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Set the
Inventory defaults:
On the configuration menu
(from the main menu, press "C") select
"7" Inventory defaults to define the
inventory options.
The Group
and Type fields are used for data
qualification on reports. You may use these fields to
group inventory items when running reports. It is not
necessary to fill these in here. You can always fill in
these fields when adding or editing the inventory item.
The Unit
Table field must be filled in. If you do not use units
of measure or don't fully understand units of measure,
then select "Each" as the unit table default.
The Discount
Table field is used if you use discounts on a regular
basis. If you do not use discounts or don't fully
understand how discounts work, leave the field blank.
The Taxable
when sold field should be set to "Y" if the
item would be taxable if sold to the end user. If the
customer you are selling to is reselling the item and is
tax exempt, set the customer file to have a tax code that
has a 0.00 tax rate. An example would be to have a tax
code "RS" with a tax rate of 0.00. If this code
is set on the customer then each invoice taxable amount
will be zero even if the item is set to be taxable.
The Sales
Acct field is for the chart of account number assigned
to track the sales amount. In most cases inventory items
will have the same sales chart of account number assigned
to them. Ignore this field if you won’t be producing
detail sales or purchase breakdowns.
The I sell this item field
is to indicate if you sell this item. If you have old
items that you want to keep in the data file but no longer
sell, mark this field "N" to prevent it from
being displayed in the list of valid items.
The Taxable
when Purchased field should be set to "N" if
the item you buy is to be resold. The vendor should be set
up with the correct tax area code. If you buy something
that is to be taxed, you can easily change the line item
on the invoice to a yes and the tax will be calculated
automatically.
The Cost
of Goods Sold field is for accounting purposes. When
you purchase items for stock, the dollar amount goes into
an inventory asset account and is always increasing that
account. When you sell the item you need to decrease the
inventory asset account and transfer that amount to a Cost
of Goods Sold expense account. If you do not use Cost
of Goods Sold accounts leave this field blank.
The Next
Inventory# field is for the system to automatically
assign numbers. Enter the beginning number here. Leave it
at zero to stop automatic assignment.
The Part
Prefix and Suffix automatically adds to the
part number field when doing automatic assignment of part
numbers.
The Purchase
Acct field is for the chart of account number assigned
to it to track the purchase amount. In most cases
inventory items will have the same purchase chart of
account number assigned to them. If you stock inventory,
it will normally be an inventory asset account number.
Ignore this field if you don’t care about account
details on purchase reports.
The I buy this item field
is to indicate if you buy this item.
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