Inventory items - Ledger tab

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

2.Enter or select the following options:

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 Inventory 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 - Inventory file override settings on the Action →Vendor  (Accounting information tab) for a Vendor account, and select a different VAT/GST/Sales Tax account or code on the Tax lookup facility for that vendor.

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

b)Weight

i)Gross weight -

ii)Net weight -

c)Ledger

i)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 Inventory items.

ii)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 Inventory items.

iii)Inventory control - Select the Inventory 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 - Inventory file override settings on the Action →Vendor  (Accounting information tab) for a Vendor account, and select a different account on the Tax lookup facility for that vendor.

When purchase documents or supplier returns documents for the vendor is updated (posted) to the ledger, the selected Inventory control and Cost of sales account for this Inventory item will be ignored and the purchase transaction will be updated (posted) to the specified Input Tax account for the vendor.

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

c)Values

i)Average cost - Field inactive. The average cost price of your Inventory 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 Inventory 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 Inventory item can now be entered. When you process purchases, the Latest cost Price will be automatically updated.

Once you have created your new Inventory items, you may enter the cost prices and quantities in the Inventory take-on option of Action → Inventory items (or the Adjustinventory  tab of the Inventory item selection screen), if you have any Inventory item records on a previous accounting system.

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

d)Preferred supplier 1 – Select the Preferred supplier 1 from the Vendor lookup, if applicable.

e)Preferred supplier 2 - Select the Preferred supplier 2 from the Vendor lookup, if applicable.

3.Click on the Save button to save this inventory item. TheInventory  item - List view - Default screen will be displayed.

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