Transaction refers to a movement of stock in or out of the Inventory Center (Project). Stock adjustments/corrections are also recorded as a transaction. Tap on the Transaction icon from the Inventory Module to view the transactions list and to enter new transactions.
Transaction Details : Whenever a movement of products (in or out) happens, it should be entered as a transaction. During transaction entry processing, the stock balances are updated and the average unit cost is re-calculated for the product involved. The Transaction details include Inventory mode, Date, Product code, Product name, Category, Location, Stock, Unit cost, Transaction type, Sales contact, Reference, Quantity and Comments.
Transaction List : The Transaction list displays all the transactions recorded for the active Project’s Inventory Center. You may tap on any transaction to get a preview of details for that from where it is possible to edit or delete the transaction.
Press the “+” button to create a new stock transaction. This can be done even from the device menu by selecting the ‘New Transaction’ option.
Apart from the ‘New Transaction’, the Transaction list sub tool has the following menu options which can be activated using the device menu key:
Sort : The Transaction List can be sorted by date, product code or transaction type.
Filter : As the number of transactions increase, it will be difficult to locate a particular entry. This filter option is very useful in such a case. The Transaction List can be filtered by Product, Date, Month, Transaction type or Key words.
Un-filter : You can use this option to remove the filtering and show all the transactions.
Transaction Details : Whenever a movement of products (in or out) happens, it should be entered as a transaction. During transaction entry processing, the stock balances are updated and the average unit cost is re-calculated for the product involved. The data entry fields of the Transaction details screen is explained below.
Inventory Mode : The inventory Mode has to be selected with respect to the type of transaction being made. It can be either “stock in” or “stock out” or “Internal”. Internal refers to stock transfer from an active project to another. Transaction mode can be selected only during new transaction entries and cannot be changed once the transaction is saved.
Date : You can set the date on which the Transaction is made.
Product Code : If there is a bar code defined for the product, press the scanner button to retrieve the product information. Or else you may type in the product code manually or select the required one from a look-up list by pressing the list button. After validations, the product related information will be populated.
The Product details in the Transaction details form includes Product name, Category, Location, Stock and Unit Cost.
Unit Cost : Unit cost can be modified if the inventory mode is of type “stock in”. The average cost is recalculated based on the input cost. So all the Stock-in transactions must provide the actual unit cost for the product involved. Preferably, this should be the final landed cost including additional expenses like Freight charges, Custom duty, etc. The stock-out transactions will use the current average unit cost and you will not be allowed to change that. In this way the value of stock in hand can be accurately maintained.
Transaction Type : You have an option to select the type of transaction, such as sales, purchase, transfer-out, etc. Based on the inventory mode (Stock in or Stock out) the selectable transaction types differ.
Sales contact : You may enter the sales contact details in this field. It can refer to a person or organization or any deemed fit.
Reference : Input any reference related to the transaction, such as invoice number, purchase order number or receipt number.
Quantity : The quantity of product exchange in the transaction must be specified here. This cannot be zero.
Comments : This field is for entering the comments for a transaction. This can extend up to 50 characters.
Internal Transfer : This section is valid and visible only if you choose the transaction mode as “Internal”. Internal transactions are more or less like Stock-out transactions as far as the active project is concerned. A separate stock-in transaction will be generated for the target Project using the same information entered.
Choose the target project and transaction type for the internal transfer from the respective drop down lists.
Since 2 separate transaction records are generated, if you have to make any changes you may have to update them separately.
Tap the ‘Save’ button to save the transaction entry.
Many validations are done before saving the transactions. If the closing stock falls below the minimum stock level, an alert will be generated (provided low stock alert is enabled in the project preference setup).
If the closing stock falls below zero, the transaction is not saved if the negative stock is not allowed for the active project (based on the project preference setup). On the other hand, if negative stock is allowed, it will show an alert and proceed with the transaction after confirmation from the user.