Fields explained in Creating New Inventory
Items or services you want to include on an item purchase order.
This includes items that are not for resale, such as items for office use only. It can also include raw materials you use as components to build other inventory items.
Items or services you want to include on an item invoice.
Items user buys or sells and whose quantity and values user wants to track. It can also include intermediate goods used in the productions process, such as parts used to manufacture finished goods.
Maintaining an accurate record of on-hand levels of these items requires user to do regular maintenance tasks. For example, user needs to record inventory adjustments to write-off damaged items or to record a stock-take.
Rule 1: If user ticks Buy check-box, the purchase information section will be enabled, if user un-ticks buy check-box the purchase information will be disabled.
Rule 2: if user ticks Sell check-box, the sales information section will be enabled, if user un-ticks buy check-box the sales information will disabled.
Rule 3: if user ticks Inventoried check-box, the Inventory and Purchase check-box section will be enabled, if user un-ticks Inventoried check-box, the inventory section will be disabled.
Rule 4: If user tries to edit item after it has been created, such as un-tick the Buy or Sell or Inventory check-box, system will check whether there is any transaction connected with this item or not. If yes, then a pop up reminder of “This Item has linked with Transactions, you cannot change Item type.” will show and changes will not be saved. If there is no transaction connected, then edit is allowed to be saved.
If the item has invoices associated with it, the system will not allow you to change the ‘Is Inventoried’ status.
Rule 5: A reminder list will pop up if user missed some mandatory field after clicking Save button.
4.Inventory Name/Number: this is the item name shown in all transaction and list.
5.Category of: user can choose which category this inventory is belonged to. It is a mandatory field before save.
6.Supplier Part Number: This will record supplier’s part number if it’s needed.
7.Description field will auto load in the purchase transactions if user is creating any transaction connected with this inventory.
8.Purchase Price is the standard cost as the default price on purchases.
9.Default is 2 decimal places, but user can input maximum 6 decimal place numbers. This amount is default as tax inclusive.
10.Expense Account/COGS Account is the account “Enter the account to use for tracking the costs of producing or purchasing this item. (Required option *)
Only Expense Account, Other Expense Account and Cost of Sales account will show in the account list.If user didn't tick Inventory check-box, then the Expense Account will display as Expense Account, otherwise, it shows as COGS Account.
11.Tax code is the tax code user assigned to purchase transaction (required option *). It will only pop up purchase type tax code.
12.Primary Supplier: User can choose primary supplier for each item, which is an optional field, not mandatory.
13.Min Qty for Restocking:
13.Description on sales Transaction: this will show in the sales transactions, which will auto load when user select the stock item.
14.Sales Price is default to display 2 decimal places, but user can input maximum 6 decimal place numbers. Sales price could be auto loaded when user selects the item in the sales, which the amount is excluding tax as default. Multi-inventory price level has been introduced in Q6, which has been explained in detail in this link
15.Income account: select the account to be used for recording income from the sale of this item.
16.Only Income Account, Other Income Account will show in the pop up account list.
17.Tax code is the tax code user selected to be auto load in any sales transaction (required option *). It will only pop up sales type tax code.
18.Inventory account: select an account to be used for recording the on-hand value of this item. Only Asset Account type (Bank card, Current Asset, Non-Current Asset)
19.Liability Account Type (Current Liability, Non-Current Liability) and Equity Account Type will show up in this account list.
20.Quantity on hand is the total number of inventory-keeping units that are physically located in the warehouse location at the current time. This includes items that are already allocated to fulfilling production needs or sales orders. So, this number may differ from the quantity available total. (This is a read-only label)
21.Current Value is the subtotal amount (excluding tax) of this inventory in Purchase Open and Close Bill plus the value of adjusted inventory, minus any value on Debit note and Sales Invoice, and minus Return Stock value on Credit Note and value on quantity requested in Build Inventory.
22.Average cost = Current Value / Quantity on Hand. (This is a read-only label)
22.Committed = Sum of sales order (order status) (This is a read-only label)
23.On Purchase Order = Sum of Purchase Order (order status) (This is a read-only label)
24.Available is the the total quantity of inventory-keeping units that are currently available for use in filling a new order internally or externally for purposes such as production or distribution. This quantity does not include inventories already allocated to other orders or inventories that are in transit from a supplier. (This is a read-only label)
Please keep in mind, the amount in above six fields should be calculated automatically through the transaction saved, instead of modifying manually, which will only be calculated for inventory item.