do I enter credits and returns to our inventory?
software includes a simple inventory
management system that is designed for both retail sales,
and use of materials on projects.
If you are returning an item to inventory that was
previously used on a project (or if you are giving a credit
for an inventory item), follow these steps:
- Choose Inventory
Used from the Costs
- Click the New button.
- Enter an Inventory account into the Source
- Enter a brief description of the credit
- Enter the amount of the credit into the
Gross Price field.
- Enter job cost info.
- Click on the Applies To popup field, and
enter Credit or Return (see below).
- Hit the Enter key to save the record.
Enter Credit into the Applies To popup field
when you are giving a credit to a project, and don't change
any inventory amounts.
A credit might apply to any of these situations:
- There was a mistake in the price you charged.
- The item was damaged and you gave the client
a partial refund.
- You returned an item to inventory, but
are not tracking its quantity.
The credit will reduce the job
costing amount for materials,
in the project. If you are billing it on a time
and materials basis, it will also give a credit to the
customer in the next billing cycle.
Enter Return into the Applies To popup field
when you return an item to inventory, and want to adjust
inventory quantities as well as give the client a credit.
If the transaction includes an Item breakdown, the inventory
quantity of each listed item will be increased.
NOTE-- If you enter a Return when there are no Item
breakdowns, the return will act exactly the same as a plain credit, with
no inventory adjustment.
Click here to return to expense accounting topics.
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