ANSWER ID:9179If your business sends stock off-site for further value adding (in other words, not just to hold inventory), you'll need to remove the stock sent off-site from your normal trading stock until it's ready to sell. In AccountRight, you'll first need to set up an account and item to track the off-site stock. Then you can use the Build Items function to transfer stock to and from your inventory. We'll use the following example for the steps below: UI Text Box |
---|
Example XYZ Seafood buys and sells bulk fish. Occasionally they send excess fish off-site to be canned at a local manufacturing plant. The canned fish is then returned to XYZ Seafood and on sold to nearby supermakets. In one instance, XYZ Seafood had an excess of Green Finn Tuna. They send 5 crates of tuna off-site for processing and receive 625 tins in return. |
But no matter your business' specifics, these steps and principles in tracking off-site stock will work for you. Before you beginBefore you can transfer and track off-site stock, there's a couple of things you need to set up. Transferring and tracking off-site stockWith your company file set up, transferring off-site stock is a simple process using the Build Items function. Before you start, take note of the average cost of the trading stock item number, as you'll need it for the following steps. You'll find this information in the Items List (Summary) report (Reports > Index to Reports > Inventory > Items List (Summary)). UI Expand |
---|
title | To transfer stock off-site |
---|
| - Record a Build Items transaction (Inventory > Build Items) to move stock from trading stock to off-site stock.
- In the first line, select the trading stock item and enter a negative Quantity (-5 GFTUNA in our example).
- In the second line, select the off-site stock item and enter the same value as a positive Quantity (5 OGFTUNA in our example)
Image RemovedImage Added - Click Record.
The stock is now taken out of your saleable stock and into the off-site inventory account. |
UI Expand |
---|
title | To return off-site stock |
---|
| When the off-site stock is ready to be returned: - Record a Build Items transaction (Inventory > Build Items).
- In the first line, select the off-site stock item and enter a negative Quantity (-5 OGFTUNA in our example).
- In the second line, select the trading stock item and enter a positive Quantity. If, as in our example, the stock is returned in a different form, make sure you select the item representing that particular stock (TINTUNA) and the positive quantity assigned to the stock transfer - it may not be the same as what was in the off-site inventory.
Image RemovedImage Added - Click Record.
The stock is now taken out of your off-site inventory and placed into your saleable stock. |
HTML |
---|
<h2><i class="fa fa-comments"></i> FAQs</h2><br> |
UI Expand |
---|
title | How do I enter opening stock off-site into a new company file? |
---|
| If you're working with a new company file and want to enter opening stock off-site, you'll first need to set up your company file's account opening balances. - Go to the Setup menu and choose Balances, then choose Account Opening Balances.
- Check that the stock off-site inventory asset account has a correct opening balance figure. The figure can be changed by clicking in the Opening Balance column and typing in the appropriate value.
In the case of an existing file where this is being implemented for the first time, you would record an Inventory Adjustment to update item quantities and values - see our example below. Assuming you've entered an opening balance for your inventory asset account, in each case, you would debit and credit the same linked inventory asset account. Image RemovedImage Added UI Text Box |
---|
| The linked Asset Account for Item Inventory as defined on the item's card has been selected in the Account field. |
|
|