USER GUIDE TO GET STARTED IN FINACCT INVENTORY

Transcription

1 USER GUIDE TO GET STARTED IN FINACCT INVENTORY 1. Items Setup: This is the most fundamental master setup in whole inventory transactions which include purchase and sales of goods and services. Each stock item has other associated masters like Units, Category, Locations and Tax Types. These masters are created before stock items masters are created. Item Code is used internally in FinAcct to uniquely identify the stock item. Category, Units are values already created by their corresponding masters. Each and every item has GST tax rate mentioned in the item Rate field.

2 Based on the rate, all the GST tax types are automatically selected from the backend server and associated with the item. 2. Masters for Manufacture process: Bill of Material: This is the composition formulae of finished goods w.r.t input material. Work Center and Work Order: Work Center is the location where manufacturing goods are produced using raw materials. Raw materials are transferred from received locations (Go down) to this work center. When customer places order to the company, Work Order is raised in the FinAcct system. This explains how finished goods are finally manufactured using raw materials as specified in Bill of Materials. Work Order is a work flow that helps track finished goods as well as purchase materials in terms of their number of stock as well as batch number from purchase orders to sales orders. Every work order internally helps raise work order issue of purchase materials. When work order for purchase material is issued, raw material is transferred from input locations to Work center. In this process, inventory

3 of raw material as well as finished goods are changed and tracked as per locations. When work order is finally completed, it generates the finished goods (Sales Stock) and finished good inventory is built up. The following is the list of work orders. From the list of work order, work order is issued for each type of purchase materials which are in different locations, so that they can be transferred to work center. In the above screenshot, there is a button under issue column against each work order.

4 3. Purchase Work Flow. Purchase Order is the first step towards Supplier Invoice workflow. Before entering purchase orders in the system, user needs to create Stock Item master and Supplier master. User should go to link Inventory->Transaction- >PO Entry

5 Once Purchase Order is raised, user should track the invoice by clicking on the link Inventory->Report->Outstanding PO. This shows the list of all Purchase Orders irrespective of supplier and date which are not yet processed when goods are received. The following is the screenshots of outstanding purchase orders

6 When Goods are received, user needs to enter in the system goods received note (GRN) or purchase order delivery by clicking on the button under Receive column. GRN process builds up the input stock items inventory Once any PO item is GRN processed, it is removed from the list of Outstanding PO. After GRN process is completed, supplier invoice can be initiated against the purchase order delivery (GRN). Please follow the report of Purchase Transactions from the link Inventory->Report->Purchase Transaction s and select GRNs in type selector box to look for the list of GRNs completed so far. The sample of the GRN report is shown below.

7 Against each entry of GRN, user can initiate the add Invoice process by clicking on the Add Invoice button if it is not already invoiced. Purchase/Supplier Invoice from GRN: All the necessary information for Purchase Invoice are automatically pulled from associated Purchase Order and GRN. All user needs to do is to verify Invoice metadata and Stock level details and totals before processing the invoice. The item details are exactly same as GRN items in numbers. Invoice details show the total Taxable value and GST amount.

8 After successful processing of purchase invoice, user is redirected to list of invoices added so far. User can follow the link to manage purchase invoices from Inventory->Report->Purchase Transactions.

9 Each invoice can be viewed, edited, deleted. User can add debit note for given invoice by clicking on the Debit Note button to adjust or return or write off any stock items with invoice amount if needed. Direct Purchase Invoice: This flow is used when user don t have PO and GRN process or before invoice is to be entered in the system, purchase order and GRNs are already completed. User needs to select supplier, delivery address, and date in the invoice and manually add goods and or service in the items. The FinAcct system internally creates Purchase Order and GRNs based on the Invoice stock items and other metadata. This helps inventory build up of the stock items mentioned in the invoice. Below is the sample screenshots of the Direct Purchase Invoice.

10 4. Sales work flow: Before Sales work flow starts, user should create required customers masters with necessary details. Sales Order is the first step which registers the details of sales metadata and stock items to be sold to customers. Sales Order report is found from the link Inventory->Report->Sales Order

11 Against each row of sales order, user can edit, delete and take report exported into PDF format. Next operation of sales flow is to add delivery note against each sales order. This adds to actual inventory changes of the stock item to be dispatched. Sales Delivery Transaction: This is same as sales order and the values are auto populated from the given sales order. User needs to just add proper stock quantity which is going to be actually delivered to customer. Based on the new numbers of each stock, delivery challan values will also change from what was specified in the sales order.

12 Sales Invoice: Final step of the sales work flow is to add invoice into the system based on the actual sales delivery process explained above. User should follow the link Inventory->Report-> Sales Delivery to check all the sales delivery made to the customer. User can search sales delivery by customer name or between date ranges etc. The screenshot of sales delivery report is as below. User can edit, delete and add invoice against any delivery entry. When user clicks on Add invoice button, it will open the Sales invoice form which is same as sales order form with the same sales metadata like customer name, and other information. Sales invoice will have it s own date, delivery information (delivery state code etc). Invoice stock items will be same as delivery note stock details.

13 After successful processing of invoice, user can track the invoice and take report in the PDF format from Sales invoice list which is available at link Inventory->Report-> Sales Transactions with type Sales Invoice.

14 In the above figure, Credit Note column has link to add credit note for a given invoice to adjust or write off any stock item against sales invoice if needed. 5. Direct Sales Invoice: When Sales Order and Sales Delivery Note is not entered in the FinAcct system, company can have Direct Sales Invoice to start the sales work flow. The system internally generates the Sales Order and corresponding Delivery Note based on Sales Invoice data. After Sales Order and Sales Delivery is generated in the system, invoice is made ready. Direct Sales Invoice is at the link Inventory-> Transaction-> Direct Sales Invoice. It s transaction form is same as Sales Invoice explained before.

15 6. Advance Sales Receipt: The captures the advance amount received against any service or goods to be rendered/sold to a customer. It captures the transaction in terms of stock items, their price and GST amount etc. In future, FinAcct gives option to add invoice against this advance sales receipt. 7. Inventory Reports: Stock Summary is the very essential report for tracking the stock status in terms of quantity as well as value at the end of certain period. Below is snapshot of how stock summary looks like. The link is found at Inventory- > Report -> Stock Summary

16 8. Stock Status This gives the detailed report of stock in hand, ordered and sales amount, demand for any given stock within a date range and any particular locations. The link for the report is at Inventory-> Report-> Stock Status

17 9. ITC Claim It is the process by which Input Tax Credit available so far through payment of GST for the purchase of goods and service can be adjusted against the output GST liability. For every purchase of goods and services, FinAcct registers the ITC amount as per GST types which can be claimed later. This report shows all the details of ITC for SGST, CGST, IGST as per date and purchase transactions. As part of ITC claim process, user is shown the output GST liability with GST amounts against which claim process starts by showing similar types of ITC available. For ex. for any output GST liability of types SGST and CGST, it will pull all the ITC of types SGST, CGST first and then IGST types at the bottom. Once any amount of SGST and CGST ITC is adjusted (deducted) from output GST amount of similar types, ITC amount claimed is also deducted from the original ITC amount, so that next time, ITC available gets updated with balance amount. Go to Inventory-> Report-> ITC Claim to check the above flow as shown below When user clicks on Action button against each output GST liability, it will show the following available ITC details report which can be adjusted against the output amount. As per the above scenario, for adjusting output IGST of 5208 which is not yet adjusted, we can claim from ITC entry of Trans no 487 or 491 and use 5208 amount in ITC Claim box and output can be fully adjusted. Hence, ITC amount available for next adjustment will be updated to ( ).

18 10. Stock Details This gives detailed overview of all stock items where they can be managed by editing and deleting. It shows amount of stock in hand (QOH), no of items on sales (QOD) and purchase (QOO) for each item. Each stock item is either of three types. i.e Purchase, Service and Manufactured. The item which is of purchase type is always used as raw materials for manufacturing finished products. The item which is of service type is used as trading material in purchase and sales. The item of manufactured type is used as sales only. Bill of Material is setup for manufactured item. Purchase material is used for purchase item in Bill of Material and work order issue.

19 11. Stock Import This is the way to enter into FinAcct system the huge number of stock items in batch mode. Go to the link Inventory-> Import-> Stock and download the sample stock import file, add all your stocks as per sample format and upload the file to finish stock import by clicking on Import button. Please make sure the column format as per below Default format for most of the column General (string) GST Rate Text Material Cost, Labour cost all other double value Number Date column Date (MM/dd/yyyy) Opening stock and rate Number Purchase and Sales price - Number

20