Procountor’s Inventory management is chargeable additional service that can be used to monitor inventory transactions and the quantity of specific products.
More information about Inventory management and its pricing can be found here. Inventory management can be activated by contacting Procountor’s Customer service at firstname.lastname@example.org.
After Inventory management has been activated, it is found in Registers > Inventory management.
Inventory management does not automatically generate any accounting entries. The necessary postings to current assets and to change in stock must be done with a journal receipt. It is not possible to create actual inventory transactions (i.e. product-specific additions and reductions to balances) with a journal receipt. Journal receipts are therefore only used to create the accounting entries.
If Inventory management (that is an additional service) is not in use, it is possible to observe the state of the inventory on a lighter level with Sales reporting and Purchase reporting. The information of these reports can be used to create simple inventory accounting and inventory lists. If the registers of purchase and sales products are created in a way that a product in one register has a corresponding product in the other register, and these products are used on invoices, Sales and Purchase reporting indicate the amounts of purchases and sales on a monthly level. When purchase and sales information is combined with possible quantity or inventory list information in, for example, Excel, information about the changes in stock products and current quantities as well as an inventory list are created.
Determining inventory products
In order to use inventory management, inventory products must be created first. This is done by connecting a purchase product to a corresponding sales product or vice versa. This creates a pair which inventory quantity
- increases, when the purchase product is used on a purchase invoice, or
- decreases, when the sales product is used on a sales invoice.
Connecting the products is done on the product card in product register. You can do that either in sales product register or purchase product register, by ticking the product and choosing Product card -button.
A product pair is created by clicking Corresp. product in inventory management button on the product card. The following window opens:
- Set product button opens a Select product view that is used to choose the product to be paired. If you are on sales product register, this button opens purchase product register and vice versa.
- Create product button creates a completely new product as the paired product by copying the information of the product that has been used to open the product in inventory management window.
- If the Corresp. product in inventory management button of the product card is clicked with a product that has already been paired, it is possible to detach the product pair by clicking Clear product button. After this, the inventory quantities of the products in question are reset to zero and inventory transactions are removed.
- If it is needed to change the corresponding product in inventory management, the existing pairing has to be cleared first by clicking the Clear product button.
Inventory management view
Inventory management view is used to examine inventory transactions and to create new transactions manually. It is also possible to delete manually created inventory transactions in this view.
Search inventory changes button searches for inventory changes in accordance with the search criteria.
- Product drop-down menu can be used to limit the sought inventory transactions by a specific product.
- Time period field can be used to limit the sought inventory transactions by a specific time period.
- Type drop-down menu has three selections that can be used to limit the search to a specific transaction type:
- Sales invoice: formed from a sales invoice that includes an inventory product
- Purchase invoice: formed from a purchase invoice that includes an inventory product
- Inventory transaction: created manually
Search results (inventory changes) are shown in the lower part of the view. Following information is shown in columns are: Sales product, Purchase product, Qty, Price, Transaction value, Transaction date, Type, Additional information, Creator and Created.
If there are inventory transactions formed from sales or purchase invoices in the search results, the Additional information -column shows the invoice number and business partner’s name of the invoice in question.
The row values (that have effects on the inventory) do not include value added tax. Possible discounts have also been deducted from the values.
Creating and deleting inventory transactions
New inventory transactions can be created by clicking New inventory transaction button. This action opens a separate Inventory transaction view:
- Add (sales) and Add (purchases) buttons are used to add a desired inventory product for a inventory transaction. Clicking these buttons opens a separate Product register view that lists all inventory products of sales and purchase product registers. After an inventory product is chosen and fetched from the Product register view, it will be visible as its own row on the Inventory transaction view. It is also possible to add more than one row at a time.
- Delete button is used to delete the active row if needed.
- Quantities and prices of the created inventory product rows are added to their corresponding Qty and Price columns. If the inventory quantity increases, a positive value is added to the Qty column. If the inventory quantity decreases, a negative value is added to the Qty column.
- Free-form additional information about the inventory transaction can be given in the Additional information field. Note! This field is not necessarily visible in all environments.
- The inventory transaction is dated in the Date field. The present day is suggested by default. Chosen date will be the date of all inventory transactions that are created at the same time.
- When necessary information has been given and checked, it is time to click the Add to inventory button in the upper section of the view. After this, all created inventory transaction rows become visible to Inventory management view as row information. The rows can no longer be edited in Inventory management view; this is why possible incorrect rows have to be deleted, and completely new rows with correct information have to be created as replacement rows.
Inventory transactions on sales and purchase invoices
Products that have been defined as inventory products can be used on sales and purchase invoices in a way that the invoice transactions have an effect on the inventory. The transactions formed from invoices have values that do not contain value added tax or possible discounts.
When an inventory product has been chosen to a sales invoice and Approve button is clicked in Invoice view, the desired effect on the inventory is chosen in the following window that opens:
If a sales invoice is later returned to Unfinished status, all transactions concerning the invoice in question are removed from the inventory management.
When an inventory product has been chosen to a purchase invoice, an inventory transaction can be formed in Verification view by clicking the Update inventory button. This function creates a record to Invoice transaction information about that product information has been updated to inventory management. The inventory can be updated whenever regardless of the status of the invoice. If the button is clicked more than once, the newest click replaces the earlier updates.
Correspondingly, if Update inventory button is not clicked, a transaction is not formed to the inventory management.
It is not possible to create inventory transactions in Verification of multiple invoices view.