Products details
Product details nothing but a stock item. It can be opened by clicking on Product details dialog from tool bar.
What is a Product/Stock Item?
A stock item needs no explanation. However, what needs to be explained is how InventoryPlus uses it. InventoryPlus uses the phrase to include what traditional accountants would call a stock ledger account. All the stock items together would make up the stock ledger. However, InventoryPlus does not use the term stock ledger. So to display a stock ledger, display the Products. You can draw a parallel to ledgers in accounting for stock items in inventory.
How to Creating a Products/Stock Item
This section deals with creation of basic stock
Name
Give the name of the stock item. Here we wish to create an item Sony Disks 3.5".
Alias
Give the alternate name for Products. Here we wish to call Sony Disks 3.5 as sd 3.5". This field can be searched while selling
Code
Manage item with unique code, this help to search item quickly, Ex. 001, 002 etc. This field can be searched
Barcode: Item barcode should be updated in this field, Barcode entered in this field will be used for barcode scanning. If there is no barcode available then click on button next to field to generate the random barcode number first time, Generate barcode button will be hidden if barcode already entered.
Packing
Type of packing of Products, This field will be used in sale bill. Ex. 250gm, 180ML, 500ML Etc,. If you have the item with multiple packing then it is better to have name ends with packing, Ex. Sugar 250gms, Sugar 500Gms etc in Name field.
Under Group
Specify the group to which it belongs. The different groups that we had created were Sony, Dell and HP. These as well as Primary would appear in the list. Select 'Sony' from the list. Visit more details for Stock Group topic
Unit of measure
Give the unit of measurement of the item here. You would normally use this unit for trading in this item.
HSN No.
Unique Identification number of product. This label can be changed using Settings -> Company Data -> General and Label Info. Outside India It is SKU.
Enter the Selling Rate used in Sales Bill, Enter the Rate of Tax used to calculate while billing. select the Tax used to post tax amount to selected ledger in billing time. Multiple selling rate and tax can be configured using Settings -> Company details tab's Manage sales selling rate and tax section. Tax Included option will be used if sales rate included tax amount and it will be considered as before tax.
Re-Order : It will help to take the decision to order/purchase the items are in below required quantity. Set low-level warnings so system will intimate while billing. Field will be used to generate the report for all items falls below the re-order level. Go to Summary Reports and select the Show only reorder quantity option to extract all items falls below reorder level.
Purchase unit : This value will be re-populated the quantity column while entering the purchase entry for this item.
Sales unit : This value will be re-populated the quantity column while entering the sales entry for this item.
Stock Value: Opening Stock value in amount. This will be used in year end report like P&L report.
Updating the Opening Quantity of products as on starting the software or starting financial year :
Click On Opening Qty tab-> Give the Opening stock quantity of the item here. Tab Opening Qty will be visible/activated if selected group stock managing mode set to Batch wise stock or quantity wise stock. This tab will be visible when select the product or select the Group which support the stock handling.
Enable -ve stock quantity : Goto settings -> Default -> Sales default and select the option to enable billing if stock is -ve value.
Stock In Hand : This field represents the available stock. Field is automatically calculate based on Opening balance and all transaction. This field is read-only.
Note
- Double click on right side "Existing Products" to edit the item.
- Delete button activate only in edit mode.
- Save button will be enabled only after entering all required field (i.e,. Landing Cost, Selling Rate, Item Name etc)
- Item associated in sales or purchase cannot deleted, system will display the proper message if tried to delete the item associated to purchase/sales invoice. Delete the associated invoice first and delete the item.
- VAT is Value added tax. Sales bill will be calculated based on percentage enter for this item
- VAT Ledger should be added in Accounting dialog box so same will be populated in Vat Ledger list. In Account screen under group 'Taxes' should be selected while creating the Tax ledgers
- Rack No is helpful to identify the location of item kept. In counter sale, it is helpful to quickly identify the location of item if you maintain the rack number.
- Before entering the Products details make sure to add relevant stock group and Unit of measures and Tax/Vat ledger.
- how to enable barcode scanning refer Enable Barcode Scanning
- Sales price scheme and multiple tax rate can be configured by visiting Settings -> Company details -> Generate setting -> "Manage sales price scheme" section. Refer here for more details.
- Tax scheme and multiple tax rate can be configured by visiting Settings -> Company details -> Generate setting ->Taxation section. Refer here for more details.
- Get the closing stock of Product Goto stock book report. This screen opening balance field used for only feeding opening balance of the Product as on start of financial year.
- Product can be imported using Import feature. System will support excel file import. Refer the sample provided excel template. System will detect only provided template, there is no additional changes is accepted in provided template.
DONT's
- Opening stock field should be updated only one time when created the new company or when new financial year created. Arrival of new stock should be entered through purchase or stock ledger transaction only.
- If Batch wise tracking enabled then some of the following point should be followed.
- Batch number and Batch Date should be unique for each product. if same batch number found in different purchase then required to update the purchase date as batch date or system will auto update batch date as purchase date if batch date is blank.
- Make sure Opening balance should be entered only one time while starting financial year or first time using software. All incoming stock should be updated in Purchase so stock will be managed without any issues.
Reason for Stock NILL issues
1. If you are managing the batch wise stock and while selling if you are getting stock NILL message even stock book showing proper stock then you might have done any one of the above Don't point 1 or 2.
2. If any difference between stock book and Stock Summary then try to extract the Stock book from Starting date of financial year and Ending date of financial year and verify all transactions. There is any transaction done outside the date period selected in stock book is skipped in stock calculation so you can see the difference in stock book closing quantity or value.
Fix for Stock NILL Issues
Use the Auto Stock correction feature to fix this issue. Goto stock book -> Extract the report, Auto stock Correction option enabled. Clicking on button will fix this NILL stock issues. This button will be enabled only when batch wise stock is enabled on any products.