Inventory Items

Inventory Items

We have studied how we can maintain customers and vendors, now its time to study about, how to maintain the inventory items. Inventory means that the raw material or the finished goods that you have in you stock. To maintain the inventory items click on “Maintain” as you will click over you will find another list falling down, from here click on the 5^th option that is “Inventory Items …” like the following picture:

Just Click over, when you will click over you will find a new window like the following picture:

Item ID: Here you will have to type an “Item ID” like we have studied the “Customer ID” It should be unique e.g. if your business is trading and you are dealing laptops then your IDs should be DE for DELL SO for SONY To for TOSHIBA so on and so forth.

Keep In Mind

Use as fewer Numbers as you can because every number takes place in from your hard disk.

Description:

   Here you will have to type the brief description so that you can search it easily.

Item Class:

          If you will click over you will find lots of other options but we are discussing the Stock Item yet which means how many stock you have in your inventory. The Manufacturing companies and the trading companies usually select it.

GL Sales Account:

      Here you will have to select the GL Sales account that you have made earlier.

GL Inventory Account:

Here you will have to select the GL Inventory account that you have made earlier.

GL Cost of Sale Account:

   Here you will have to select the GL Cost of Sale account that you have made earlier.

Then the software will maintain the inventory automatically.

Pricing Level 1:

                      Here you can assign number of pricing levels of a product.

Last unit Cost:

       This is the price on which you have bought the last unit.

Cost Method:

      Here you will have to select the Costing method which can be FIFO LIFO and Average through which the software will automatically maintain your inventory.

UPC/SKU:

            This is the Universal Price Control means the price assigned to particular product.

Item Type:

     Here you select the type of your inventory means does your inventory perishable or non-perishable and some thing like that.

Location:

      Here you sate the location of the material placed.

Unit/Measure:

                  Here you state that your single unit contains how much quantity.

Weight:

      Here your will state the weight of your inventory.

Minimum Quantity:

               This refers to the minimum quantity before order.

Reorder Quantity:

               This means that how much quantity should you in hand so that you could able to order the new one and could sale the existing without losing your customers.

Preferred Vender ID:

   Here you select the vender from whom you preferred to buy when your reorder quantity will prompt.

                

Sales/Invoicing

Sales/Invoicing

After having a clear view about the quotes and sales order now it’s a time to discuss about the Sales/Invoicing. When the time arrives to ship the good to a particular customer you have to record a sale in your books. Here if you want to record a sale in Peachtree you have to move your curser to the “TASK” and select “Sales/Invoicing” Like the following picture”

When you will click over you will find the following window:

Here you have to write the customer id when you will select the appropriate customer you window’s display will be changed from “Apply to sale” to “Apply to Sales order” and here you have to select the appropriate sales invoice number like the following picture:

When you will select the sale order no. you display will be changed like the following picture:

Now here you just have to write the invoice number and the shipped quantity.

Quotes/Sales Orders

Quotes/Sales Orders

1^st step to record the sales order is to receive “Purchase Order” if you did not receive order from the customer you need not to record the “Sales Order” but if you receive “Purchase Order” from your customer then you should record it. Keep in Mind that you are recording it for your convenience, it is not mandatory to record the sales order; you can simply record it in your Invoices. Moving on we are going to learn how to record “Quotes/Sales Orders” for this move your curser to the “TASKS” and then on the 1^st option which is “Quotes/Sales Orders” like the following picture:

Here you will find two more options one is Quotes and other is Sales Order now firstly we will discuss Quotes and then Sales Order.

Quotes

It means that you have received a purchase order but the customer wants to ask about the price, quantity that you can provide and the quality etc. Then you will record it and tell him about all the things. To record it just select the quotes, when you will click over you will find the following picture:

Customer ID: Here you have to select the Customer to whom you are going to send the quotation for the purchase.

Date: Here you have to select the date on which you have received the order.

Good Thru: Here you have to select the appropriate date on which you will deliver the goods to that particular customer.

Quote No.: it same like the serial number of your quotation book.

Quantity: some times it happen that the required quantity can not be owned by the company so in that way you have to tell the customer about the quantity that you can provide them if you can provide them all the quantity that they have demanded then you will write all quantity here.

Item: Here you have sect the ID of that item which you are going to deliver.

Description: it will appear automatically.

GL Account: it will appear automatically.

Unit Price: Here you have to write unit price of that particular item.

Amount: it will appear automatically by multiplying the unit price to quantity.

Sales Orders

Here you can save it for your remembrance, it is not necessary to record but if you will record it this will definitely help you. For this click on the Sales order and you will click the following window:

When you will receive the purchase order then you can record it for you’re your memorization.

Customer ID: Here you have to write the particular customer to whom you are going to sell your goods.

Date: Here you have to write the appropriate date on which you are recording it.

Ship by: Here you have to write the date on which you will ship the goods.

Quantity: here you have to write the quantity that is required by the customer.

Shipped: we will discuss it later.

Item: Here you have to write the ID of that item which is going to be shipped.

Description: Name of the item.

Unit Price: Unit price of the item.

Amount: it will appear automatically by multiplying the unit price with the quantity.

OR

Or you can just convert the quotation to the sale order. Open the particular Quotation and click on “convert” your quotation will convert to you sales order.

Vender Credit Memo

Vender Credit Memo

If you buy goods from the vender and after that some goods become stale then you normally return that goods to that particular vender which is known as Sales Returns. Likewise in Peachtree Software if you want to record the sales returns then you have to go to the Vender Credit Memo. For this move your curser to the “Tasks” and then select the “Vender Credit Memo” like the following picture:

As you will click over you will find the window like the following picture:

Vender ID: here you will have to select a particular vender to whom you want to return the goods and when you will select that particular vender who has appropriate information in the Peachtree you window’s display will be changed from “Apply to Purchases” to “Apply to Invoice No.” like the following picture:

Date: here you have to select the date on which you are making this transaction.

Credit No.: A credit number should be entered here according to the return.

Apply to Invoice No.: here you just have to select the invoice number and as you will select it you will find your display like the following picture:

Item: it will appear automatically.

Quantity: it will appear automatically.

Returned: Here you have to write that particular quantity that you want to return and then click on save because all other things will be done by the software it self.