8/6/2019 Maintaining Inventory Items

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C OMPUTERISED A CCOUNTING

SUBMITTED TO SIR BILALSARWAR SUBMITTED BY BILALYASIR SECTION B6DATE OF SUBMISSION APRIL28, 2011REGISTRATION# L3FO8BCOM2364

8/6/2019 Maintaining Inventory Items

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Peachtree Accounting

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Maintaining Inventory Items:

Inventory items are maintained to record unit price and stock available in a business and how much is to be ordered, minimum stock to maintain and all other information like weight, unit measure etc.

To maintain inventory, Click maintain and select inventory items. There are three main tabs like General, Custom Fields and History. First of all Inventories item s id is to be recorded, then descri p tion like name of inventory is to be recorded. In right side of item id, there is item class where different information for inventory is recorded. For exam p le Stock item, master stock item etc. For the time being we would use stock item. In general tab, first of all there is descri p tion to save Q uotes, Sales Orders, Sales/ Invoicing, and Recei p ts information. You can enter up to 160 characters to describe this item. The second op tion is for descri p tions for purchases and information to be recorded is purchase orders, purchases and payment windows

in 160 characters.

Price level: In price level dro p down list, we can set different price levels for inventory either on discount or other pricing strategies.

Tax type: In inventory tax type, different tax amount is to be recorded for tax pur pose.

Last unit cost : it indicates the last unit associated with the inventory item. On purchase, payments or beginning balance is made for an item; the last unit cost is updated.

Cost method: Costing method is used to maintain inventory item s cost to charge, and there are three type of this costing method. First is FIFO (First in First out), second is LIFO (Last in Last out) and third is average method.

For pro per connection General Ledger sales account, GL Inventory Account, and General ledger Cost of sales Account is updated with their res pective account ID s.

UPC / SKU: It re presents universal price code and its purpose is to record items detail encoded in barcode.

Item Type : It is used to grou p like inventory items together.

Location : You can enter 10 characters to record its location. This app ears on inventory re port and lists.

Unit/measure: You can use unit for inventory items like barrel, kg etc.

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Peachtree Accounting

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W eight: This re p resents the item s weight.

Q uantity on hand is items that are physically available. Minimum Stock is for entering minimum number of items on which you reorder. Reorder quantity is what you normally order.

Preferred vendor Id: It is for recording your supp lier details. Buyer Id is for selecting person who will act as buyer for inventory item.

The beginning balance for inventory items includes the quantity, unit cost, and total cost of the inventory. You only use this when you first enter beginning balances.

Item ID: This is the item for which you want to enter or change the beginning balance.

Quantity: This is the number of items you have in stock.

Unit cost: Enter the cost of the item per unit. If you want to calculate the unit amount, leave this blank and enter an amount in the Total Cost entry box.

Total cost: This is calculated by multi p lying the quantity by the unit amount.