PEACHTREE -- INVENTORY ITEMS

INVENTORY ITEMS

In order to maintain inventory record, we click on “MAINTAIN” on menu bar and then we click on “INVENTORY ITEMS”.

The following default screen will appear as we click on ‘Inventory Items’:

In Case of “STOCK ITEM” (item class) :

The “GENERAL” tab will appear as default in inventory records. This tab includes the following options:

Ø Item ID ( a particular ID is given to each item. It may be numeric or alphanumeric )

Ø Description ( The name or description of particular item )

Ø Inactive

Ø Subject to commission

Ø Price Level 1

Ø Item Tax Type

Ø Last Unit Cost

Ø Cost Method ( includes FIFO , LIFO , Average )

Ø UPC / SKU

Ø Item Type

Ø Location ( here we will enter the location of inventory item where that item is placed )

Ø Unit/Measure

Ø Weight ( weight of particular inventory item )

Ø GL Sales Acct ( we click on magnifying glass and select “SALES ACCOUNT” from ‘Chart of Accounts’ )

Ø GL Inventory Acct ( here we click on magnifying glass and select “INVENTORY ACCOUNT” from ‘Chart of Accounts’. As we are dealing with perpetual inventory system )

Ø GL Cost of sales Acct ( we click on magnifying glass and select “COST OF SALES ACCOUNT” from ‘Chart of Accounts’ )

Ø Beginning Balances

The next tab is “CUSTOM FIELDS”. In this tab we will enter extra information.

The next tab is “HISTORY”. This includes the sale and purchase history of particular inventory item.

In Case of “MASTER STOCK ITEM”( item class ):

The “GENERAL” tab includes the following options:

Ø Price Level 1

Ø Item Tax Type

Ø Cost Method

Ø Item Type

Ø Location

Ø Unit/Measure

Ø Weight

Ø GL Sales Acct

Ø GL Inventory Acct

Ø GL Cost of Sales Acct

The next tab is of “CUSTOM FIELDS”, which have same options as described earlier.

The next tab is “ITEM ATTRIBUTES” related to particular inventory item.

In Case of “NON STOCK ITEM ( item class )”:

The “GENERAL” tab will appear as we select ‘Non-stock item’ in ‘item class’. This ‘General’ tab includes:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Price Level 1 ( price levels for particular inventory item are set )

Ø Item Tax Type

Ø Last Unit Cost

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø Weight

Ø GL Sales Acct ( we click on magnifying glass and select ‘Sales’ account from chart of accounts )

Ø GL Salary / Wages Acct ( we click on magnifying glass and select ‘wages’ or ‘salary’ expense account from chart of accounts )

Ø GL Cost of sales Acct ( we click on magnifying glass and select ‘cost of sales’ account from chart of accounts )

The next tab in ‘non-stock item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Non-stock item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

In Case of “DESCRIPTION ONLY”(item class):

The “GENERAL” tab will appear as we select ‘Description only’ as ‘Item Class’.

The “GENERAL” tab includes the following:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Item Type

The next tab in ‘description only item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Description only item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

In Case of “SERVICE”(item class):

The “GENERAL” tab will appear as we select ‘Service’ as item class.

The ‘General’ tab in ‘Service’ item class includes:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Price Level 1 ( price levels for particular inventory item are set )

Ø Item Tax Type

Ø Last Unit Cost

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø GL Sales Acct ( we click on magnifying glass and select ‘Sales’ account from chart of accounts )

Ø GL Salary / Wages Acct ( we click on magnifying glass and select ‘wages’ or ‘salary’ expense account from chart of accounts )

Ø GL Cost of sales Acct ( we click on magnifying glass and select ‘cost of sales’ account from chart of accounts )

The next tab in ‘Service item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Service item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

In Case of “LABOR”(item class):

The “GENERAL” tab will appear as we select ‘Labor’ as item class.

The ‘General’ tab in ‘Labor’ item class includes:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Price Level 1 ( price levels for particular inventory item are set )

Ø Item Tax Type

Ø Last Unit Cost

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø GL Sales Acct ( we click on magnifying glass and select ‘Sales’ account from chart of accounts )

Ø GL Salary / Wages Acct ( we click on magnifying glass and select ‘wages’ or ‘salary’ expense account from chart of accounts )

Ø GL Cost of sales Acct ( we click on magnifying glass and select ‘cost of sales’ account from chart of accounts )

The next tab in ‘Labor item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Labor item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

In Case of “ASSEMBLY”(item class):

The “GENERAL” tab will appear as we select “ASSEMBLY” as item class.

The ‘General’ tab in ‘Assembly’ item class includes:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Price Level 1 ( price levels for particular inventory item are set )

Ø Item Tax Type

Ø Cost Method ( we have to select either use ‘FIFO’ , ‘LIFO’ or ‘Average’ method of costing )

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø Weight

Ø GL Sales Acct ( we click on magnifying glass and select ‘Sales’ account from chart of accounts )

Ø GL Inventory Acct ( we click on magnifying glass and select ‘Finished goods Inventory’ account from chart of accounts )

Ø GL Cost of sales Acct ( we click on magnifying glass and select ‘cost of sales’ account from chart of accounts )

Ø Minimum Stock

Ø Reorder Quantity

Ø Beginning Balance

The next tab in ‘Assembly item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Assembly item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

The next tab in ‘Assembly’ item class is “Bill Of Materials”. This includes requisition description of particular inventory item with ID.

In Case of “ACTIVITY ITEM”(item class):

As we select “ACTIVITY ITEM” as item class the following ‘General’ tab will appear as default:

The ‘general’ tab in ‘Activity item’ includes the following:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Billing Rate # 1

Ø Item Tax Type

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø GL Income Acct ( we click on magnifying glass and select ‘Income ’ account from chart of accounts )

The next tab in ‘Activity item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Activity item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.

In Case of “CHARGE ITEM”(item class):

As we select “CHARGE ITEM” as item class the ‘General’ tab will appear as default.

The ‘general’ tab in ‘Charge Item’ item class includes:

Ø Item ID ( a particular ID is given to each inventory item, it may be numeric or alphanumeric )

Ø Description ( description or name of particular inventory item )

Ø Price Level 1

Ø Item Tax Type

Ø UPC / SKU

Ø Item Type

Ø Location ( the place at which that particular inventory item is placed. e.g, warehouse )

Ø Unit/Measure

Ø GL Income Acct ( we click on magnifying glass and select ‘Income ’ account from chart of accounts )

The next tab in ‘Charge item class’ is “CUSTOM FIELDS’. This tab includes secondary information of particular vendor from whom we purchase the particular inventory item.

The next tab in ‘Charge item class’ is “HISTORY” tab. This includes the complete record of particular inventory item regarding its sold and purchased units.