Ledger tab

  1. Click on the Ledger tab, if not already displayed. 
  2. Enter or select the following options:
    1. Tax
      1. Output Tax - Select the Output VAT/GST/Sales Tax account which you will use for your Sales.
      2. Input Tax - Select the Input VAT/GST/Sales Tax account which you will use for your Purchases. If this is a Zero-rated Stock item which is exempted from VAT/GST/Sales Tax, select the Input Zero Rated Tax Code.

If you are not registered for VAT/GST/Sales Tax, or if VAT/GST/Sales Tax is not applicable to this purchase item, select the No Tax Code and this field will be blank.

You may activate the Use default tax - Stock file override settings on the Creditors (Accounting information tab (Default ribbon)) for a Creditor (supplier / vendor) account, and select a different VAT/GST/Sales Tax account or code on the Tax lookup facility for that creditor (supplier / vendor).

When purchase documents or supplier returns documents for the creditor (supplier / vendor) is updated (posted) to the ledger, the selected Input Tax account for this Stock item will be ignored and the purchase transaction will be updated (posted) to the specified Input Tax account for the creditor (supplier / vendor).
    1. Weight
      1. Gross weight -
      2. Net weight -
    1. Ledger
      1. Sales - Select the applicable Purchase account from the lookup.

If you have more than one Sales account, or use Sub-accounts, you may select the applicable Account or Sub-account for each of your Stock items.
      1. Cost of sales - Select the applicable Purchase account from the lookup.

If you have more than one Cost of sales account, or use Sub-accounts, you may select the applicable Account or Sub-account for each of your Stock items.
      1. Stock control - Select the Stock control account from the lookup. This may be an Expense account, for example, stationery, if stationery is purchased.

If you have more than one Purchase account, or use Sub-accounts, you need to select the applicable Account or Sub-account for the Purchase Item.

You may activate the Use default account - Stock file override settings on the Creditors (Accounting information tab (Default ribbon)) for a Creditor (supplier / vendor) account, and select a different account on the Tax lookup facility for that creditor (supplier / vendor).

When purchase documents or supplier returns documents for the creditor (supplier / vendor) is updated (posted) to the ledger, the selected Stock control and Cost of sales account for this Stock item will be ignored and the purchase transaction will be updated (posted) to the specified Input Tax account for the creditor (supplier / vendor).
      1. Last invoice - Field inactive. The date of the last purchase or other document generated on which the Stock item was selected. This field will not display any date if it is a new item, or if no Stock items have been selected on any documents.
    1. Values
      1. Average cost - Field inactive. The average cost price of your Stock item cannot be entered at this stage. When you process purchases, the Average cost Price will be automatically updated.
      2. Total cost - Field inactive. The total cost price of your Stock item cannot be entered at this stage. When you process purchases, the Total cost price will be automatically updated.
      3. Latest cost - The latest cost price of your Stock item can now be entered. When you process purchases, the Latest cost Price will be automatically updated.

Once you have created your new Stock items, you may enter the cost prices and quantities in the Stock take-on option of Stock items (Default ribbon) (or the Adjust stock tab of the Stock item selection screen), if you have any Stock item records on a previous accounting system.
      1. Quantity on hand - The quantity, or number of Stock items on hand, can be entered at this stage. When do the stock take-on (for trading stock - default stock item type), or process purchases, the quantities will be automatically updated.
      2. Reorder level - Enter the reorder quantity level. 
      3. Reorder at - Enter the quantity level when you need to reorder.  
      4. Minimum - Enter the minimum quantity of stock items on hand before reordering.
      5. Delivery delay - To be advised.
  1. Click on the Save button to save this stock item. The Stock item - List view - Default screen will be displayed.