Wiki
What is Inventory Item?
Inventory item – is a separate product which can be specified in stock.
If your company sells stock items, you can track inventory. An inventory item is a product that is purchased for resale and is tracked in Stock and on the Balance Sheet. Inventory items appear in the customer process (on sales quotes, sales orders, sales invoices, or customer credit notes) and in the supplier process (on purchase orders, purchase invoices – Supplier bills, or supplier credit notes).
The inventory items list shows quantity on hand, available stock and on sales order columns:
- Quantity on Hand – the available stock on hand or in all warehouses.
- Available Stock – quantity on hand minus on sales orders. For example you may can have 5 items in the warehouse and 4 items on a sales order, so the available stock is 1 item.
- On Sales Order – the total of the items on sales orders
Working with inventory items
After you set your company and finish Accounting Getting Started page, you can add new inventory items on the Products/Services listing page. This form allows you to enter detailed information about the item, including the accounts to charge when you buy and sell the item, quantity on hand, and reorder point.
When you purchase and receive items, kpi.com Accounts credits the Pending Goods Received Notes account and debits the Stock asset account. When you convert this Purchase order to purchase invoice it credits the Accounts Payable account for the supplier and debits the Pending Goods Received Notes account. When you sell the items, kpi.com Accounts credits the Stock asset account and debits the Materials Purchased, cost of goods sold account.
See also
- Purchase Order for Fixed Assets
- Goods Delivered Notes
- Sales Quote
- Sales Order
- Sales Invoice
- Recurring Invoice
- Request for quote
- Request for purchase
- Purchase Order
- Purchase Invoice
- Recurring Bills
- Fixed Assets
- Company Expense Claims
- Employee Expense Claims
- Customer Center
- Supplier Center
- Products & Services Overview
- Bank Accounts
- Supplier Access
- VAT Reverse Charge Mechanism
- Setting Barcode for a Product
- Items Table
- Run Time Calculation of Exchange gain/loss
- Exporting to Excel and PDF
- Timesheet Invoice
- Budget per Department
- VAT Return
- Bank reconcilation
- Dividends Payable
- Assembly Products
- Add New Assembly Item
- What is Non-Inventory Item?
- Add New Non-Inventory Item
- FIFO method of inventory valuation
- Add New Inventory Item
- Products/Services Import
- Add New Product/Service
- Intercompany Purchases
- Creating Intercompany Sales Invoice
- Intercompany Sales
- Workflow of Expense Claims
- Purchases / Bills Overview
- Timesheet based Invoice
- Progress Invoicing
- How to convert Sales Quote to Order, Invoice & Project
- Sales Overview
- Serial Numbers
- Accounting Overview
- Landing Cost
- Mark PO as Open
- Purchase Order Actions
- Receive Purchase Order
- Send Purchase Order
- Importing Customer Accounts