Lesson 47-- Inventory Tracking
Inventory counts increase automatically when you enter material purchases with an item breakdown. Inventory decreases when you make sales with an item breakdown, or use inventory in projects.
You can also adjust inventory counts and value with Inventory Transfers.
To use Goldenseal for inventory tracking, create one or more Inventory accounts.
To track inventory quantities of a Cost Item, follow these steps:
HINT: If you want to inventory many items, use the Replace All command to change them all at once (see Lesson 16).
If you manufacture items and then sell them, you can also track inventory quantities for Assemblies (see Lesson 14).
Every Cost Item and Assembly includes a separate calculation for the inventory value of that item. You'll set the calculation method for it in the Markup System for each item (see Lesson 13).
Use the Valuation field in each Inventory Account to set the value that you'll use to value inventory for accounting purposes. The inventory value makes the most sense, but you can also use the purchase price, resale price, or project price.
Use the Price Aging field in each Inventory Account to set the way you'll handle the replacement of inventory. First In First Out (FIFO) means that you will 'rotate' prices and sell old stock first. First In Last Out (FILO) means that you'll sell new stock first. Average All means that you'll average the price of new and old items each time you add new stock.
To purchase items for inventory, follow these steps:
Goldenseal will automatically increase the inventory count of each item you've purchased.
To sell items from inventory, follow these steps:
The Goldenseal software will automatically decrease the inventory count of each item you are selling.
To use inventory items on a project or as part of your overhead costs, follow these steps:
The Goldenseal software will automatically decrease the inventory count of each item you've used. It also includes the items in job costs for the project.
Use Inventory transfers to make any kind of adjustment to inventory quantity or value.
To enter a transfer, follow these steps:
You can make any of the following types of inventory transfers:
HINT: If you don't have time to enter all your startup stock when you first use Goldenseal, that's OK. Just run your business as usual, and enter the original startup stock whenever you have time.
To match computer inventory to actual inventory, follow these steps:
To see a list of items that need to be ordered, choose Inventory from the Reports menu, and choose Shortages Report from the submenu. Click the Update button, and you'll see a list of all material items that have inventory counts that are smaller than the 'reorder at' amount.
To request current prices from suppliers, follow these steps:
This lesson has covered inventory management with the Goldenseal inventory tracking software.
Before you move on, you may want to take a break and brush up on your juggling skills. Sure, you can already do three chain saws, but how about three chain saws and a porcupine? Blindfolded?
Yes, we know it's hard to put a blindfold on a porcupine..