Maintain inventory item

Maintain Inventory Item

When we buy and sell any inventory we record it in inventory item so we go to maintain menu and select the inventory tem and after each transaction recorded, software updates the quantities f inventory item. We also tore those items which are not stock but t is necessary t enter the invoice number.

                     

This window opens the important information which must be written are

·        Item Id,

·        Description,

·        Item class

·        GL sales account

·        GL inventory account

·        GL cost of goods account

In this section we also write last unit cost and measure units.

Inventory item header field

The above portion of maintain inventory item is called header field where we see lookup button and we enter the item Id with the help of lookup button and then enter description and on the right side we select the item class e.g. assembling, stock etc In the header field we see also right left button, with the help of these button we look existing item id..

Item Id

We enter the up to 20 alphanumeric characters for the new inventory item .Inventory items are so sensitive e.g. B2 and b2 are two different item ids.

Description

We enter up to 30 alphanumeric characters for the description. That description which appears in the look up button is short description and we also enter long description that we used in sales and purchase transaction.

Item class

Item class shows the various types of inventory item.

Inactive

If we don’t use inventory item, we mark on the inactive. Once we record inventory item inactive and we sell inventory item the Peachtree software display the waning.

Item Class

 We select the Item class according to what type of inventory item we set up. Item class identifies how we record item information .Once we select the item class it can’t change and we select the item inventory according to nature of inventory item.

Stock item

This item class is used for the inventory items which are associated for quantities, vendors, cost, and low stock points. If we select the item class it can’t change.

Master stock item

It is a special type of item class which is not as an inventory butt contains information which is shared with sub stock items.

Non-stock item

This type of item class is used for services contracts which are associated for quantities, unit price, and description but quantities on hand are not tracked.

Description only 

This type of item class is used when nothing is tracked except the description. 

Assembly

This type of item class is used for finished items .Once a transaction uses an assembly, it cannot be changed.

Service

This type of item class is used for services that can apply GL salary and wages account and we enter cost for services.

Labor

This type of item class is used for labor that can apply GL salary and wages account and we enter cost for services.

Maintain Vendor

With the help of maintain vendor window, we enter the company information and also change it and store the information of those where we purchase the goods and services.

·                           Name and address of vendors

·                           History of vendor

·                          Account of vendor

·                          Payment period and limits

To access the vendor window, we go to maintain menu and click on the vendors, so the vendor screen appears

General tab

The above part is called vendor header where we see vendor ID, name of vendor etc. When we choose the general tab we enter the contact of vendor, address of vendor, city and country code etc and if we save it, the data can’t save because the general purchase account can’t written so we also enter  vendor id and then save it.

Purchase Default

When we select purchase default, we write the purchase representative, general purchase account, tax Id, and we also mention delivery method we select whether paper form or e-mail and we select the paper method. Ship via mean choose the shipping carrier that the vendor uses for their items.

Term mean if we choose standard time we can’t any change in the purchase default term which shows in general tab and also we selects the term according to transactions which made with vendor .And after this we save the data.

Custom field

When we select the Custom field its mean we enter the selected vendor information like  vendor ID and vendor name which are necessary .

History of vendor

When we select the vendor history tab, following things can appears vendor since, invoice date payment date, payment Amt period history, purchases, payments etc. Vendor since mean when the transaction occurs first time we enter that date. Last invoice date mean when we received last invoice from vendor we enter that date. Last invoice Amt mean enter the last invoice amount. Last payment date mean when. We paid the vendor we enter that date. Last payment Amt mean enter last amount which paid to vendor.

 Default Information Customer:

After established the company, chart of accounts of company and customer prospects now we are going default information of customer .We click on maintain menu then click on default information and next step is customer .

In the window of default information, there are five header fields like “payment term” which guide us about standard terms, set default terms for sale and set default for credit limit and second header is “account aging” this one tells us invoices aging and invoices categories and third default is “customer field” guides us about field label and field label is extra information of customers and forth default is finance charges which divides two parts one is charge finance charges and second is interest on finance charges and last header is pay methods .

In the Payment Terms, we select the standard terms and set default terms for sale and for credit term. Standard Terms include following things first of all

·        C.O.D Cash on Delivery mean we received the payment on the spot of transaction when we delivered the goods ,

·        Prepaid payment mean we received payment for customers in advance.

·        Due in number of days mean the payment is made within the discount days. 

·        Due on day of next month mean the payment is made on any specific date of next month.

·        Due at end of month mean the payment is made on the end of the month.

The second part of payment terms are set default terms for sale and for credit term.

For example if we decide the payment is being made within 30 days we use the tern “NET DUE IN” and say the customer if they paid amount within 10 days we give discount 2% and we write this term  “2/10/30”

Credit Limit is the permission which allows the customer of credit .If this exceeds the Peachtree accounting software issue waning messages.

We click on look up button and place the number of desired sales account on the black space and discount GL account mean to use the account which we want take discounts.

We use account aging for the aging of invoices and which aging brackets are used for account receivable. If we use invoice date we see old the invoice of each customer and if use due date we see how invoice overdue .

We use custom fields for the recording of customer details. The using of customer field for recording extra information of customer .If we wants field label active, we click on enabled and enter the data.

Finance charges area determined on the invoices of past due customer if charges are charged it will entered in statement