This option should be used if you need to generate sales documents (quotes, invoices and credit notes) and / or purchase documents (i.e. Purchases, Supplier returns and Orders). The "Stock information" screen consists basically of three (3) tabs (i.e. "Default, Units" and "Tax classes").
The Default tab consists of three (3) groups (i.e. Selling prices, Cost of sales and Documents setup).
To set the Stock information and Cost of sales parameters:
1.On the Setup ribbon, select Stock information.
2.Selling price descriptions –
a)Selling price descriptions – The Default (Selling price 1, Selling price 2, Selling price 3) is displayed. You may over-type these with your own.
b)Default – The default selling price as the global setting. You may select any of the 3 Selling prices.
3.Cost of sales settings – This is applicable to the Default (Trading stock) stock item type only. Select the following:
a)Create Cost of sales – To activate Cost of sales, select (tick) the Create Cost of sales tick box.
b)Cost of sales batch – Select the Cost of sales batch.
c)Use “Average cost” or “Latest cost” option.
This setting is very important for calculating the value of your stock. If you are not sure whether to “use average cost” or “latest cost”, please consult with your accountant. The value of your stock can affect your profit and loss figures.
4.Documents setup – The rest of the options (tick boxes) are used to set and configure document processing. Select (tick) these options; if necessary.
The Options button only need to be used to create options for the "Option item" and "Option item (no stock)" stock types.
5.Click on the Units tab - to add or edit the unit size descriptions for stock items. These are selected when you create or edit stock items and will display on reports and layout files.
a)Add – Enter these and click on the Add button.
b)Delete - Select a description from the list and click on the Delete button.
6.Click on the Tax classes tab to set the default Tax accounts and ledger accounts. You may then select a Tax class when you create or edit stock items.
7.Click on the OK button to save your changes and close or exit this screen.