The "Default" Stock item type is used for Trading stock items. The Cost of sales settings for these are important as these may have an impact on your gross profit.  

To create a Default stock item: 

1.On the Action ribbon, select Stock items (F12). 

2.Click on the New button. A blank Stock item form for the "Default" stock item 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 - Select the "Default" stock item type. 

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 documents. These Units of your Stock items such as: each, hours, boxes, etc. are setup in the Units tab on Stock information (Setup ribbon).

g)Disabled - By default, all Stock items are active (enabled) when Stock items are created or edited. Select this field if this stock item cannot be deleted; or if this product is temporarily unavailable. Select this field to hide the Stock item from the 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 / client) accounts, as the percentage customer discount is specified on the Accounting information tab - Debtors (Action ribbon).

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

j)Reports - Stock group 1 / 2 - The reporting group to which you wish this 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 - Groups on the Setup ribbon, may be reflected in this list.

k)Preferred supplier 1 - The main creditor (supplier / vendor) you purchase stock items from, may be selected. You may enter the supplier's stock code, if applicable.

l)Preferred supplier 2 - If you have a backup or alternative supplier, you may select the creditor (supplier / vendor) and enter the supplier's stock code, if applicable.

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

5.Enter or select the following options: 

a)Tax class - If you have created Tax classes in Stock information (Setup ribbon), select the tax class. The Tax class will automatically add the Input Tax and Output Tax accounts in the Tax section, the Sales account, Cost of sales and Stock control accounts in the Ledger section.

b)Last invoice - Field inactive. The date of the last invoice or other document generated on which the 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.

c)Cost centre - This is by default inactive. If you have created and activated cost centres, a default cost centre for the stock item may be selected. 


i)Gross weight - Enter, if applicable.

ii)Net weight - Enter, if applicable.

e)Selling prices - Enter the Selling price 1/2/3 exclusive or inclusive of Tax. The inclusive of Tax (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 Stock information on the Setup ribbon.

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). 


i)Average cost - Field 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 - Field 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)Quantity on hand - Field 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.

iv)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 in Stock items (Action ribbon), if you have any Stock item records on a previous accounting system. 

v)Reorder level - The minimum level of stock that you wish to keep on hand for this Stock item. 

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

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

6.Click on the Save button to save this stock item.