Create / Edit Stock Items - Financial Entry

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The Financial Stock Type allows you to select a ledger account on the Accounts lookup when processing documents. Once you select a Financial Entry Stock Item Type when processing documents, the Accounts lookup will be displayed. You may then select any general ledger account on the accounts lookup. It is recommended that the following accounts are selected on documents:

Sales Documents (i.e. Invoices, Credit Notes and Quotes)

o Income Accounts - Selling Miscellaneous services and goods not trading stock.

Purchase Documents (i.e. Purchases, Supplier Returns and Orders)

o Expense Accounts - e.g. Purchasing of Stationery (Consumables)

o Asset Accounts - Purchasing Fixed Assets


To Create a Financial Stock Item:

1.Click on the Stock Items button (Sidebar) or click on the Edit → Stock Items menu.

F12

The Stock Item List View Default screen will be displayed.

2.Click on the New button. A blank Stock screen will be displayed

3.Select the Financial Entry Stock Type. The Stock Entry screen is displayed as follows:

4.Enter the Stock Code, Description, Units, Reorder Level, Reorder at, Minimum, Extra Description as required.

5.Apply Invoice Discount - This is applicable to Debtor (Customer) accounts, as the percentage customer discount is specified on the Edit → Debtor (Accounting Information tab) menu.

6.Reports - Stock Group 1 / 2 - The reporting group to which you wish this service Stock Item to be allocated.

The description of Stock Group 1 or 2 you have entered on the Reporting Group Name field on the Stock Groups tab on the Setup → System parameters → Groups menu may be reflected in this list.

7.Click on the Ledger tab, if not already displayed.

8.Enter or select the following options:

a)Tax Select the Output Tax account. The Input Tax account field is disabled.

b)Weight - Optional - Enter Gross Weight and / or Net Weight if applicable.

c)Ledger - Sales, Cost of Sales and Stock Control Account - disabled.

When selecting the Financial Entry Stock Type on the Document Entry screen, the correct accounts may be selected on the Accounts lookup.

d)Selling Prices - Enter the Selling Price 1/2/3 exclusive or inclusive of Tax. The inclusive of VAT/GST/Sales Tax will be calculated based on the percentage entered in your Output Tax account. (if you selected that account in advance).

This description should reflect your selling price descriptions as you have entered in the Setup → System parameters → Stock Information menu.

If you have for example entered: "Retail", "Wholesale" and "Cash" for these Selling Prices, the Selling Price 1 / 2 / 3 will be respectively displayed as such.

The amounts as entered in these fields will be displayed on Invoices, Credit Notes and Quotes. When the cursor is displayed on the Amount fields, you may select any of the available selling prices you wish to charge your debtors (customers).

e)Values -

i)Average Cost - The average cost price of your Stock Item cannot be entered at this stage. When you process purchases, the Average Cost Price will be automatically updated.

ii)Total Cost - The total cost price of your Stock Item cannot be entered at this stage. When you process purchases, the Total Cost Price will be automatically updated.

iii)Quantity on Hand - The quantity, or number of Stock Items on hand, cannot be entered at this stage. When you process purchases, the quantities will be automatically updated.

iv)Last Invoice - The date of the last purchase or other document generated on which the service Stock Item was selected. This field will not display any date if it is a new item, or if no Stock Items have been selected on any documents.

v)Latest Cost - The latest cost price of your Stock Item can now be entered. When you process purchases, the Latest Cost Price will be automatically updated.

Once you have created your new Stock Items, you may enter the cost prices and quantities in the Stock Take-on option of the Edit → Adjust Stock menu, if you have any Stock Item records on a previous accounting system.

9.Preferred Supplier 1 - Optional - Select a creditor (supplier) account and enter a supplier stock code if applicable.

10.Preferred Supplier 2 - Optional - Select a creditor (supplier) account and enter a supplier stock code if applicable.

11.Click on the Save button to save this stock item. The Stock Item - List View - Default screen will be displayed.

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