You will see this screen by clicking the Financial tab in an item maintenance screen. In this tab, you can define where inventory transactions such as sales and purchase of goods for the item are recorded in the respective financial accounts.
The information in this document is applicable to product update 416 and higher. If you have versions lower than this, certain features explained here will not be applicable.
Keep in mind: If there are fields highlighted in red after clicking Save, this means the fields are mandatory.
Type or select the item group of the item. Item groups are used to group items for ease of identifying and managing items, and can be created at System ? Logistics ? Item, under INTRASTAT settings. By default, the first item group in a list of item groups that are available in Exact Globe Next is automatically selected when you create a new item. You can still manually change the accounts.
Note: When creating an item group, it is mandatory to specify the revenue, stock, and cost of goods sold accounts for a particular item group. Thus, when an item group is selected, the Revenue, Stock, and Cost of goods sold boxes will be automatically filled according to the respective accounts specified.
Type or select the general ledger account where the sales revenue will automatically be credited when the item is sold. By default, the revenue account specified when creating the item group selected will be automatically filled.
Type or select the general ledger account where stock will automatically be credited when the item is sold and is automatically debited when the item is purchased. By default, the stock account specified when creating the item group selected will be automatically filled.
If you select a general ledger account of the expense type, the item will become an expense item. When the stock account is changed in the item or item group maintenance, the system will recode all the open period transactions. You will have an option to determine whether stock adjustment will be made for closed period transactions. After you change the stock account and save your changes, you will see the Stock ledger conversion screen. You have the option of creating stock position adjustment entries for transactions in closed periods. If you choose to create stock position adjustment entries, you can further proceed to specify the selection criteria for the transactions that you want to adjust. Stock allocation for closed period transactions which fall into the selected criteria will be unallocated.
Type or select the general ledger account where the cost of sales will automatically be debited when the item is sold. By default, the cost of goods sold account specified when creating the item group selected will be automatically filled.
Type or select the invoice/items to be received account where the amount to be invoiced/received will be registered for purchased items that are received from the supplier (creditor). This field is not mandatory and can be left blank. If the invoice/items to be received account is not specified here, the account selected in Invoices / items to be received under General ledger settings in System ? General ? Settings will be used when purchased items are received.
Note: This field is available only if Invoices / items to be received per item is selected under General ledger settings in System ? General ? Settings. The Invoices / items to be received per item setting is available only if the SE1309 E-Purchase license is available. For more information, see General ledger settings.
Type or select the general ledger account where every logistic transaction for an asset is recorded.
Type or select the general ledger account to register the sales discounts provided. By default, the corresponding account defined at the Basics tab of the maintenance card of the item group selected at Item group will be used.
Note:
Type or select the account to which the financial entries of the discount amounts are recorded.
Note: This is applicable only to invoice debtors of the Reseller type and when Gross is selected at Journalise amounts at System ? General ? Settings, under Invoice settings.
Select one of the following options to define the valuation method for the item:
Note: This section is not available when you are viewing the item master card of an outsourced item.
This check box is not enabled. However, this check box is selected if the item has asset related transactions.
This section is not available when you are viewing the item master card of an outsourced item.
Select this check box to specify that the Intrastat declaration is required for the item. If Intrastat declaration is not required for the item, clear this check box.
Type or select the statistical number to indicate the category of the product being shipped. By default, this box is not enabled.
Note: This box is enabled only if the INTRASTAT registration for purchases check box or INTRASTAT registration for sales check box is selected at System ? General ? Settings, under INTRASTAT settings. For more information, see Intrastat settings.
Type the weight of the item based on the unit of measurement used for the item.
Type or select a number to indicate the quantity of items being shipped. By default, this box is not enabled.