You can have access to Inventory if you subscribe to Inventory module. However, during the trial period, this module is accessible by all.
Inventory allows you to track the followings;
- the quantity of your product in hand
- the quantity that you have committed to your clients
- the quantity that you have sold
- the quantity of the product that you have purchased in a single page.
When to use tracked inventory?
Use tracked inventory in SimpanKira to count stock and account for the cost of goods sold. You can also report on the quantity and value of stock you have on hand.
When you track inventory, SimpanKira records the quantity of inventory items you have available to sell and includes the value of the items you have on hand on the Balance Sheet report. As you trade items, the inventory balance updates.
Tracked inventory isn't suitable if your organisation:
- Already uses a third party inventory app
- Has more than 4,000 inventory items to track
- Operates with negative inventory, where the sale of goods is recorded before their purchase
- Uses the periodic inventory method, where you only update inventory at month end or year end using inventory adjustments
- Manufactures or assembles goods for sale and needs to track the components that make up the finished product
Inventory movement can be increased or decreased through the cash sales or cash purchase at Bank, or sales and purchase at Invoice.
Business process at Inventory can be initiated by producing Purchase Order. At this stage, the inventory is not yet increased until you acknowledge of receiving the goods at Purchase Order. This purchase order can then be converted to Purchased Invoice so you can proceed with making payment to the supplier.
Caution
Items tracked for inventory cannot be deleted if there is any accounting transaction involving this item. It has become a Balance Sheet item and removing it will be detrimental to the Balance Sheet reporting.