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Using TurboCASH

 







STOCK ITEMS
CREATE STOCK ITEMS
  
This option is used when you need to set your Stock Items up if you trade in Stock or to delete existing Stock Items. Before any documents for Debtors or Customers (Invoices, Credit Notes, Quotes) and documents for Creditors or Suppliers (Purchases, Goods Returned, and Orders), may be processed, a valid Stock Item Code must exist in the Stock Item master files. Stock is controlled by the system by way of a code, description, cost and selling price. Stock is also linked to a Sales Account, Cost of Sales Account and a Stock Control Account Number. These Stock Item master files are as follows:
  • Physical Stock Items - those Stock Items purchased for resale to debtors or customers.

  • Service Stock Items - the Stock Item Code will be use for the selling of services. No physical quantities and cost prices should be used for these Stock Items.
Should you wish to sell services and combine these with your stock items, you may also create a Stock Code for the Service Items. If you have an industry that controls stock as well as non-stock items, you can still invoice out of the TurboCASH system. Consider a beauty salon. The beauty salon will sell services (facials, manicures, etc) as well as stock items (nail polish, hair spray, lipstick, etc). It would therefore be advantageous to invoice out both the stock items and the services at the same time and on the same invoice.

The process to create a physical Stock item is basically the same as for that of a Service item. To view the topic for creating a Service Item, click here:

 

To Create a new Stock Item:
Click on the Edit - Stock Item menu option or press the and and keys on your keyboard. The Stock Item (Standard tab) screen and the Stock Item search facility screen will be displayed. Press the button on your keyboard to exit the Stock Item search facility screen. The cursor should the blink in the Stock Code field.

Title bar - double-click to display the screen in full size or to return to the normal size. Close button - click to close or exit this screen. Select to create, edit or delete a Stock Item. If selected, you may edit the data in the columns for each Stock Items. Select to adjust stock items on one of the standard adjustment options. Select to search for an available Stock Item. Click OK to save your changes and to process this screen. Click to close or exit this screen. Enter a Stock Code for a new Stock Item or select a valid Stock Item Code. Enter or edit a Descriptions for a selected Stock Item. The Average Cost will be updated, once documents have been processed. Select a Stock Group from the list if you have set Stock Reporting Groups. Enter or edit barcodes for a selected Stock Item, if you use barcodes. Select a unit from the list. The Quantity on Hand will be updated, once documents have been processed. Select a Stock Group from the list if you have set Stock Reporting Groups. Select to apply discount on Invoices. Select the Sales Account. Select the Cost of Sales Account. This can only be selected, if the Use Cost of Sales is selected in the Setup Stock Information menu. Select the Stock Control Account. Select the Input - (Purchases) Tax Code for this Stock Item, if you are registered for VAT. Select the Output - (Sales) Tax Code for this Stock Item, if you are registered for VAT. Enter or edit the minimum level for the Stock Item, when you should consider to re-order. The Total Cost will be updated, once documents have been processed. It is the Cost Price multiplied by the Quantity on hand. The Latest Cost will be updated, once documents have been processed. Enter up to 3 selling prices exclusive of VAT for your Customers or Debtors. Select to create a new Stock Item. Click to delete a selected Stock Item. The last invoice number will be displayed if any invoices for the Stock Item was generated. Enter up to 3 selling prices inclusive of VAT for your Customers or Debtors. Click to change the Stock Item code. Minimise button - click to minimise this screen. Click to restore this screen to its original size.
Enter and select the following:

Option Description
Stock Code Enter a stock code consists of up to 15 characters. It is important for you to plan the Stock Item codes, as to optimise this facility in TurboCASH.
Description Enter a description or name for the Stock Item.
Bar Code The bar code may be used in conjunction with a scanner. This facility is optional.
Apply Invoice Discount Select this field if you wish to apply discount on an Invoice for the specific item. If no discount is allowed on an Invoice for this specific Stock Item, leave this field blank.

If this field is selected, any percentage customer discount as specified on the Edit - Accounts - Debtors (Accounting Information tab) for the selected debtor account, will automatically be calculated.
Stock Group 1 / 2 The reporting group to which you wish this stock item to be allocated. Stock Group 1 and 2 or any other name or description you have entered on the Reporting Group Name field on the Stock Groups tab of the Setup - System Parameters - Groups menu option. You may select any available reporting group from the drop down list.
Unit Size You need to select the Units of your Stock Items, such as each, litres, boxes, etc. as setup in the Setup - System Parameters - Stock Information menu option.

If you wish to combine services you sell with your stock items, you need to specify the Units of Stock as Hours or any other suitable description for your services.
Latest Cost The latest Cost price of your Stock Items can be entered. When you process purchases, TurboCASH will update your Latest Cost Price.
Input Tax Account Select the Input VAT account, which you will use for your Purchases. If this is a Zero Rated Stock Item, which is exempted from VAT, select the Input Zero Rated Tax Code.

If you are not registered for VAT, select No Tax Code and this field will be blank.
Output Tax Account Select the Output VAT account, which you will use for your Sales. If this is a Zero Rated Stock Item, which is exempted from VAT, select the Input Zero Rated Tax Code.

If you are not registered for VAT, select No Tax Code and this field will be blank.
Re-order Level The minimum level of Stock that wish to keep on hand for this Stock Item. In the case of Service Items, this field should be left blank.
Selling Price 1/2/3 This description should reflect your selling price descriptions as you have entered in the Setup - System Parameters - Stock Information menu option. If you have for example entered Retail, Wholesale and Cash for these Selling Prices, the Selling Price 1 / 2 / 3 will be respectively displayed as such. Enter or edit the selling prices as inclusive or exclusive of VAT.

The amounts as entered in these fields will be displayed on Invoices, Credit Notes and Quotes when the cursor is displayed on the Amount fields. You may select any of the available selling prices you wish to charge your customers or debtors. Note that Point-of-Sales Invoices are processed inclusive of VAT
Sales Account Select the applicable Sales Account from the search facility for this Stock Item. If you have more than one Sales Account or use Sub-accounts, you may select the applicable Account or Sub-account for each of your Stock Items.
Cost of Sales Account Select the applicable Cost of Sales Account from the search facility for this Stock Item. If you have more than one Cost of Sales Account or use Sub-accounts, you may select the applicable Account or Sub-account for each of your Stock Items.

If the Cost of Sales Account field is inactive, you need to select Use Cost of Sales in the Setup - System Parameters - Stock Information menu option.
Stock Control Account Select the Stock Control Account from the search facility for this Stock Item. If you use Sub-accounts, you may select the applicable Sub-account for each of your Stock Items.

Click on the button to save this stock item. The search facility for Stock Items will be displayed. You may press the button on your keyboard and create the next item.

Once you have created all your Stock Items, press the button on your keyboard to exit the search facility and the Stock Item screens. You may also click on the Close buttons on both screens.

It is recommended to check your stock items and do the necessary amendments, if necessary, before you take on your physical stock (entering your Quantities on Hand). You may generate the following reports: -

Stock Item Listing To check that you have entered your selling prices correctly, you have to select All Prices in the Stock List Options screen.
Re-Order Report To check your Re-Order levels

After checking all the necessary detail and you are sure that everything is correct, you can start processing documents or to Take-on the Stock Items at Hand.

If you have a business entity that is controlling stock per line item, TurboCASH will calculate the gross profit for you, provided that the Cost of Sales has been setup in the Setup - System Parameters menu option and the current cost value is entered into TurboCASH.

Particular care should be taken when entering the cost of your stock. This is because TurboCASH will work out an average cost for you and will also pass the following journals:

DR - Cost of Sales (Income Statement) CR Stock Control (Balance Sheet) Therefore, if the incorrect values are entered, this will then either increase or decrease the bottom line profit of your set of books. That can have drastic effects on your company’s tax calculations.

Once you are controlling stock and invoicing out of the system, TurboCASH will do the following:
  • Generate an invoice

  • Automatically write up the Sales journal and the Cost of Sales journal for you

  • Automatically update the Sales figures, the VAT and the Debtors

  • TurboCASH will also calculate your Cost of Sales and subtract that figure from your Sales figure, thus giving you the Gross Profit for that particular line item.

  • Automatically update the stock quantities, average cost prices and the salesmen's report.

If you are creating Goods Received Notes, TurboCASH will do the following:
  • Generate a Goods Received Note

  • Write up the Purchases journal automatically

  • TurboCASH automatically updates the stock account, the VAT and the Creditors

  • TurboCASH will also update the stock quantities and average costs

Stock can be categorised into groups, if so required, by the prefix of the code. The Sales, Cost of Sales and Stock accounts can also be split into sub-accounts per stock category. Each stock item can then be linked to the appropriate Sales, Cost of Sales and Stock sub-account for its particular category. Each stock item can also be linked to different tax types catering for varied VAT rates.