Stock Properties

Allow negative stock

Allow Negative Stock

When Allow Negative Stock is selected, Smart-IT permits inventory to be issued or sold even when the Quantity on Hand becomes negative.

When Allow Negative Stock is disabled, Smart-IT will prevent stock from being issued or sold when there is insufficient stock available. This helps ensure that your stock quantities remain accurate and prevents items from being sold before they have been received.

Negative stock can occur, for example, when an item is sold before the corresponding stock receipt has been processed. Although this may be useful in certain situations, allowing negative stock is not recommended.

Recommendation

It is recommended that you do not allow negative stock unless there is a specific business reason to do so.

Smart-IT generates accounting transactions that transfer the cost of stock issued from the Inventory Account to the Cost of Sales Account, using the item's Moving Average Cost.

When stock is issued while the quantity is negative, the moving average cost may not yet be accurate. This can result in:

•Incorrect Cost of Sales

•Incorrect gross profit

•Incorrect inventory valuation

•Differences between the stock records and the General Ledger

Correcting Stock Imbalances

If negative stock has resulted in an incorrect stock valuation, you can identify and correct the imbalance by comparing:

1. The Stock Control Account balance in the General Ledger.

2. The actual stock value calculated from the stock records.

To obtain the actual stock value:

Go to: Stock | Extended Stock Lookup.

Determine the difference between the General Ledger stock control balance and the actual stock value, then make the necessary adjustment using an appropriate General Ledger journal entry.

Important: Stock valuation adjustments should be made carefully, as they affect both the Balance Sheet and Cost of Sales.

Special Provision for Sales Orders and Job Cards

A special provision is available for situations where you need to book a Sales Order or Job Card out negatively, even when negative stock is not generally allowed.

Use:

Sales Order > Extra > Allow Negative Stock

Workshop > Extra > Allow Negative Stock

This allows the Sales Order to be processed without changing the general Allow Negative Stock setting.

Auto Print on Stock Adjustment

Auto Print on Stock Adjustment

The Stock Adjustment report will automatically print.

NSI - Require Cost Price

NSI (Non Stock Item)- Require Cost Price

Use this setting to force the user to enter a Cost Price if a Non Stock Item is used in the Invoice form.

Click to learn about Non Stock Items

NSI - Default Cost to Zero on Invoice

NSI (Non Stock Item) - Default Cost to Zero on Invoice

Sets NSI cost price to zero by default..

NSI - Restrict to Quote Only

NSI (Non Stock Item) - Restrict to Quote Only

Limits NSIs to quotes only. In this case, the NSI item is only used as a placeholder. If the quote is accepted, a real regular stock item must be created to replace the placeholder.

This helps to avoid creating unnecessary stock items that will never be used again.

Scheduled Stock Level Check

Scheduled Stock Level Check

Automatically runs stock-level checks at set times.

Web Shop for Product Link

Web Shop for Product Link

Used when you have multiple web shops selling the same products and want to set a default web shop for each item.

Used In: Extended Lookup. Right-click and select View On Web.

Use fast but less accurate Stock Level Calculation

Use fast but less accurate Stock Level Calculation

The default setting is deselected.

Use this method exclusively if you have a large number of Bill of Material (BOM) and Recipe items, and if printing at the tills is slow.

This method directly adjusts the Stock On Hand quantities by adding or subtracting the quantities invoiced, rather than calculating them from the Stock Detail tables.

Caution: There is a risk that if the same item is sold from different tills simultaneously, one of the sales may not be updated correctly.

Application: This method is only used for invoicing, credit note processing, and recipe item processing. It is not used for GRV, RTS, and Stock Take processing. If stock quantities are incorrect, they will be corrected during the GRV, RTS, and Stock Take procedures as the quantities are re-calculated each time.

Best Practice: To maintain accurate stock levels, it is recommended to manually re-calculate the quantities sporadically and before stock-taking. To do this, go to Company > Data Health & Maintenance and select Recalc Stock Prices and Levels.

Use fast but less accurate Average Cost Calculation

Use fast but less accurate Average Cost Calculation

Change Unit Cal Qty

Unit Conversion Calculation

Enable this option if the Units of Measurement Differs.

Use this option if items are purchased and sold in different units

See: Units of Measurement Differs

Use Suggested Min/Max Levels

Use Suggested Min/Max Levels

If this checkbox is selected then you can't change the values in the Main Stock Form

Allow stock item to have input sales tax type

Allow stock item to have input sales tax type

If selected, this option allows you to change the VAT on Sales, that is usually restricted to output taxes only, to an input tax. (Stock Main form > Additional Info tab)

Example: If you rent out office space and pass on the electricity charges to your tenant, you may want both the electricity expense you paid and the amount recovered from the tenant to be recorded in the same general ledger expense account, such as Electricity—especially if selling electricity is not your primary business. You can now change the output VAT to input VAT, ensuring that both the electricity bill you paid and the invoice issued to the tenant are posted under the Electricity expense account.. (Stock > Inventory Groups). (Stock > Inventory Groups)

Another example is selling a battery and then buying back the scrap battery on the same invoice.In this case, you can also convert the trash battery's output tax into an input tax.

Update Suggested On Invoice Process

Update the Suggested Quantity when you Process The Invoice

Default setting is enabled. If disabled then the Suggested Quantity won't be updated.

Serial Numbers

Serial Numbers

Strict Serial Number Tracking

Strict Serial Number Tracking

If selected then:

•Serial numbers cannot be changed on the Serial Number Lookup form.

•The correct serial number must be entered on the invoice form.

If Not Selected:

•You can manually enter your own serial number on the invoice form.

Global unique serial numbers

Global Unique Serial Numbers

This option must be selected to make sure that all serial numbers are unique.

Allow Select Serial Number

Allow Select Serial Number

This will allow you to select the serial number from a drop down list (look for "...") on the invoice and job card.

Serial Expiry Date

Serial Expiry Date

If chosen, the Serial Number Expiry Date column will appear on the Goods Receipt form when serial number goods are received, and you can enter the expiry date in the column.

Stock lookups

Stock Lookups

Default Warehouse For Stock Levels

Default Warehouse For Stock Levels

Which warehouse stock levels must be displayed by default.

Select between the employees default warehouse or the global warehouse.

Add Item Lookup

Add Item Lookup

Refresh on open

Refresh On Open

Select if you want to refresh the Item Lookup form every time that you change the items information or add an item.

Other Supplier RRP

Other Supplier RRP and Reference Price.

Allows you to rename the column headers RRP (Recommended Retail Price) and Reference Price to custom names that better suit your business needs.

Where to Find It: Go to: Stock > Other Suppliers > Link Existing Items.

Use Case Example: If your suppliers refer to RRP as “List Price” or “Market Price,” you can rename the column to match their terminology for easier reference.

Main Form - Confirmation on Save

Confirmation on Save

This option controls whether users are prompted to confirm before saving changes to a stock item.

Enabled:

When you click Save, a confirmation popup will appear with the message: "Are you sure you want to save your changes" You can choose: Yes or No or Cancel.

Disabled:

The system will immediately save the changes and close the form without prompting.

Security

Security

Set Security for Quick Add Item

Set Security for Quick Add Item

Set Security for Attributes

Set Security for Attributes