How should i create multiple inventory, transfer stock and track partial shipments in Manager inventory module?
Suppose I bought 100 units of laptops in the single invoice and receive 50 units as partial shipment and need it to stock in inventory A. After a week i received remaining 50 units and need to stock in inventory B. So how should I manage above posts as I sell them inventory A or B basis but wish to monitor stock movements, taxes, and profit margins of the whole consignment in dashboard. Please help.
When does the invoice arrive, if its with the first shipment you could do the following:
Create purchase invoice with 50 units going to inventory and 50 units going to a Current Asset account “Goods in Transit”. When the 2nd batch arrives do a Journal transferring from Goods in Transit to Inventory.
If the invoice arrives separately from either shipment - put the entire purchase invoice to Goods in Transit and Journal transfer as each shipment arrives.
if the invoice arrives with the 2nd batch, just reverse the processing order in (1) above
Raj, I think you will be able to handle what you want when the warehousing module is added. Right now, Manager doesn’t know the difference between goods in hand, goods in transit, goods at location A, goods at location B, etc. This capability is on the roadmap at #5. See Free Accounting Software | Manager.
Thanks @Brucanna and @Tut
The journal entries are not affecting inventory costs. Inventory profit report is showing a 100% profit for the journal posted inventory. Any suggestion to get rid or better procedure?
Can you please expand upon what you mean by “not affecting inventory costs” ?
Where is this inventory cost that’s not being affected?
You also wrote “Inventory profit report is showing a 100% profit for the journal posted inventory”
The journal entries are only transferring the stock between different assets accounts so costs and profits shouldn’t change. Profits only arise after you have sold items, not while purchasing them
There is no better procedure, so we need to see your Manager entries.
Can you provide screen shots of the transactions you have completed ?
e.g. : Purchase Invoice and Journals - Thanks
The invoice stating total quantity purchased, unit price, and total cost.
The inventory where 16835 units are sold already and have balance 16165 units. I transferred 1000 units to my other inventory in different location via Journal.
After Journal Entry:
1000 in new inventory and 15165 in the old inventory as balance.
Problem is 1000 tons in new inventory which got transferred from the old inventory doesn’t show up the purchase price and its total cost. And after i sold the whole stock from it, I get below as profit and loss report.
Thank you for those screen shoots, but there is not one of the Journal itself. Its the actual Journal, rather then the results of the Journal that’s required.
Also, the invoice shows the total qty/value being added to location A inventory, there is no posting to Goods in Transit based on (1) above. So after doing your Journal entry, the Goods in Transit would have a negative balance instead of being Zero, is this correct
Based on the screenshots provided you could have a couple of other options as solutions
On receiving the invoice and knowing that there are going to be split deliveries, you could enter the split up as the invoice is processed, but this would mean the Inventory at location B could be added before the physical deliver.
Process the Invoice as you have, all to location A, then use Production Orders to do the transfer between locations… Manager Cloud.
Neither of these recognise the Goods In Transit which was your initial enquiry.
In addition I noticed that your Inventory cost price is different between the two locations, this shouldn’t occur if you are purchasing off the one invoice as per your initial example, otherwise it might indicate that you are “internally selling” between locations. If that is the case then the solution is entirely different
Based on your original details of laptops please find screenshots based on suggestion (1) above. The first group shows the Purchase Invoice, Inventory and Balance Sheet.
Thank you. I just start to use this excellent programme to keep track of my small business startup. In my business, I have quite a lot of consignments and tracking the physical location of my inventory is always painful. Looking forward to see the warehouse function coming soon.
