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[minor] [docs] docs for perpetual inventory
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Nabin Hait
@@ -4,7 +4,10 @@
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}
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---
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In perpetual accounting, system creates accounting entries for each stock transactions. Hence, stock balance will always remains same as relevant account balance.
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In perpetual inventory, system creates accounting entries for each stock transactions, so that stock and account balance will always remain same. The account balance will be posted against their respective account heads for each Warehouse. On saving of a Warehouse, the system will automatically create an account head with the same name as warehouse. As account balance is maintained for each Warehouse, you should create Warehouses, based on the type of items (Current / Fixed Assets) it stores.
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At the time of items received in a particular warehouse, the balance of asset account (linked to that warehouse) will be increased. Similarly when you deliver some items from that warehouse, an expense will be booked and the asset account will be reduced, based on the valuation amount of those items.
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## **Activation**
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@@ -14,25 +17,12 @@ In perpetual accounting, system creates accounting entries for each stock transa
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- Expenses Included In Valuation
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- Cost Center
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2. The system will create an account head for each warehouse. Enter "Create Account Under" (account group under which account will be created) in warehouse master, based on type of items it stores (Stores, Fixed Asset Warehouse, etc).
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2. In perpetual inventory, the system will maintain seperate account balance for each warehouse under separate account head. To create that account head, enter "Create Account Under" in Warehouse master.
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3. Go to Setup > Accounts Settings > check "Make Accounting Entry For Every Stock Movement"
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3. Activate Perpetual Inventory
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> Setup > Accounts Settings > Make Accounting Entry For Every Stock Movement
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## **Migration from Periodic Inventory**
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Migration from Periodic Inventory is not a one click settings, it involves some special steps. As Perpetual Inventory always maintain a sync between stock and account balance, it is not possible to enable it with existing Warehouse setup. You have to create a whole new set of Warehouses, each linked to relevant account.
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Steps to be followed:
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- Nullify current stock-in-hand / fixed-asset account balance through Journal Voucher.
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- Create new warehouse for each existing warehouse
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- Follow Activation Step 1, 2 & 3
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- Create Stock Entry (Material Transfer) to transfer available stock from existing warehouse to new warehouse
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>Note: System will not post any accounting entries for existing stock transactions submitted prior to the activation of Perpetual Inventory as those old warehouses will not be linked to account.
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-
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## **Example**
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@@ -41,82 +31,82 @@ Consider following Chart of Accounts and Warehouse setup for your company:
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#### Chart of Accounts
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>- Assets (Dr)
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> - Current Assets
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> - Accounts Receivable
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> - Jane Doe
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> - Stock Assets
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> - Stores
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> - Finished Goods
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> - Work In Progress
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> - Tax Assets
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> - VAT
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> - Fixed Assets
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> - Fixed Asset Warehouse
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>- Liabilities (Cr)
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> - Current Liabilities
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> - Accounts Payable
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> - East Wind Inc.
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> - Stock Liabilities
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> - Stock Received But Not Billed
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> - Tax Liabilities
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> - Service Tax
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>- Income (Cr)
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> - Direct Income
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> - Sales Account
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>- Expenses (Dr)
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> - Direct Expenses
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> - Stock Expenses
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> - Cost of Goods Sold
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> - Expenses Included In Valuation
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> - Stock Adjustment
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> - Shipping Charges
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> - Customs Duty
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- Assets (Dr)
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- Current Assets
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- Accounts Receivable
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- Jane Doe
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- Stock Assets
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- Stores
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- Finished Goods
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- Work In Progress
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- Tax Assets
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- VAT
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- Fixed Assets
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- Fixed Asset Warehouse
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- Liabilities (Cr)
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- Current Liabilities
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- Accounts Payable
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- East Wind Inc.
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- Stock Liabilities
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- Stock Received But Not Billed
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- Tax Liabilities
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- Service Tax
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- Income (Cr)
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- Direct Income
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- Sales Account
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- Expenses (Dr)
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- Direct Expenses
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- Stock Expenses
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- Cost of Goods Sold
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- Expenses Included In Valuation
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- Stock Adjustment
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- Shipping Charges
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- Customs Duty
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#### Warehouse - Account Configuration
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>- Stores
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>- Work In Progress
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>- Finished Goods
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>- Fixed Asset Warehouse
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- Stores
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- Work In Progress
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- Finished Goods
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- Fixed Asset Warehouse
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### **Purchase Receipt**
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>Suppose you have purchased *10 quantity* of item "RM0001" at *$200* and *5 quantity* of item "Desktop" at **$100** from supplier "East Wind Inc". Following are the details of Purchase Receipt:
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Suppose you have purchased *10 nos* of item "RM0001" at *$200* and *5 nos* of item "Desktop" at **$100** from supplier "East Wind Inc". Following are the details of Purchase Receipt:
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><b>Supplier:</b> East Wind Inc.
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<b>Supplier:</b> East Wind Inc.
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><b>Items:</b>
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><table class="table table-bordered">
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> <thead>
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> <tr>
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> <th>Item</th><th>Warehouse</th><th>Qty</th>
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> <th>Rate</th><th>Amount</th><th>Valuation Amount</th>
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> </tr>
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> </thead>
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> <tbody>
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> <tr>
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> <td>RM0001</td><td>Stores</td><td>10</td><td>200</td><td>2000</td><td>2200</td>
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> </tr>
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> <tr>
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> <td>Desktop</td><td>Fixed Asset Warehouse</td>
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> <td>5</td><td>100</td><td>500</td><td>550</td>
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> </tr>
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> </tbody>
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></table>
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<b>Items:</b>
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<table class="table table-bordered">
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<thead>
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<tr>
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<th>Item</th><th>Warehouse</th><th>Qty</th>
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<th>Rate</th><th>Amount</th><th>Valuation Amount</th>
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</tr>
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</thead>
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<tbody>
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<tr>
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<td>RM0001</td><td>Stores</td><td>10</td><td>200</td><td>2000</td><td>2200</td>
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</tr>
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<tr>
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<td>Desktop</td><td>Fixed Asset Warehouse</td>
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<td>5</td><td>100</td><td>500</td><td>550</td>
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</tr>
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</tbody>
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</table>
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>**Taxes:**
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**Taxes:**
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><table class="table table-bordered">
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> <thead>
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> <tr><th>Account</th><th>Amount</th><th>Category</th></tr>
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> </thead>
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> <tbody>
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> <tr><td>Shipping Charges</td><td>100</td><td>Total and Valuation</td></tr>
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> <tr><td>VAT</td><td>120</td><td>Total</td></tr>
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> <tr><td>Customs Duty</td><td>150</td><td>Valuation</td></tr>
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> </tbody>
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></table>
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<table class="table table-bordered">
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<thead>
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<tr><th>Account</th><th>Amount</th><th>Category</th></tr>
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</thead>
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<tbody>
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<tr><td>Shipping Charges</td><td>100</td><td>Total and Valuation</td></tr>
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<tr><td>VAT</td><td>120</td><td>Total</td></tr>
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<tr><td>Customs Duty</td><td>150</td><td>Valuation</td></tr>
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</tbody>
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</table>
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**Stock Ledger**
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@@ -126,51 +116,51 @@ Consider following Chart of Accounts and Warehouse setup for your company:
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As stock balance increases through Purchase Receipt, "Store" and "Fixed Asset Warehouse" accounts have been debited and a temporary account "Stock Receipt But Not Billed" account has been credited, to maintain double entry accounting system.
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As stock balance increases through Purchase Receipt, "Store" and "Fixed Asset Warehouse" accounts are debited and a temporary account "Stock Receipt But Not Billed" account is credited, to maintain double entry accounting system.
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--
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### **Purchase Invoice**
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>On receiving Bill from supplier, for the above Purchase Receipt, you will make Purchase Invoice for the same. The general ledger entries are as follows:
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On receiving Bill from supplier, for the above Purchase Receipt, you will make Purchase Invoice for the same. The general ledger entries are as follows:
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**General Ledger**
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Here "Stock Received But Not Billed" account has been debited and nullified the effect of Purchase Receipt. "Expenses Included In Valuation" account has been credited which ensures the valuation expense accounts are not booked (debited) twice (in Purchase Invoice and Delivery Note).
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Here "Stock Received But Not Billed" account is debited and nullified the effect of Purchase Receipt. "Expenses Included In Valuation" account has been credited which ensures the valuation expense accounts are not booked (debited) twice (in Purchase Invoice and Delivery Note).
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--
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### **Delivery Note**
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>Lets say, you have an order from "Jane Doe" to deliver 5 qty of item "RM0001" at $300. Following is the details of Delivery Note:
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Lets say, you have an order from "Jane Doe" to deliver 5 nos of item "RM0001" at $300. Following are the details of Delivery Note:
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>**Customer:** Jane Doe
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**Customer:** Jane Doe
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>**Items:**
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><table class="table table-bordered">
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> <thead>
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> <tr><th>Item</th><th>Warehouse</th><th>Qty</th><th>Rate</th><th>Amount</th></tr>
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> </thead>
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> <tbody>
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> <tr><td>RM0001</td><td>Stores</td><td>5</td><td>300</td><td>1500</td></tr>
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> </tbody>
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></table>
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**Items:**
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<table class="table table-bordered">
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<thead>
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<tr><th>Item</th><th>Warehouse</th><th>Qty</th><th>Rate</th><th>Amount</th></tr>
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</thead>
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<tbody>
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<tr><td>RM0001</td><td>Stores</td><td>5</td><td>300</td><td>1500</td></tr>
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</tbody>
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</table>
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>**Taxes:**
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**Taxes:**
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><table class="table table-bordered">
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> <thead>
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> <tr><th>Account</th><th>Amount</th></tr>
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> </thead>
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> <tbody>
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> <tr><td>Service Tax</td><td>150</td></tr>
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> <tr><td>VAT</td><td>100</td></tr>
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> </tbody>
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></table>
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<table class="table table-bordered">
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<thead>
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<tr><th>Account</th><th>Amount</th></tr>
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</thead>
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<tbody>
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<tr><td>Service Tax</td><td>150</td></tr>
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<tr><td>VAT</td><td>100</td></tr>
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</tbody>
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</table>
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**Stock Ledger**
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@@ -181,15 +171,23 @@ Here "Stock Received But Not Billed" account has been debited and nullified the
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As item has delivered from "Stores" warehouse, "Stores" account has been credited and equal amount will be debited to the expense account "Cost of Goods Sold". The debit/credit amount is equal to the total buying cost of the selling items. And buying cost is calculated based on valuation method (FIFO / Moving Average) or serial no cost for serialized items.
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In this eample, Buying cost of RM0001 = (2200/10)*5 = 1100
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As item is delivered from "Stores" warehouse, "Stores" account is credited and equal amount is debited to the expense account "Cost of Goods Sold". The debit/credit amount is equal to the total valuation amount (buying cost) of the selling items. And valuation amount is calculated based on your prefferred valuation method (FIFO / Moving Average) or actual cost of serialized items.
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<pre>
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<code>
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In this example, we have considered valuation method as FIFO.
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Valuation Rate = Purchase Rate + Charges Included in Valuation
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= 200 + (250 * (2000 / 2500) / 10)
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= 220
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Total Valuation Amount = 220 * 5
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= 1100
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</code>
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</pre>
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--
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### **Sales Invoice with Update Stock**
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> Suppose you do not want to make Delivery Note against the above order, you can make Sales Invoice directly with "Update Stock" options. The details of the Sales Invoice are same as above Delivery Note.
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Lets say, you did not make Delivery Note against the above order and instead you have made Sales Invoice directly, with "Update Stock" options. The details of the Sales Invoice are same as the above Delivery Note.
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**Stock Ledger**
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@@ -199,21 +197,21 @@ In this eample, Buying cost of RM0001 = (2200/10)*5 = 1100
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Here apart from normal account entries for invoice, "Stores" and "Cost of Goods Sold" accounts are also affected based on buying cost.
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Here, apart from normal account entries for invoice, "Stores" and "Cost of Goods Sold" accounts are also affected based on the valuation amount.
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--
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### **Stock Entry (Material Receipt)**
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>**Items:**
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><table class="table table-bordered">
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> <thead>
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> <tr><th>Item</th><th>Target Warehouse</th><th>Qty</th><th>Rate</th><th>Amount</th></tr>
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> </thead>
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> <tbody>
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> <tr><td>RM0001</td><td>Stores</td><td>50</td><td>220</td><td>11000</td></tr>
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> </tbody>
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></table>
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**Items:**
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<table class="table table-bordered">
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<thead>
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<tr><th>Item</th><th>Target Warehouse</th><th>Qty</th><th>Rate</th><th>Amount</th></tr>
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</thead>
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<tbody>
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<tr><td>RM0001</td><td>Stores</td><td>50</td><td>220</td><td>11000</td></tr>
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</tbody>
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</table>
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**Stock Ledger**
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@@ -227,15 +225,15 @@ Here apart from normal account entries for invoice, "Stores" and "Cost of Goods
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### **Stock Entry (Material Issue)**
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>**Items:**
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><table class="table table-bordered">
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> <thead>
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> <tr><th>Item</th><th>Source Warehouse</th><th>Qty</th><th>Rate</th><th>Amount</th></tr>
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> </thead>
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> <tbody>
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> <tr><td>RM0001</td><td>Stores</td><td>10</td><td>220</td><td>2200</td></tr>
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> </tbody>
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></table>
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**Items:**
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<table class="table table-bordered">
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<thead>
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<tr><th>Item</th><th>Source Warehouse</th><th>Qty</th><th>Rate</th><th>Amount</th></tr>
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</thead>
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<tbody>
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<tr><td>RM0001</td><td>Stores</td><td>10</td><td>220</td><td>2200</td></tr>
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</tbody>
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</table>
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**Stock Ledger**
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@@ -249,17 +247,17 @@ Here apart from normal account entries for invoice, "Stores" and "Cost of Goods
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### **Stock Entry (Material Transfer)**
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>**Items:**
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><table class="table table-bordered">
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> <thead>
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> <tr><th>Item</th><th>Source Warehouse</th><th>Target Warehouse</th>
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> <th>Qty</th><th>Rate</th><th>Amount</th></tr>
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> </thead>
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> <tbody>
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> <tr><td>RM0001</td><td>Stores</td><td>Work In Progress</td>
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> <td>10</td><td>220</td><td>2200</td></tr>
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> </tbody>
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></table>
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**Items:**
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<table class="table table-bordered">
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<thead>
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<tr><th>Item</th><th>Source Warehouse</th><th>Target Warehouse</th>
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<th>Qty</th><th>Rate</th><th>Amount</th></tr>
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</thead>
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<tbody>
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<tr><td>RM0001</td><td>Stores</td><td>Work In Progress</td>
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<td>10</td><td>220</td><td>2200</td></tr>
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</tbody>
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</table>
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**Stock Ledger**
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@@ -267,49 +265,49 @@ Here apart from normal account entries for invoice, "Stores" and "Cost of Goods
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**General Ledger**
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No General Ledger Entry
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--
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### **Stock Entry (Sales Return - Sales Invoice booked)**
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>**Items:**
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><table class="table table-bordered">
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> <thead>
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> <tr><th>Item</th><th>Target Warehouse</th><th>Qty</th><th>Rate</th><th>Amount</th></tr>
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> </thead>
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> <tbody>
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> <tr><td>RM0001</td><td>Stores</td><td>2</td><td>200</td><td>400</td></tr>
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> </tbody>
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></table>
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**Items:**
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<table class="table table-bordered">
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<thead>
|
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<tr><th>Item</th><th>Target Warehouse</th><th>Qty</th><th>Rate</th><th>Amount</th></tr>
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</thead>
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<tbody>
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<tr><td>RM0001</td><td>Stores</td><td>2</td><td>200</td><td>400</td></tr>
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</tbody>
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</table>
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**Stock Ledger**
|
||||
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||||
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||||
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||||
|
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**General Ledger**
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
--
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||||
|
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### **Stock Entry (Purchase Return)**
|
||||
|
||||
>**Items:**
|
||||
><table class="table table-bordered">
|
||||
> <thead>
|
||||
> <tr><th>Item</th><th>Source Warehouse</th><th>Qty</th><th>Rate</th><th>Amount</th></tr>
|
||||
> </thead>
|
||||
> <tbody>
|
||||
> <tr><td>RM0001</td><td>Stores</td><td>4</td><td>220</td><td>880</td></tr>
|
||||
> </tbody>
|
||||
></table>
|
||||
**Items:**
|
||||
<table class="table table-bordered">
|
||||
<thead>
|
||||
<tr><th>Item</th><th>Source Warehouse</th><th>Qty</th><th>Rate</th><th>Amount</th></tr>
|
||||
</thead>
|
||||
<tbody>
|
||||
<tr><td>RM0001</td><td>Stores</td><td>4</td><td>220</td><td>880</td></tr>
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||||
</tbody>
|
||||
</table>
|
||||
|
||||
**Stock Ledger**
|
||||
|
||||
|
||||
|
||||
|
||||
**General Ledger**
|
||||
|
||||
|
||||
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||||
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Reference in New Issue
Block a user