Accounting Ideas

Stock accounting

  1. Stock item does not get reported on RTD - Forced to code this to Income Statement instead, means you cannot see how company performed untill manual journal for stock is made. This forces company to do stock take when they want to see correct PL - too complicated. Possible solution: allow stock (balance sheet item to be part of RTD return

  2. If item is booked to stock and then subsequently sold - you are forced to do manual journal (or else, again, constant stock take). System doesnt understand item needs to be released. Possible solution: when sales invoice raised for "stock" item - cost for this item should automatically hit PL (i.e. released from stock account - current asset)

  3. Stock bought in other currency - also an issue:

  • Sage does not remember other currency agreed buying price, only remembers in EUR, hence forcing to adjust every line for correct buying price when entering invoice in other currency (can be hundreds of lines). Possible solution: add box to product to force system to remember various options if needed

  • Live FX rate is a great feature but does not feed FX as at certain date - this has to be manually adjusted every time you enter invoice. Possible solution: Live feed to be linked to date of invoice.

4. Stock items - while entering stock item you have an option to enter your sales code and vendor code - however when coding vendor invoice to system - vendor code does not come up. Possible solution: make vendor code readable while entering vendor invoice to the system.

  • Guest
  • Mar 6 2021
  • One For The Future
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