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If your business often sends stock off-site for further value adding (in other words, not just to hold inventory), you may need to remove the stock sent off-site from your normal trading stock until its ready to sell.
In AccountRight, you'll first need to set up an account and item to track the off-site stock. Then use the Build items function to transfer stock to and from your inventory.
We'll use the following example for the steps below:
XYZ Seafood buys and sells bulk fish. Occasionally they will send some excess fish off-site to be canned at a local manufacturing plant. The tinned fish is then 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 begin
Before you can transfer and track off-site stock, you need to setup a dedicated asset account and inventory item.
First, set up a dedicated asset account for tracking off-site stock (Accounts > Accounts List > Asset > New). Set the Account Type to Other Asset, and the Account Name to Off-Site Stock.
See our page on Creating accounts for more detail.
Next, set up an inventory item to track off-site stock (Inventory > Item List > New).
Do the following when creating this item:
- Use the same Item Number as the existing trading stock, but precede it with the letter 'O' to indicate it's off-site status. In our example, the original item number was 'GFTUNA', so the off-site number will be 'OGFTUNA'.
- Check the boxes for I Sell This Item and I Inventory This Item.
- In the Asset Account for Item Inventory field, enter the Off-Site Stock asset account created above.
- Make sure the Cost of Sales Account and Income Account for Tracking Sales are the same as those used for the trading stock item number. See our example below:
Transferring and tracking off-site stock
With your company file setup, 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. This is most easily found by running an Items List (Summary) report (Reports > Index to Reports > Inventory > Items List (Summary) > Display Report).
Record a Build Items transaction (Inventory > Build Items) to move stock from trading stock to off-site stock.
For details on Building Items, see our page Building items.
Keep in mind the following for this step:
- 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)
Finalise the transfer by clicking Record. The stock is now taken out of your saleable stock and into the off-site inventory account.
When the off-site stock is ready to be returned, record a Build Items transaction (Inventory > Build Items).
For details on Building Items, see our page Building items.
Keep in mind the following for this step:
- 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.
Finalise the transfer by clicking Record. The stock is now taken out of your off-site inventory and placed into your saleable stock.
FAQs
If you're working with a new company file and want to enter opening stock off-site, you'll first need to setup your company file's 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.
The linked Asset Account for Item Inventory as defined on the item's card has been selected in the Account field.
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