Stock types

Stock types

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There are eleven (11) stock item types in TurboCASH. When creating stock items, the stock item type will determine the required data to be entered / selected.

For example, if you select the Purchases (no stock) stock item type, it will allow you to set the default Input Tax account and a Purchase account. It will not allow you to select the Output Tax and Sales account. When processing sales documents, (i.e. Invoices, Point-of-Sale Invoices, Credit notes and Quotes), the Purchases (no stock) type stock items will not be listed on the Stock lookup screen.

The eleven (11) stock item types are:

1.Default – Used for trading stock – Need to select the Sales, Cost of sales and Stock control accounts. It can also be linked to the Input and Output Tax accounts. For the purposes of this tutorial, we will be using two (2) trading stock items (i.e. Compressor and a Drill Press).

2.Sales – Used for non-trading stock – Need to select a Sales account only. It can only be linked to the Output Tax account.

3.Sales (no stock) – Used for non-trading stock – Need to select a Sales account only. It can only be linked to the Output Tax account.

4.Purchases – Used for non-trading stock – Need to select the Cost of sales and the Stock control or Purchase account. It can only be linked to the Input Tax account. No Selling prices can be entered.

5.Purchases (no stock) – Used for non-trading stock – Need to select the Cost of sales and the Stock control or Purchase account. It can only be linked to the Input Tax account. No Selling prices can be entered.

6.Financial entry – Cannot select the Sales, Cost of sales and Stock control accounts. This allows you to select a ledger account on the Accounts lookup when processing documents. Once you select this stock item type when processing documents, the Accounts lookup will be displayed. You may then select any general ledger account on the Accounts lookup. You need to select the Input as well as Output Tax accounts for this stock item type. The Selling prices may also be entered. You need to create a financial entry stock item for each Tax Type (different rates).

7.Option item – Options for stock items allows items that are a combination of options (like colour and size) options can be defined in Setup → Stock information. These options are then linked to the Options stock item type (Action → Stock items - Options tab). When processing documents, the available options (options list) will be launched from the quantity fields when selecting documents.

8.Option item (no stock) – This is similar to the Option item with stock, but does not allow every entry to have a sales price, cost price, quantity and minimum stock level. This will also be used in generating purchases on supplier 1.

9.BOM – Bills of Materials – allows you to add other stock items or products consisting of various other stock items (components) and / or some services, etc. to the BOM list. The BOM stock item is the finished product. You may only select the Sales account and the Output Tax account. For trading stock, the cost of sales and stock control accounts are controlled via the default stock items linked to the BOM item. An example would be the components (Stock items) of a computer system which are used to make the complete system, which is then sold as a finished product.

10.BOM (Production) – This is similar to the BOM stock item type. It has a feature where you may assemble (specify the quantities) of finished items or disassemble a specified quantity of finished items.

11.Linked Sale - To be advised.

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