Inventory Classifications
- Julie Hanlon
- Beth Blok (Unlicensed)
Inventory Classifications are the highest level of distinguishing between your groups of inventory items. They are popularly used for determining pricing and GST. The Web Enabled flag can be used to let some classifications of items appear on your web store and others not. The default ledgers to apply to each inventory item are defined as:
Field | Use |
|---|---|
Inventory Value | Posted to by purchase invoices, landed cost shipment invoices, stock takes, stock transfers, warehouse transfers, manufacturing requisitions, job costing, sales orders, sales order credit notes and supplier returns |
Cost of Sales | Posted to by sales orders and sales order credit notes |
Expected Asset | Posted to by purchase orders, goods received notes and shipment bookins |
Expected Liability | Posted to by purchase orders, goods received notes and shipment bookins |
Delivered Asset | Posted to by goods received notes, purchase invoices, landed cost shipment invoices and shipment bookins when stock is received or booked in. Reversed when the supplier invoice is posted |
Delivered Liability | Posted to by goods received notes, purchase invoices, landed cost shipment invoices and shipment bookins when stock is received or booked in. Reversed when the supplier invoice is posted |
Assigned Value | Posted to by sales orders with the billing type of Bill Complete at each snapshot until the invoice is fulfilled. At that time this account is reversed out to 0.00 |
Cost/Goods Variance | Posted to by purchase invoices and landed cost shipment invoices when the stock no longer exists |
Sales | Posted to by sales orders and sales order credit notes |
Inventory WIP | Posted to by work orders |
Ledger Purchases | Posted to at the purchase invoice stage when System > UseCostOfGoodsLedger = false and Purchase Invoicing > UseInventoryPurchaseLedger = true. Two additional lines are posted when activating the purchase invoice for the Ex GST - debit to this account and credit to the Cost of Sales account. Where Purchase Invoicing > UseInventoryPurchaseLedger = false, the Creditor Purchases account is used for the debit entry. |
Ship on Completion | Posted to by sales orders with the billing type of Ship Complete with the cost of each delivery. When the invoice is complete, then the postings to this account and reversed out and posted back to the inventory value account |
Write On | Posted to by stock takes, stock transfers and supplier returns |
Write Off | Posted to by stock takes, stock transfers and supplier returns |
Cost Price Adj | Posted to by Update Cost Price forms |