Tag Archives: Stock

Out of Stock

Software: MoneyWorks accounting software
MoneyWorks will prompt when you try selling a product which does not have enough stock on hand.

Under the Data Entry tab of the Document Preferences, check the ‘Check Stock Holdings’ checkbox to activate the prompt for out of stock feature.

moneyworks-stock-holding

With the ‘Check Stock Holdings’ feature turned on MoneyWorks will compare the selling quantity against the stock on hand when you try to enter a product in the sales invoice. You get an ‘Out of Stock’ warning message when the stock on hand of a product is lower than the quantity you try to sell.

out-of-stock

MoneyWorks does not compare the selling quantity against the re-order level during invoicing. The stock on hand of a product may be lower than the re-order level after you have entered a sales invoice, but MoneyWorks will not warn since you still have stock to sell. Instead, MoneyWorks will remind you to re-order stock every time you launch the company file when the stock on hand in lower than the re-order point.

 

Multiple locations plug-in for MoneyWorks accounting software

Software: MoneyWorks accounting software

You can transfer and track the stock of each store with the Multiple Locations plug-in for MoneyWorks accounting software. Example, the retailer can do a store to store transfer or view the stock on hand (or stock value) of each item in each store from the item list if he/she has a few stores in the city.

MoneyWorks create a new stock code such as “StockCode/A” or “StockCode/B” to show stock in a different location. The Alpha-numeric code behind the stock code, which representing the stock location, is also recorded in the Category 4 field of the item profile. Hence, to do a stocktake of each store, you can print a stocktake list report with page break by location (Category 4).

multiple-warehouses

Product

Software: MoneyWorks #accounting software

What is a product?

In MoneyWorks, a product is an item which you buy from the seller and resell it to your customer. If you stock it, it will be treated as an asset and the stock value will be calculated automatically.

Assume a stationery shop purchase 100 unit of Pen A at $2 each from a seller. The Purchase Invoice debits the Stock on Hand (Current Assets) and credits the Accounts Payable. The stock value of Pen A is $200 ($2 x 100).

When 10 unit of Pen A has sold, the stock value dropped to $180 (90 x $2). The Sales Invoice debits the Accounts Receivable and credit the Sales account, and debits the Cost of Goods Sold and credits the Stock on Hand.

Now, if another 100 unit of Pen A has purchased at $1.60 each, the average cost of Pen A will change to $1.79 each.

Cost Calculation:

Old stock: 90 x $2 = $180
New stock: 100 x $1.60 = $160
Average cost: (180 + 160) / 190 unit = $1.79 each

Stock Valuation

If you are not treating the product as a stock item, it debits the Cost of Goods Sold and credits Accounts Payable when a Purchase Invoice has recorded.