Add a product with opening stock

The steps

Find it

1. Every screen is in the menu on the left. Under CORE, tap Inventory. On a phone, open the menu with the button at the top left first.
2. The Catalogue tab lists every product and service. The buttons along the top add, receive, move and count stock.

Add the product

1. Tap Add Product.
2. Tap Product Name and type Desk Lamp LED 9W, then tap SKU and type LMP-LED-9W.
3. Tap Cost Price and type 180, then tap Sell Price and type 349.
4. Leave stock tracking ticked. Tap Stock Qty and type 24, the units on your shelf today.
5. Tap Reorder Point and type 6, so the lamp shows as low stock before it runs out.
6. Tap Add Product to save it. The 24 opening units are valued at the cost price, R 180 each.

Scenario: a delivery arrives for something you already stock

1. In the catalogue, tap Desk Lamp LED 9W to open it, then tap Receive Stock.
2. Tap Quantity and type 12, then tap Unit Cost (R) and type 175. This delivery cost a little less.
3. Tap Receive Stock to book it in. On-hand and the stock value rise together, at what this delivery cost.

Scenario: the stock is in the wrong branch

1. Tap Transfer Stock.
2. Tap Product and choose Desk Lamp LED 9W, then tap To Location and choose Durban Showroom.
3. Tap Quantity, type 6 and tap Initiate Transfer. Ledgr will not move more than the branch holds.
4. The lamps are in transit until Durban books them in. Open Transfers and tap Receive on the transfer.

More detail is in the guide.

Check yourself

1. How is the opening stock you type into Stock Qty valued?

   • At the sell price
   • At the cost price, per unit
   • At nothing until the first sale
   Show the answer

   At the cost price, per unit

2. Which costing method should you avoid for anything that feeds your tax return?

   • FIFO
   • Weighted Average
   • LIFO
   Show the answer

   LIFO

3. You transfer six lamps from Cape Town HQ to Durban Showroom. When does Durban hold them?

   • As soon as you tap Initiate Transfer
   • When Durban receives the transfer on the Transfers tab
   • At the end of the month, when stock is revalued
   Show the answer

   When Durban receives the transfer on the Transfers tab