Create / Edit Stock Items - Trading Stock - Default

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The disabled and inactive options for the Purchase and the Purchase (No Stock) Stock Item type is the same. If you select this Purchase or the Purchase (No Stock) Stock Item type on an purchase document or a supplier returns document, no Cost of Sales transactions would be generated. You will also not be allowed to select the Sales and Output Tax accounts.

Should you need to generate purchase documents or supplier returns documents to suppliers (creditors) for services, fees, charges or other purchases which is not trading stock, you may create a Purchase or the Purchase (No Stock) Stock Item type. You may generate purchase documents or supplier returns documents for these non trading Stock Items only or add these item codes to an purchase document or a supplier returns document containing physical Stock Items.

Some examples where you would create a Purchase or the Purchase (No Stock) Stock Item type, is the following:

Purchasing services such as labour, consulting fees, etc.

Purchasing goods on which delivery charges (fees), other charges, etc. is applicable.

Purchasing goods (not for resale) such as stationery, etc.

To Create a Default 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, Default stock type is displayed:

3.Enter and select the following:

a)Stock Code - Enter any code for your purchase stock item. You may enter a stock code of up to 15 characters.

You need to plan the Stock Item codes to optimise this facility in TurboCASH.

b)Description - Enter a description for the purchase stock item.

c)Barcode - Enter the barcode, if applicable.

The EAN13 Barcode validates for 13 numbers (the last number is a checksum number). If the Barcode is incorrect, the labels will not be printed.

d)Manufacturer - You may enter any additional information or description of the manufacturer (e.g. the name of the manufacturer). This is optional.

e)Type - Default is the default stock type.

The default stock type is recommended for trading stock. If it is not trading stock, you may select one of the following stock types:

Financial Entry

Sales

Sales No Stock

Purchases

Purchases (No Stock)

In addition to the above-mentioned stock types, you may also select the following stock types:

Options

oOption Item

oOption Item (No Stock)

Bill of Materials (BOM)

oBOM

oBOM (Production)

Linked Sale

Once a transaction has been processed for a stock item, this field will be disabled.

f)Units - Leave blank or select any unit e.g. each, hours, boxes, etc. which you wish to be displayed on your purchase documents. These Units of your Stock Items such as: each, hours, boxes, etc. are setup in the Setup → System parameters → Stock Information menu.

If you wish to combine services you sell with your Stock Items, you need to specify the Units of Stock as Hours or any other suitable description for your services.

g)Disabled - By default, all Stock Items are active (enabled) when Stock Items are created or edited. Select this field if you (or any of your salespersons) do not want to process any documents for a Service Stock Item. Select this field to hide the Stock Item from the Stock Item lookup when processing new documents. This will speed up document processing.

You will still be able to update (post) any unposted documents, which include transactions for the disabled Stock Item, to the ledger.

You may select the disabled Stock Items on the Stock Item lookup when generating Stock, Sales Analysis and Purchase Analysis Reports and view the transactions of disabled Stock Items.

You may de-select this field at any stage, when necessary to continue processing documents for the Stock item.

h)Apply Invoice Discount - Do not select. This is applicable to Debtor (Customer) accounts, as the percentage customer discount is specified on the Edit → Debtor (Accounting Information tab).

i)Reorder Level - The minimum level of stock that you wish to keep on hand for this Stock Item. In the case of Stock Item codes for the purchase of services, this field should be left blank.

If you wish to add a re-order level for Purchases of Stock Items, which is not trading stock, you may enter the minimum re-order level. For example, if you purchase paper you may specify the minimum quantity for the boxes of paper on hand before re-ordering.

j)Reorder at - Specify the quantity of stock to be available when you need to reorder stock.

k)Minimum - Specify the minimum quantity of stock to be on hand.

l)Extra Description - You may enter any additional information or description (up to 255 characters) for the stock item, as necessary. This is optional.

m)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.

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

5.Enter or select the following options:

a)Tax

i)Output Tax - Option disabled.

ii)Input Tax - Select the Input VAT/GST/Sales Tax account which you will use for your Purchases. If this is a Zero Rated Stock Item which is exempted from VAT/GST/Sales Tax, select the Input Zero Rated Tax Code.

If you are not registered for VAT/GST/Sales Tax, or if VAT/GST/Sales Tax is not applicable to this purchase item, select the No Tax Code and this field will be blank.

You may activate the Use Default Tax - Stock File Override settings on the Edit → Accounts → Creditor (Accounting Information tab) for a Creditor (Supplier) account, and select a different VAT/GST/Sales Tax account or code on the Tax lookup facility for that creditor (supplier).

When purchase documents or supplier returns documents for the creditor (supplier) is updated (posted) to the ledger, the selected Input Tax Account for this Stock Item will be ignored and the purchase transaction will be updated (posted) to the specified Input Tax account for the creditor (supplier).

b)Weight

i)Gross Weight -

ii)Net Weight -

c)Ledger

i)Sales - Option disabled.

ii)Cost of Sales - Select the applicable Purchase account from the lookup facility for this Purchase Item.

If you have more than one Sales account, or use Sub-accounts, you may select the applicable Account or Sub-account for each of your Stock Items.

iii)Stock Control Account - Select the applicable Purchase account from the lookup facility for this Purchase Item. This may be an Expense account, for example, stationery, if stationery is purchased.

If you have more than one Purchase account, or use Sub-accounts, you need to select the applicable Account or Sub-account for the Purchase Item.

You may activate the Use Default Account - Stock File Override settings on the Edit → Accounts → Creditor (Accounting Information tab) for a Creditor (Supplier) account, and select a different account on the Tax lookup facility for that creditor (supplier).

When purchase documents or supplier returns documents for the creditor (supplier) is updated (posted) to the ledger, the selected Stock Control and Cost of Sales account for this Stock Item will be ignored and the purchase transaction will be updated (posted) to the specified Input Tax account for the creditor (supplier).

iv)Last Invoice - Option inactive. 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.

d)Values

i)Average Cost - Option inactive. 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 - Option inactive. 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)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.

iv)Quantity on Hand - Option inactive. 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.

e)Preferred Supplier 1 - Leave blank.

f)Preferred Supplier 2 - Leave blank.

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

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