products?

No.  Keep It Simple, use one G/L account for inventory.

If you currently have one G/L account for accounting purposes, that's most likely all you will ever need.  Create an item code for each distinct (inventory) Product Item, and for each (non-inventory) service Item that you regularly sell at a fixed price.  

You could have 20,000 items linked to one G/L account.   Multiple G/L inventory G/L accounts create extra work, so avoid them if you don't need them.  But if you need them, you need them, so they are shown in the sample data and in the default chart of accounts.  

One reason you might need to have items linked to more than one G/L account, is perhaps if your bank allowed 50% of only new items to be used for line-of-credit margin, and allowed nothing for used items.  

For items that you buy and sell one time, and within one fiscal year, and will not need to ever locate in Sage 50 again, you can use the Purchase screen to just type in an item code and description, and post the purchase to the COGS G/L account, and do the same in the Sales Invoice screen.   But if there's a slip-up, there's no unbilled inventory item to remind you that it wasn't billed out.

Wow Randy, this is great information! Thanks so much. I think the training idea is my best long-term solution but your other suggestions are great too.

Wow Randy, this is great information! Thanks so much. I think the training idea is my best long-term solution but your other suggestions are great too.