Setting Up Inventory

Inventory stores and tracks information about the products and services your company purchases and sells. This information includes cost of goods sold, stock levels, minimum levels, sales prices, and more. Information about your inventory items is entered through the Maintain Inventory Items window.

Even a service company could make use of some features in Inventory. For example, there are six types of inventory items that are not traditional stock items and could be used to simplify transaction entry.

Inventory information is updated each time an inventory-related Accounts Payable or Accounts Receivable transaction is posted. Inventory items can be allocated to a job to update Job Cost. When transactions are posted that affect Inventory, the journals are updated. The journals in turn update the General Ledger. The interaction between Inventory and the other sections in Peachtree is illustrated below:

ENTERING INVENTORY DEFAULTS

In Inventory Items Default Information, the three General Ledger accounts used by most inventory items are defined. These accounts are the default sales, inventory or expense, and cost of goods sold accounts. The sales tax types and the shipping methods for inventory are also entered. To access the default information window for inventory items, select Default Information, Inventory Items from the Maintain menu.

Inventory Item Defaults Window

The Inventory Item Defaults window is used to enter basic information that applies to most of your inventory items. Each tab is described below:

 

GENERAL TAB

When you select the Inventory Item Defaults window, the General tab appears. On this window, you can specify to allow duplicate numbers for UPC/SKU and Part Numbers.

ORDERING TAB

Quantity Available

• Include purchase orders when calculating the quantity available: Select this check box to include items on purchase orders when calculating quantity available.

SALES INVOICE /RECEIPT OUT OF  STOCK  WARNING MESSAGE

Choose one of the three options regarding a notice about items that are out of stock when you select them in Sales Invoicing or Receipts.

SALES ORDER /PROPOSAL OUT OF STOCK WARNING MESSAGE

Choose one of the three options regarding a notice about items that are out of stock when you select them in Sales Order and Proposal entry.

AUTO CREATION OF PURCHASE ORDERS

Select which options you want enabled to auto create purchase orders when quotes, sales orders, or invoices are created.
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