Financial Product Data

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1. Configure Item Accounting Details

1. Open Item Profile
   • Go to Stock ▶️ Item ▶️ Item List, click the Item name.
2. Navigate to Accounting
   • Select the Accounting tab.
3. Set Valuation Method
   • FIFO or Moving Average: Choose how stock cost is calculated.
4. Assign Ledger Accounts
   • Income Account: e.g. “Sales – Beverages”
   • Expense Account: e.g. “Cost of Goods Sold – Beverages”
   • Stock Adjustment Account: e.g. “Stock Adjustments”
   • Stock Received But Not Billed Account (for Purchase Receipts)
5. Tax and Pricing
   • Under Sales and Purchasing tabs, confirm default tax rules and price lists.
6. Save
   • Click Save to apply all accounting settings.

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2. Review Financial Reports

1. Stock Value Report
   • Stock ▶️ Reports ▶️ Stock Value
   • Displays on-hand quantity × valuation rate per Item. Use filters for date, warehouse, or item group.
2. Stock Ledger
   • Stock ▶️ Stock Ledger
   • Shows every stock movement with incoming/outgoing values. Verify Material Receipts and Issues flow into your ledgers.
3. General Ledger
   • Accounts ▶️ General Ledger
   • Filter by your Item-related accounts to see journal entries from stock transactions, COGS, and revenue.
4. Profit & Loss Statement
   • Accounts ▶️ Profit and Loss
   • Confirms sales revenue and COGS derived from your Item “Income” and “Expense” accounts.
5. Inventory Aging
   • Stock ▶️ Reports ▶️ Stock Ageing
   • Analyze aging stock values to identify slow-moving inventory.