The Ledger tab contains the Tax and account settings, Selling prices and values (quantities and cost and levels) for a stock item. If the weight is applicable to a stock item, the net and gross weight may be entered.

The Ledger tab, will change in most instances, depending on the Stock item type which is selected, when a stock item is added. 

Some fields may be inactive, some fields may be hidden, etc. for certain stock item types. 

TurboCASH4 - Stock item - Ledger tab

The options, is as follows:

1.Accounts 

TurboCASH Tip

If you have added Tax classes in the Setup → System parameters → Stock information menu, you may select the Tax class applicable to this stock item. This will auto-fill  the Output tax, Input tax, Sales account, Cost of sales and Stock control accounts. 

a)Tax

i)Output tax - Select the Output VAT/GST/Sales tax account which you will use for your Sales.

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  →  Creditors (Accounting information tab) for a Creditor (supplier / vendor) account, and select a different VAT/GST/Sales tax account or code on the Tax lookup facility for that creditor (supplier / vendor).

When purchase documents or supplier returns documents for the creditor (supplier / vendor) 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 / vendor).

b)Ledger

iii)Sales - Select the applicable Purchase account from the lookup.

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.

iv)Cost of sales - Select the applicable Purchase account from the lookup.

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

v)Stock control account - Select the Stock control account from the lookup. 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 →  Creditors (Accounting information tab) for a Creditor (supplier / vendor) account, and select a different account on the Tax lookup facility for that creditor (supplier / vendor).

When purchase documents or supplier returns documents for the creditor (supplier / vendor) 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 / vendor).

2.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.

3.Default cost group - This field is inactive.

It will only be activated if Cost centre 1 and / or Cost centre 2 is added in the Setup System parameters Groups menu and Cost centres is activated. 

4.Weight

1)Net weight -

2)Gross weight -

5.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 / clients). 

The selling prices will not be available on the Ledger tab for the Purchases and Purchase (no stock) stock item types. 

6.Value

1)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.

2)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.

3)Quantity on hand - The quantity, or number of Stock items on hand, can be entered at this stage. When do the stock take-on (for trading stock - default stock type), or process purchases, the quantities will be automatically updated.

4)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 (or the Adjust stock tab of the Stock item list screen), if you have any Stock item records on a previous accounting system.

5)Reorder level 

6)Reorder at

7)Minimum

7.Click on the Save button to save this stock item. The Stock item list screen will be displayed.