Inventory Items make it easy to prepare your invoices and provide you with management information to help run your business.
Some features of the Inventory are only available in the Cashflow Manager GOLD edition. However, both versions of Cashflow Manager allow you to list Sell Items for use in Sales Invoices, manage Sell Prices, and Import and Export Inventory data.
The GOLD edition includes extra features such as Supplier, Category, Buy Items, Sell/Buy Items, Reorder Levels and Quantities, automatically adjusted On Hand values and track inventory on items that are bought and sold.
When you click on the Inventory tab in the Invoice section, the Inventory List will display.
This consists of:
The Inventory List lists your inventory together with ‘summary’ information about each item. Generally all items will be listed, but you can select to just see Buy Items, Sell Items or Sell/Buy Items by selecting that option on the top left of your screen.
Note that if you have Cashflow Manager then the Inventory section will only include the Sell or Customer options. If you have Cashflow Manager GOLD, the Inventory will include both Customer and Supplier (Sell and Buy and Track Inventory) options.
The Inventory List can be sorted by any of the columns by clicking on the column heading at the top of the list.
A triangle to the right of the column name will indicate the sort order of the column: an ‘up’ triangle indicates ascending order, and a ‘down’ triangle descending order.
To quickly and easily search for an inventory item, sort by Description and then type the first few letters of the Description. The closest match will be highlighted in the list.
To the right of the Inventory List are buttons for the common functions undertaken in the program. These are divided into groups: Items and Inventory.
Each function button performs a different task in the program. They allow you to add, edit or delete items as well as track inventory (GOLD), modify prices and import inventory items.
The Inventory consists of Items. Items make it easy to create all sorts of invoices, orders and adjustments. An Item can be:
·A physical item that you buy and sell.
·A physical item you buy. For example: you may buy items that are incorporated as components into a manufactured product.
·A physical item you sell. For example: a manufactured product.
·A service item that you record in the inventory section so you have standard descriptions and prices to make invoicing easier.
‘Labour’ is an example of a ‘service’ item.
Another example is the standard descriptions that some businesses have for various services that make up an invoice. These can be recorded as inventory items and selected when the invoice is being created.
If you are using Cashflow Manager GOLD you can also track physical inventory items that are bought and sold so that you know the number and value of items in stock.
Track Inventory Overview (GOLD Only)
You can track inventory items that are bought and sold so that you know the number and value of items in stock.
Not all inventory items are tracked. Only items that are Buy/Sell can be, and only those where you select to track inventory in the Add Inventory or Modify Inventory functions will be tracked.
When you first commence to track an inventory item you need to record the quantity on hand (opening quantity) and the opening value of that item.
Thereafter, transactions affecting that item are tracked as follows.
1. Supplier Transactions
a.Items in purchase invoices will increase Inventory on Hand
b.Returns will decrease Inventory on Hand
a. Items in sales invoices will decrease Inventory on Hand
b.Adjustment Notes will increase Inventory on Hand
Then there is the unknown. The Inventory on Hand may change because of pilferage, breakage, or other reasons. These require manual adjustments which are performed in [Modify Item] for individual items, or by using the [Track Inventory]button on the Inventory List page.
The following diagram provides an overview of the Track Inventory process.
Add a New Item:
To add a new item to the inventory, click the [Add Item] button. The New Inventory Item window will appear. Depending on which version of Cashflow Manager you have, different options may appear. Therefore, some of the following descriptions will only be relevant if you have Cashflow Manager GOLD or if you have selected the Sell/Buy option.
NOTE ON PRICING AND GST: The values you enter for price depends on whether you have chosen for Invoice Manager to use GST Inclusive or GST Exclusive prices. GST Exclusive means the program will add GST to any values you enter.
1. Select whether the item is one that you Sell Only (including physical and service items), one that you Buy Only, or one that you both sell and buy (Sell/Buy).
2. Select the Category that applies to the particular item (refer to Maintain & Assign
3. Sell Details: Sell Details are only active if Sell Only or Sell/Buy item types are selected.
a. Type in a unique Sell Code for the product. (If you type in a code that already exists you will receive a message asking you for a new code when you click on[Save] .)
b.Record the description (up to 250 characters) that you want to generally appear on your invoices in the Sell Description box.
c. Select the Sell Tax Code to allocate the correct GST to the product. Note that the Description, Sell Tax Code and Sell Price can be changed for individual invoices where the standard option does not apply.
d. Record the Sell Price.
i. If you use GST Exclusive Prices, the Sell Price would be excluding GST. If you have selected to use GST Inclusive Calculations then record the GST Inclusive
ii. If you are using different Customer Types, record the Sell Price for each Customer Type.
Note: There is no need to record a price for a ‘Service Item’ that will form part of a composite list of items with one overall price at the end of the list.
a. If you have selected Buy/Sell, as you record your ‘Sell’ information the Buy Code, Buy Description and Buy Tax Code duplicate what has been entered. Change these as required. For example, the Buy Code should match the Item Number of your main supplier.
b. Record the current Buy Price.
c .Record the Supplier Code
. This is not mandatory as sometimes the same item may be purchased from more than one supplier. However, selecting the Supplier Code will match the Buy Code to a Supplier to make it easier when you are creating Purchase Orders and recording invoices from suppliers.
5.Quantities: Quantities only apply if you want to track inventory levels for an item. For such items the opening quantity and value needs to be recorded for accurate reporting.
a. To track inventory levels on an item, click on the [Track Inventory?] checkbox.
b.Click on the [Opening Inventory]button.
i. Record the Initial Value Date. This is the date from which you are commencing track inventory. See ‘Inventory Tracking’for more details.
ii. Record the Initial Quantity on hand for this item.
iii. Record either the Average Cost per Item or the Total Value of Opening
Inventory. (The alternate field will calculate for you.)
iv. Click [Close].
c. Record the Reorder Level for this item if you have one.
d. Record the standard Reorder Quantity for this item.
6.Click on [Save] to save and exit or [Save & New] to save this item and add another.
Modify an Item
To modify an item’s details, including adjusting stock levels and pricing, select the item from the Inventory List and click the [Modify Item]button.
The Quantities section now has a [Current Inventory] button instead of [Opening Inventory] as well as On Hand information for any items that are tracked. Sometimes your inventory will require manual adjustment, e.g. because of loss, theft or breakage. You can adjust the amount shown by clicking on the [Adjust] button, and entering the amount in the box provided.
The Current Inventory Value summarises the quantity on hand and value of inventory on hand at any time. It will include the Opening Inventory plus any transactions that have occurred since the Opening Inventory date. Click [Close] to return to the Inventory Item.
To start tracking an inventory item, click on the Track Inventory checkbox. Click on the
[Current Inventory] button, then on [Opening Inventory] and record the Opening Quantity and Value. Click on [Close] to return to the Current Inventory Value and
[Close] again to return to the Edit Inventory Item page. Make the required changes, and click the [Save] button, or click the [Cancel] button to exit without saving changes. The Sell and/or Buy Code must still be unique.
Delete an Item
Select the item from the list, and click the [Delete Item] button. You will be prompted if you are sure you wish to delete the item, click [Yes] to do so. The item and all its details, including stock levels will be permanently deleted. This will not affect previously saved invoices