Module Overview:

The Stock module is used to requisition, purchase, track, and issue Stock Items to and from one or more Stock Locations, including mobile vans or regional warehouses. Stocktake functionality is available to count on-hand stock.

Key features:

• Stock costs are recognised when goods are received into stock so that subsequent stock issues have an appropriate cost rate even though the AP invoice may not have been processed yet

• Last and Average costing is calculated and managed by stock location.

• Stock Value is reflected in Local Currency. Purchasing can be done on foreign currency, and conversion to local currency will be handled in the Purchasing Module (AP Invoices or AP Vouchers)

• Inventory control can be applied by location so that an item can be managed for inventory out of one location, but not another.

• Stock Items / Catalogues / Groups / Categories

• Multiple Stock Locations/bins / Min & Max, Stock On Hand and Costing per location

• Serial number tracking

• Inwards Goods / Mobile Inwards Goods

• Stock Taking

• Stock Requisitions / Issues / Transfers / Returns

Here is an example of a typical stock purchase, issue, and payment:

The Accrual transactions generated when an Inwards Goods Receipt is created, are included in an a System Job Adjustment Batch. The variance between the Accrual Transactions (values come from the Purchase Order) and the actual AP Invoice, will be reflected as a new line in the AP Voucher/ AP Invoice.

Setup:

• Before implementing Stock, ensure all Control Parameters are properly set up (search for keyword 'Stock' and all relevant Control Parameters will be shown). Importantly:

  • Stock Module Process should be set to either Legacy for MDE backwards compatibility or Stock for updated functionality. The documentation assumes Stock is selected.
    Note that Inwards Goods receipting is required when using the Stock option, and 'Auto Receipt With APInvoice' is only supported with the Legacy option.

  • Stock Cost Method can be Standard, Period Average (replaced Average), or Last.

  • Choose whether Negative Qty Stock is allowed to be issued or not (Allow Negative Qty Stock). Recommended not to allow issueing if there is no stock in hand.

  • Ensure that the Job, Job Type, and Activity defaults are correct.

• Create a Stock Purchase Job for each desired Financial Company which acts as the clearing job.

• Create Purchase Clearing and Purchase Variance Activities and link them in the appropriate Control Parameters.

• Ensure the Stock Setup options have the desired Locations, Groups, Categories and subcategories available.

• Enter all Stock List and details:

  • Create all Stock items manually or by using a data import Items (Import Procedure wbImportItems). This will set Standard and Last Cost values.

  • To create opening balances, regardless of the costing method, use Stock Adjsutments (wbImportStockAdjustments) data import. This will initialise the values per Item per Location.
    This import will create stock adjustments into a batch. If the item and location are new to the system then they will be marked as initialisation records and calculate the starting average cost. Leave the Quantity 0 in order to adjust the cost. (Import Stock By Period Initialisation has been deprecated).

  • It is important to not export this initialisation batch, and to flag it Not For Export and clos eit. Do not export it to the financial system, as initial stock values will already be included in the Financial System.

• Discuss the Financial Setup and transactions (see stock costing scenario above).

  • You need a GL code (Balance Sheet) for Inventory. It can be different per Stock Location.

  • GL Code for Stock Adjustments per location (P&L)

  • GL Code for Purchase Clearing (BalanceSheet, Accrual) to be linked to the Purchase Clearing activity

  • GL Code for Purchase variance (P&L, cost account) to be linked to the activity PCHVAR activity

• Users are assigned appropriate Licences and Roles based on the desired access level and responsibility of the user.

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