Maintain Inventory Item
Peachtree tracks the inventory items you buy and sell and automatically updates the quantities after each posted transaction. It also allows you to store items you do not stock but that you enter on invoices. This makes entering invoices faster for you.
To maintain the inventory subsidiary ledgers click on Maintain Menu and then click on Inventory Item….
Following window will appear:
Inventory Item Header Fields
Inventory item header fields are located above the folder tabs of the Maintain Inventory Itemswindow. This is where you enter lookup information about the item such as item ID, name, short description for lists, item class (type of inventory item), and item status.
Item ID: This identifies the item in lookup lists. Enter an ID of up to 20 alphanumeric characters for a new inventory item. You cannot use *, ?, or + in the ID code. Inventory items are listed numerically and alphabetically by ID code, with numbers coming before letters. You might want to code your most frequently used items so that they will appear first. Remember that the ID code is case sensitive, so that codes A1 and a1 are seen as two different inventory items.
Back and Next: Use these buttons to navigate through the list of existing item records by ID. Select the Back (left arrow) button to see the previous record in the list; select the Next (right arrow) button to see the next record in the list.
Description: You can enter up to 30 alphanumeric characters for the description. This description is the short description that appears in the item lookup lists. You can enter longer descriptions that can be used in sales or purchase transactions on the General tab.
Attributes: If the ID displayed in the Item ID field is that of a substock item, when you select the Item Attributes tab, the Attributes field appears. It lists the primary and secondary attributes of the item. The field is for display purposes only; it cannot be edited.
Item Class: This identifies the type of inventory item.
Inactive: If you no longer plan to use an inventory item, you can mark the item as inactive. Once an inventory item record is inactive, Peachtree displays a warning when you try to sell an inventory item. You can update the inventory item description. Important: When you choose to Purge after closing the fiscal year, all inventory items that are not associated with existing transactions and are tagged as inactive will be purged.
Subject to Commission: When an item is subject to commission and is sold through Sales/Invoicing, it is included in the Accounts Receivable Sales Rep Report.
ITEM CLASS
Item classes define what type of inventory item you are setting up. These are selected on the General tab of the Maintain Inventory Items window. Item classes determine how an item's costing information is recorded. Once an item class is established (saved) for an inventory item, it cannot be changed. Peachtree allows the following classes of inventory items:Non-stock: Use this class for items, such as service contracts, that you sell but do not put into your inventory. Quantities, descriptions, and unit prices are printed on invoices, but quantities on hand are not tracked. You can assign a cost of goods General Ledger account to non-stock items, but it is not affected by a costing method.
Stock: Use this item class for traditional inventory items that are tracked for quantities, average costs, vendors, low stock points, and so on. Once an item is assigned a stock class, it cannot be changed.
Master Stock Item: Use this item class when you want to set up a master stock item , a special item that does not represent inventory you stock but rather contains information (item attributes ) shared with a number of substock items generated from it.
Substock Item: This item class represents the substock items generated from a master stock item. You can only display a substock item and its characteristics in the Maintain Inventory Items window; you cannot directly set up a substock item. Similarly, you cannot delete a substock item in Maintain Inventory Items. The only way to delete a substock item is by deleting the master stock attributes from which the substock item is created. For information on setting up master and substock items, click
.Description only: Use this item class when nothing is tracked except the description. For example, "comments" that can be added to sales or purchase transactions are description-only items.
Assembly: Use this class for items that consist of components that must be built or dismantled. For each assembly item, select the Bill of Materials tab, and define the components of the assembly before you click the Save button on the Maintain Inventory Items window. Once a transaction uses an assembly, it cannot be changed.
Service: Use this item class for services you can apply to your general ledger salary and wages account. This is useful for services provided by your employees. You can enter a cost for the service.
Labor: Use this item class for labor you can apply to your general ledger salary and wages account. This is useful for outside labor that you use for projects; you can enter a cost for the service.
Activity (available in only Peachtree Complete and Peachtree Premium Accounting): Use this item class to indicate how time is spent when performing services for a customer or job. Activity items are used in the Time & Billing module and are recorded on employee or vendor time tickets. Use activity items when you plan on billing customers for reimbursable expenses that are not associated with inventory's cost of sales.
Charge (available in only Peachtree Complete and Peachtree Premium Accounting): Use this item class to identify items that are expenses recorded by an employee or vendor when various services are performed for a customer or job. Charge items are used in the Time & Billing module and are recorded on employee or vendor expense tickets. Use charge items when you plan on billing customers for reimbursable expenses that are not associated with inventory's cost of sales.
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