Table of contents
4. Create an invoice with a stock item
1. Introduction
The stock feature allows you to add your stock items to Clear Books. When creating an invoice, you can select from your stock items which will help speed up the creation of the invoice.
You can also use the stock feature to track the quantity of stock you have as it can update the quantity each time an invoice is raised.
Additionally, the stock feature can also be used for non-stock items for example if you have regular items you add to invoices (such as discounts), you can add these to the stock feature to help speed up the creation of invoices.
2. Enable the stock feature
Navigate to Settings > Configure system > Toggle features > Features. Use the toggle beside the stock feature to enable it.
Once switched on the feature is available on the Tools > Stock menu.
3. Create a stock item
Navigate to Tools > Stock and click on the ‘Add item’ button.
Select the item type in the drop-down list. Selecting 'Both' in the list will allow both purchase and sales details, under the ‘General’ header for one item. A stock item set to ‘Both’ will allow you to select the item on both sales invoices and bills.
General
Enter the name, SKU and description of the stock item.
For Sales/Purchases
These headers will appear depending on which item type you select at the top. Enter the sales/cost price, the account code, VAT rate and quantity of the stock item.
Managing Stock
If you would like to keep a track of the quantity of a stock item, enable stock tracking and enter the opening stock quantity.
Show or hide
Selecting ‘Show/Hide’ for each drop down will determine whether the value, described by the field name, will appear on an invoice PDF for this particular stock item.
4. Create an invoice with a stock item
Navigate to Sales > Invoices and click on the ‘Create Invoice’ button.
Alternatively, you can select the stock/product item on the Tools > Stock screen and click on the ‘Create invoice from selected’ button. If you select more than one item, the invoice will include them all.
If you are creating a new invoice, select the Stock item from the ‘Choose item’ drop down field.
The details of the stock item, will now populate the item fields on the invoice as appropriate.
5. Reports
The stock report will show the accumulated quantity of each stock item (as long as you enabled stock tracking when creating/editing the stock item).
The Stock history will itemise each invoice that the stock item appeared on.
5.1 Stock report
Head to Tools > Stock and click on the ‘View Stock Report’ button.
You can keep a track of stock quantity balance using this report. The quantity will be updated each time an invoice, credit note, refund or bill is created with a stock item.
To adjust the balance manually, click on the ‘Edit’ icon, under the ‘Options’ column and change the details. Any adjustments you make will appear on the stock history report.
5.2 Stock history report
Navigate to the Tools > Stock menu.
Click on the Stock report link under the ‘Options’ column beside the appropriate stock item.
The report will list the transaction each item has been assigned to, the date of the transaction and the quantity used on each transaction.
6. Value/Revalue Stock
We suggest that you enter the stock valuation every month using Tools > Journals (although you may want to confirm this with your accountant/bookkeeper).
For example, say in August stock was worth £2,000; but was £5,000 at the end of September
Dr Inventory £2,000
Cr Cost of Sales £2,000
We suggest you date this on the 31st August.
On the 30th September create a journal to reverse out the August inventory balance:
Cr Inventory £2,000
Dr Cost of Sales £2,000
Finally, journal the September value:
Dr Inventory £5,000
Cr Cost of Sales £5,000
Both the latter would be dated 30th September.