DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Improvements in the inventory module


#1

First I want to thank you for creating this accounting software. I am a new user and I appreciate the simplicity and usefulness of your work.

I would greatly appreciate if you can add some features in the inventory module. My company maintains a significant number of inventory materials. We do not sell this materials, we only use it for our operations.

Here are my suggestions (if possible):

  1. make a receive/issue or add/deduct feature in the inventory without going through the sales/purchase process.
  2. selection whether to use FIFO, LIFO or Weighted Average in the costing of inventories
  3. classification of inventory materials whether usable, non-usable, damaged, and for-repair

Thanks a lot mate! I hope I’m not asking for too much.


#2
  1. If you didn’t actually purchase or sell inventory items, you shouldn’t go through purchase/sell workflow. You can add inventory items through journal entries by debiting Inventory on hand account. For inventory write-offs, journal entries are a bit more complicated because you need to know cost price of inventory items to correctly record journal entry which can be a bit tricky. There are going to be two new tabs Inventory Fabrications and Inventory Write-offs which will allow for really easy way of assembling new inventory items (probably not applicable to you) and inventory write-offs (applicable to you)
  2. Currently Moving weighted average method is used. No plans to support LIFO/FIFO at the moment. There could be a report showing how costing would look like under various methods though. This could be useful to run at the end of financial year to see if different costing method would be more favorable from tax point of view and then manual adjustments could be made.
  3. Interesting idea but not sure of benefits. You can always create new inventory item and call it Item XYZ - damaged or Item XYZ - for repair

#3

The latest version (14.7.35) now includes new tab called Inventory Adjustments which allows to record inventory write-offs much easier than through journal entries. (write-ons, write-ups, write-downs coming soon)


#4

Is it anyway to add more features in the inventory module please? In my case I buy different raw materials and then through those I make a final product [so it consists of different parts]. Currently I only use inventory for display products which stay as asset lets say but I just wonder if you can add this feature or anything near it. I see you mentioned somewhere that inventory is things that come to stay. How would you handle inventory items which will be sold afterwards? I tried to figure it out reading various posts but I did not find anything. Thank you.