DESKTOP EDITION CLOUD EDITION SERVER EDITION GUIDES FORUM

Inventory On Hand


#1

Hi
How can I create for than “Inventory On Hand” and “Inventory Cost” and “Inventory Sales” account for more than 1 item?
It is very important to me to the exact costs and inventory for each item i sell.
I have tried by “Tracking Codes” but unfortunately it’s not working.
I need to split then in each purchase and sales invoice I create.
With many thanks in advance.
Walid


Inventory Sub Groups
#2

If you are asking to have for each inventory item its own “Inventory On Hand” and “Inventory Cost” and “Inventory Sales” account - then you can’t. If you have 100 inventory items, then you would need to have 100 of each account type as well - just unworkable.

Normally you would create under Inventory Items tab individual entries/listings for each inventory item. These individual inventory items would then be used on Purchase and Sales Invoices.

If you want to know the profit margin and inventory movements for each inventory item then go to Reports tab and use the “Inventory Value Movement”, “Inventory Quantity Movement” and “Inventory Profit Margin” reports.


#3

Thanks!
I know that and already did it.
But my main question is: Can’t I create sub accounts from the Inventory On Hand? So I can manage my business?


#4

You can create Inventory On Hand Custom Control Accounts so that you could separate out differing types of inventory - such as Raw Materials and Finished Goods.

In addition, each inventory item can be assigned to a Custom Income Account and a Custom Expense Account - such that Re-sold Inventory or Self Made Inventory can be grouped.

What do you exactly mean by - "So I can manage my business"
Can you provide a mechanical example of what you are trying to achieve?


#5

I import 3 types of products, and want to separate each item to have the cost of asset inventory and the other related sales and cost of sales for each of the 3 items I have.


#6

should i go to Settings then Custom Fields? I didn’t understand well!


#7


#8

This is what I want to have the ability to choose.
Did you understand me now?


#9

OK, I understand, so firstly for the Asset - Inventory on Hand we need to rename the existing Inventory on Hand and create two new Custom Control accounts. For this example we will use
Product Type A, Product Type B and Product Type C.

Special Note: The Product Type with the most Inventory Items should be allocated to Product Type A so as to minimise the amount of input/editing required.

Go to Settings - Chart of Accounts

  1. Click Edit next to Inventory On Hand and rename it Product Type A.
  2. Then in the same location on the Balance Sheet side click on New Account and enter:
    Name = Product Type B (repeat for Product Type C)
    Group = Assets
    Control Account = tick
    Made up of = Inventory (and Update)

Then it should look like this

Next we need to set up the Inventory Sales and Inventory Costs for each product type.
Still at Settings - Chart of Accounts but on the Profit & Loss side, first some Groups

  1. click on New Group with name Income (if it doesn’t already exist) and Code 1 and Update
  2. click on New Group with name Cost of Sales and Code 2 and tick Expenses box and Update.

Then

  1. Click Edit next to Inventory Sales and rename it Product Type A Sales
  2. Then in the same location (P&L side) click on New Account and enter:
    Name = Product Type B Sales (repeat for Product Type C Sales)
    Group = Income (and Update)

Now repeat for Inventory Costs

  1. Click Edit next to Inventory Costs and rename it Product Type A COS
  2. Then in the same location (P&L side) click on New Account and enter:
    Name = Product Type B COS (repeat for Product Type C COS)
    Group = Cost of Sales (and Update)

Next, click New Total with name Products Gross Profit and Code 3 to get this

Now for the Inventory Items tab - The Inventory belonging to Product Type A, do nothing.
The Inventory belonging to Product Type B and Product C need to be edited.

At the Custom Control field select account to suit the Product type.

At the Custom Income account tick box select account to suit Product Type

At the Custom Expense account tick box select account to suit Product Type

Now you are set up and ready to go,
And alternate P&L Layout could be


#10

Thank You Sooooooooo Much My Dear Friend… You really sorted my problem. Now every thing is just perfect! Thanks Again & Again! I highly appreciate your efforts :slight_smile:


#11

And to finished it off, you could group the “Inventory on Hand” on the BS to get a total Value


#12

Hi, your answer did help a lot. but my balance sheet is showing up as follows:
01

further as you can see i have different categories of inventory so i also want inventory quantity movement report by inventory type. e.g. inventory movement of chemicals, dyes, electrical etc separately.

as you can see the report is just showing movement of all items but there is no option of segregation.

Lastly isn’t it possible that we have inventory quantity and value movement report combined on one page instead of two separate reports ?


#13

And is that a problem, you haven’t explained - but if you mean that they aren’t grouped on the Balance Sheet as per the example above then you haven’t done this step: group the “Inventory on Hand” on the BS to get a total Value.

Go to Settings > Chart of Accounts and next to Balance Sheet select New Group:
Enter a Name (Inventory on Hand) and for the Group select Assets.

Next, for each of your Balance Sheet inventory accounts, select edit and under Group select Assets > Inventory on Hand.

For the Reports - what you currently see are the only ones available but under the Ideas category there has been topic Request: Inventory Items Movement Report by Location for improvements, which I will edit to also include via BS Custom Control account.


#14

Hi Brucanna, thanks for your support.

The link you attached was good for a report as per locations, but in my case i want inventory movement according to inventory head.
02

now these are my inventory categories. I want separate inventory movement report for Chemicals, Dyes etc.
but currently the inventory movement report is as follows:

You can see that in this report we do not know which item relates to which type of inventory. If we cannot have a separate report then at least there should be grouping in this report like e.g:

Chemical

item name a
item name b
item name c

Dyes

item name a
item name b
item name c

I shall be really great full if you can help me out with that.

Thanks in anticipation.
Regards.


#15

Yes, which is not currently available as a report and that’s why I added it the linked Ideas topic.

Note : your reference “Inventory head” is the same thing as “Custom Control account”


#16

ok and I also asked about the merging of Inventory quantity movement & value movement report.

One more issue I am facing which is that when I am entering starting balances of inventory and pulling up inventory value movement & inventory quantity movement then
1: In inventory value movement the system is showing all opening balances as follows :

2: But when I am pulling up inventory quantity movement then it is only showing opening balances of items for which there is a purchase, other then purchased items it is not showing opening balances as follows :

can you please help me out with that ?

Regards.


#17

I will list this lack of opening balance in the Inventory quantity movement report as a bug.