Difference between revisions of "FrontAccounting-2.4.7/C2/Items-and-Inventory-in-FrontAccounting/English"

Items & Inventory

Learning Objectives

• Units of Measure
• Items
• Item Category and
• Sales Pricing

System Requirements

• Ubuntu Linux OS version 16.04
• FrontAccounting version 2.4.7

Pre -requisites

To practise this tutorial, you must have knowledge of:

• Higher secondary commerce & accounting
• Principles of Bookkeeping

• Higher secondary commerce and accounting and
• Principles of Bookkeeping

• Set up an Organisation/Company in FrontAccounting

If not, for relevant FrontAccounting tutorials please visit https://spoken-tutorial.org

If not, for relevant FrontAccounting tutorials please visit this website.

Start XAMPP service

Items

• Items are the things which we can buy or sell in the business.

• We have to keep a record that lists key information about an inventory item.

Inventory

• Stock in hand,
• Work in progress,
• Raw materials and
• Finished goods in hand.

Click on the Login button

Click on Login button.

• Items
• Units of Measure
• Item Categories

To do the setup, we have to make use of the following options:

• Units of Measure
• Items and
• Item Categories

Point to default units

By default you will see each and hour as units of measure.

• Unit Abbreviation - Kgs
• Descriptive Name - Kilograms
• Decimal Places - 0

In the Decimal places drop-down box, select zero.

Point to the message prompted

“New unit has been added.”

The pop-up message shows that we have successfully added a new unit.

Likewise you have to add the required Units of measure for your company’s items.

Item Categories helps us to group the items we buy and sell.

We can see some default Item categories here - Charges, Components, Services and Systems.

• Item tax type,
• Item Type and
• Units of Measure

• Item tax type,
• Item Type and
• Units of Measure

Say for example, our company deals with finished goods i.e Laptops.

So we will add a new Item category named Finished Goods.

• Category Name – Finished Goods
• Item Tax Type - Regular
• Item Type - Purchased
• Units of Measure - Each

Default values:

• Exclude from Sales
• Sales Account
• Inventory Account
• C.O.G.S Account
• Inventory Adjustment Account
• Item Assembly Costs Account

• Category Name – Finished Goods
• Item Tax Type - Regular
• Item Type - Purchased
• Units of Measure - Each

Keep all the remaining fields with default values.

Click on Back link at the bottom of the window to go back to the FrontAccounting interface.

• Item Code - 8090
• Name - Dell Laptop
• Description - Dell Vostro 3480 Intel Core i3 8th Gen 14-inch HD Thin & Light Laptop
• Category - Finished goods
• Item tax type - Regular
• Item type - Purchased
• Units of Measure - Each

Fill the details as shown here.

Make sure that you give a unique code for each item you fill.

This is mandatory.

We have selected Finished Goods.

• manufacturing
• service
• purchased

• manufacturing purpose
• purchased from a supplier or
• for a service

Click Insert New Item button

Point to the message prompted

“A new item has been added.”

And then click on the Insert New Item button at the bottom of the window.

The pop-up message shows that we have successfully added a new item.

We can see that the new item has been added.

• Add two new items under Item category- Finished goods
• Add two new items under Item category- Components
• Refer to the Assignment link of this tutorial for details

Now you should see 2 items under Components and 3 items under Finished goods.

Point the option under Pricing and Costs panel

Click on the Sales Pricing link.

Select the item Dell Laptop for which we want to assign the Sales Price.

Select the Indian Rupees option from the dropdown box

Select the currency as Indian Rupees.

Select the drop down box showing the two options.

Narration Select >> Wholesale>> from the drop down box

There are two options:

• Retail and
• Wholesale

Here select the option, Retail.

Type the amount for the Item.

Type the Price against the Item as 53,000 per each.

Point to the message prompted

“The new price has been added.

The pop-up message shows that we have successfully added a Sales price for the item Dell Laptop.

Let us summarize.

In this tutorial, we have learnt how to create,

• Units of Measure
• Items
• Item Category and
• Sales Pricing

Keep the Sales Type as Retail.

Acknowledgement

• The video at the following link summarises the Spoken Tutorial project.
• Please download and watch it

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Forum for specific questions:

Acknowledgement

More information on this mission is available at this link.

The script and video has been contributed by Spoken Tutorial team. This is Pratik Kamble signing off. Thanks for joining.