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Entering an Item - A/C Card

This page describes the fields on the 'A/C' card of the Item record. Please follow the links below for descriptions of the other cards:
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Dom. Sales A/C, EU Sales A/C, Export Sales A/C
Paste Special    Account register, Nominal Ledger/System module
A Sales Account will be credited whenever you sell an Item, allowing you to record the levels of sales of different types of Items in the Nominal Ledger.

Use these fields to specify Sales Accounts for each VAT Zone, to be used whenever you sell the Item. Please refer here for more details about how a Sales Account will be chosen when you sell an Item (i.e. when you specify an Item in a row in an Invoice, Order, Quotation or other sales transaction).

If you need to use a dedicated Sales Account in the special case where an Invoice was created from a Service Order, specify that Account using the Serv, Invble Sales A/C field below.

You can change the name of the EU Sales A/C field if it is not suitable. Using the VAT Zone Label setting in the Sales Ledger, you can replace the string "EU" with your own string (for example "SACU" in South Africa)..

Dom. Cost A/C, EU Cost A/C, Export Cost A/C
Paste Special    Account register, Nominal Ledger/System module
If you are maintaining stock valuations in the Nominal Ledger, a Cost of Sales Account will be debited with the calculated cost of goods whenever you sell the Item (if it is a Stocked Item).

Please refer here for full details about how the Cost of Sales Account will be chosen in an individual transaction.

In all cases, the correct Cost Account for the VAT Zone of the Customer will be used, so be sure to specify a Cost Account for each Zone.

If you need to use dedicated Cost Accounts in the special case where the Cost of Sales postings are being made from Work Sheets, specify them using the Serv. Invble Cost, Serv. Warranty Cost, Serv. Contract Cost and Serv. Goodwill Cost A/C fields described below.

Similarly, if you need to use a dedicated Cost Account in Cost of Sales postings made from Deliveries that have been connected to Projects, specify that Account using the Proj. Materials Usage A/C field (also described below).

The cost of goods will be calculated using the Cost Model chosen on the 'Cost Model' card, in the Item Group to which the Item belongs or in the Cost Accounting setting.

Dom. VAT Code, EU VAT Code, Export VAT Code
Paste Special    VAT Codes setting, Nominal Ledger
On the sales side, the VAT Code will determine the Output VAT Account to be credited whenever you sell the Item and the rate at which VAT will be charged. .

On the purchase side, if you will be creating Purchase Invoices from Purchase Orders or Goods Receipts, the VAT Code will determine the Input VAT Account to be debited whenever you buy the Item and the rate at which VAT will be charged.

Use these fields to specify VAT Codes for each VAT Zone, to be used whenever you sell and buy the Item. Please refer here for more details about how a VAT Code will be chosen when you sell an Item (i.e. when you specify an Item in a row in an Invoice, Order, Quotation or other sales transaction) and here for more details about how a VAT Code will be chosen when you purchase an Item (i.e. when you specify an Item in a row in a Purchase Order or Goods Receipt).

Reverse VAT Code
Paste Special    VAT Codes setting, Nominal Ledger
If an Item is one that you will sell on a reverse charge VAT basis to a Customer in the Domestic VAT Zone, enter a Reverse Charge VAT Code in this field. The percentage rate in this VAT Code will be used to calculate the VAT that a Customer should pay to the tax authority on the reverse charge basis. Please refer to the Reverse Charge VAT in Sales Invoices page for more information. This field will only be visible in Lithuania, Poland and the UK (i.e. when the VAT Law in the Company Info setting is "Lithuanian", "Polish" or "Default").

Dom. Tax Temp., Inside EU Tax Temp., Export Tax Temp.
Paste Special    Tax Templates setting, Nominal Ledger
In some countries, Tax Templates are used instead of VAT Codes to determine the rate at which VAT or sales tax will be charged whenever you sell an Item and the Output VAT Account(s) that will be credited with the VAT or sales tax value. VAT Codes should be used where each sales and purchase transaction (e.g. each row in an Invoice) is taxed at a single rate, while Tax Templates should be used where different taxes and/or several tax rates are applied to one transaction (e.g. to one row.

If you need to use Tax Templates, you should select the Use Tax Templates for Tax Calculation option in the Transaction Settings setting in the Nominal Ledger. Wherever a VAT Code field would appear, this option will cause a Tax Template field to appear instead.

On the purchase side, if you will be creating Purchase Invoices from Purchase Orders or Goods Receipts, the Tax Template will determine the Input VAT Account(s) to be debited whenever you buy an Item and the rate at which VAT or other tax will be charged.

Use these fields to specify Tax Templates for each VAT Zone, to be used when you sell and buy the Item. Please refer here for more details about how a Tax Template will be chosen when you sell an Item (i.e. when you specify an Item in a row in an Invoice, Order, Quotation or other sales transaction) and here for more details about how a Tax Template will be chosen when you purchase an Item (i.e. when you specify an Item in a row in a Purchase Order or Goods Receipt).

Serv. Invble Sales A/C
Paste Special    Account register, Nominal Ledger/System module
This field allows you to specify a dedicated Account to be used as the Sales Account when you sell the Item in Invoices created from Service Orders.

When you sell an Item this way, the Service Invoiceable Sales Account will be taken from the Item record or from the Item Group to which the Item belongs, as follows:
  1. If you are using the Use Item Groups for Cost Accounts option in the Cost Accounting setting in the Stock module, the Service Invoiceable Sales Account will be taken from the Item Group to which the Item belongs. If that is blank or the Item does not belong to an Item Group, the Service Invoiceable Sales Account will be taken from the Item record.

  2. If you are not using the Use Item Groups for Cost Accounts option, the Service Invoiceable Sales Account will be taken from the Item record. If that is blank, the Service Invoiceable Sales Account will be taken from the Item Group to which the Item belongs.
If you have not specified Service Invoiceable Sales Accounts in the Item record or in the Item Group, then Sales Accounts in Invoices created from Service Orders will be chosen in the same way as in other Invoices i.e. they will be chosen as listed here (but omitting points 2 and 6).

Serv. Invble Cost A/C, Serv. Warranty Cost A/C, Serv. Contract Cost A/C, Serv. Goodwill Cost A/C
Paste Special    Account register, Nominal Ledger/System module
These fields allow you to specify dedicated Accounts that will be debited with the calculated cost of Stocked Items when you remove them from stock using Work Sheets (in the Service Orders module). Usually these Stocked Items will be spare parts that you use in repairs and maintenance.

When you remove an Item from stock using a Work Sheet, the choice of Service Cost Account will depend on the Item Type specified on flip B of the Work Sheet row. For example, if the Item Type is "Warranty", the Service Warranty Cost Account will be debited. If the Item Type is "Goodwill", the Service Goodwill Cost Account will be debited.

The Service Cost Account of the appropriate type will be taken from the Item record or from the Item Group to which the Item belongs, as follows:
  1. If you are using the Use Item Groups for Cost Accounts option in the Cost Accounting setting in the Stock module, the Service Cost Account will be taken from the Item Group to which the Item belongs. If that is blank or the Item does not belong to an Item Group, the Service Cost Account will be taken from the Item record.

  2. If you are not using the Use Item Groups for Cost Accounts option, the Service Cost Account will be taken from the Item record. If that is blank, the Service Cost Account will be taken from the Item Group to which the Item belongs.
If you have not specified Service Cost Accounts in the Item record or in the Item Group, then Cost Accounts for spare parts and other Stocked Items used in Work Sheets will be chosen in the same way as in other removals from stock (e.g. Deliveries and Invoices) i.e. they will be chosen as described here.

Components Usage
Paste Special    Account register, Nominal Ledger/System module
The standard Nominal Ledger Transaction from a Production or Production Operation will credit the value of the components to a Stock Account, credit the Work Cost to a Production Components Account, and debit the value of the final Item to a Stock Account.

This Transaction therefore simply removes the value of the components from stock and adds the value of the final Item to stock. It will therefore not be possible to distinguish the value of Items removed from stock to be used in Productions from the value of Items removed from stock for other purposes (e.g. delivered Items, depreciated Items). If you need to make such a distinction, specify Components Usage and Production Control Accounts in the Production Settings setting in the Production module, in the Item records for the components and/or in the Item Groups to which the components belong. If you do so, the Transaction will contain additional postings, debiting the value of the components to the Components Usage Account and crediting that value to the Production Control Account.

The Components Usage and Production Control Accounts will both be taken from the Item Group to which the component Item belongs (if you are using the Use Item Groups for Cost Accounts option in the Cost Accounting setting in the Stock module), from the component Item (in the case of the Components Usage Account only) or from the Production Settings setting.

Hotel WIP A/C
Paste Special    Account register, Nominal Ledger/System module
In the Hotel module, the 'Nightly Maintenance' Maintenance function has a Work in Progress Transaction option. This option will create a Nominal Ledger Transaction recording uninvoiced room occupation and extras, together with a second Transaction dated a day later that reverses the first Transaction. The value of the uninvoiced room occupation and extras will be posted to a WIP Account taken from the relevant Item records or from the Item Groups to which those Items belong. If no WIP Account is found, the WIP N/L Control A/C specified in the Hotel Settings setting will be used. The VAT element in these Transactions will be posted to the Hotel WIP A/C specified for the relevant VAT Codes. If a VAT Code does not have a Hotel WIP A/C, the VAT element will be posted to the standard Output A/C.

Proj. Materials Usage A/C
Paste Special    Account register, Nominal Ledger/System module
This field allows you to specify a dedicated Account that will be debited with the calculated cost of Stocked Items when you remove them from stock using Deliveries that are connected to