Overview
Product Category is one area within Readysell whereby you can assign a different general ledger account if you wish to use department breakup eg Sales Revenue Admin, Sales Revenue Stationary etc.
You would firstly create the general ledger chart of account for each department and then assign these accounts to the appropriate product category levels.
You may also want to break up the cost of goods area by the same department.
...
Info |
---|
General Ledger Account breakups within the product category:
Therefore this means the two accounts should be different if the product is being tracked for stock purposes as opposed to non-stock purposes. Cost of Goods Sold: should be a profit & loss account Sold Stock: should be a stock on hand account Purchased Stock should be the same as Sold Stock for stock controlled products, to avoid a discrepancy between recording the purchase (increase in stock) and recording the sale (decrease in stock) unless the product is a non-stock product and a type of service or expense. EG Freight Inwards, the purchase general ledger account would be the general ledger account for Freight Inwards. Procedure in respect to creating sub-department chart of accounts Highlight the main general ledger account eg Sales Revenue 61010 Repeat steps by highlight the sub-department gl account 61010FUR and name it eg 61010ADMIN with a description of Sales Revenue - Administration etc Continue until you have created the appropriate sub-departments in the areas of the chart required. The task may need to be run to refresh general ledger balances and/or re-dissect if you have created new gl accounts and assigned them to categories Speak to Readysell |
...
Product categories can be used to assign a cost when you SELL non-stock products. The methods apply to all products in the non-stock category.
If there is NO cost on the non-stock product, then set the cost method on the Product category to be a type = NONE.
If there is a cost on the product and the 'Non-Stock Costing Method' is set to anything else other than NONE, then the cost method on the category will apply.
Info |
---|
Notional average costing for eg on labour products Costing methods on non-stock products can be set up |
...
to have a notional/estimated costing. |
The methods available are:
...