Frequently Asked Questions
FAQ-01 How I can integrate Accounts & Inventory. What is its effect on Final Accounts
Click F11:Features to get Company Features Menu Select Accounting Features to get Accounting features set up screen. Under the General section, at the option, Integrate Accounts & Inventory, set as follows:
- Integrated System : Set Yes to Integrate Accounts with Inventory. In that case, the stock value as per specified valuation method is automatically posted to the Accounts and reflected in all accounting statement. You do not need to compute and enter the Stock Value.
In Integrated system, when you drill down from the Stock Value figures (from Balance Sheet, P & L Statement or any other report), you get the Inventory Stock Report.
- Non Integrated System : Set No to delink the Accounts with Inventory. In that case, you have to manually compute and enter the Closing Stock value for the specified date, at the Closing Stock Ledger Account. The entered stock value is reflected in all accounting statements.
In Non Integrated system, when you drill down from the Closing Stock ledger account (from Balance Sheet, P & L Statement or any other report), you get the Accounting Reports with figures of closing stock value as entered in the Closing Stock Ledger (but not the Inventory Stock Statements).
In Non Integrated system also, the entire Inventory System (Transactions & Stock) are maintained as usual (in the same way as Integrated System). However, the Stock value as per Inventory system is not linked to the Accounting System. So, the current period Profit / Loss may be different in Integrated & Non Integrated System (if the stock entered in Non Integrated system is different from the Stock Value computed as per Inventory System)
You may, at any time, change the option at F11:Features > Accounts and see the effect in both the systems.
FAQ- 02 List the Voucher Types which affect both Accounts & Inventory
The transaction in following voucher types may contain data of both Accounts & Inventory :
- Sales Voucher
- Purchase Voucher
- Debit Note
- Credit Note
- Journal Voucher
FAQ – 03 List the Voucher Types which affect Inventory but do not affect Accounts directly
The transaction in following voucher types directly affect Inventory System only:
- Stock Journal Voucher
- Physical Stock Voucher
FAQ- 04 : I run a service business providing consultancy services. I like to maintain only one Income Account Ledger but like to get the details of Income for each Service and also print Service Vouchers to Parties.
To get the facility of printing Service Vouchers in nice way, you should create Stock Items for each type of Service without UoM (in the UoM of the Stock Item, set Not Applicable (§05/04-02).
Now, you will be able to enter and print Service Vouchers (of Sales Voucher type) and get various reports with details of each Service, yet maintaining a single Service Income Ledger Account.