Setting up Product Groups

Setting up Product Groups

Before processing transactions through the Stock Ledger, you will need to set up product groups. It is useful to organise stock items in groups, as certain information can be set up for each group that will apply to each stock item associated with it. For example, if the items within this product group are all counted together in a stock take.

When grouping products together, it is important to consider any products on which you provide special prices or discounts.

To add a Product Group:

1. Select Products in the Folders list (left of screen) and the second level menu appears underneath.

2. Select Groups and a list of any existing groups appears in the main viewing area (right of screen).

3. Select New on the menu bar and an Add New Product Group screen appears:

   

Image Description

The "Add New Product Group" dialog window in ABM. The toolbar shows Save & New, Save & Close, Copy, Paste, and Print buttons. The Details section contains fields for: Group Status (set to "Active"), Group Title, Stock Controlled Products (checkbox), Serial Number Tracking (dropdown showing "No serial numbers needed in the group"), and Product Picture Folder. Below is a "Ledger Control Accounts" section with a note: "Changing control accounts after transactions have been posted will cause the new control account to differ from the trial of transactions. A manual journal adjustment will be needed to restore the balance." The control account fields include: Sales Control Account (with description "Stock: sales"), Purchase Control Account ("Stock: Purchases"), P & L Closing Stock Account ("Stock Movement - Finished Goods"), Balance Sheet Stock on Hand ("Stock on Hand - Finished Goods"), Transfers Control Account ("Stock: Transfers"), Stock not yet Invoiced ("Stock: Deliveries not invoiced"), and Stocktake Variances ("Stock Movement - Finished Goods"). Each field has a ledger account code and a description label to the right.

Add New Product Group

Details:

• Group Title: Enter the group title here as you want it to appear in reports, for example, Hardware.

• Stock Controlled Products: This box is only checked if the items in the group are products you want to control. When you purchase stock, the quantity and value will increase, and when you sell products, the value and quantity will decrease. This box should remain unchecked if you want to track the purchase or sale of a product, but do not want to maintain a stock value such as service or labour hours.

• Serial Number Tracking: Click the drop-down list to select whether serial numbers are to be tracked from the product group or not. You can set up a product group called Serial Tracked, if you want to group serial tracked products together.

  You can also set up a Lot Numbered product group, by selecting one of the lot numbered options from the Serial Number Tracking drop-down list, if you wish.

• Product Picture Folder: Click the folder to select the folder (disk directory) used to store pictures of products in the group. Do not select anything if the folders vary.

  Ledger Control Accounts When you enter a transaction, the postings to the control accounts will be posted according to the ledger accounts you specify.

• Sales Control Account: Select the Profit and Loss Sales Account for sales revenue generated by these products

• Purchase Control Account: Select the Profit and Loss Purchase Account for purchases of these products.

• Profit and Loss Closing Stock Account: Select the Cost of Sales Account for the Closing Stock of these products.

• Balance Sheet Stock on Hand: Select the Balance Sheet Account for the value of Stock on Hand.

• Transfers Control Account: Select the Cost of Sales Account for stock used for internal products.

• Stock not yet Invoiced: Select a Balance Sheet Account for stock which has been delivered to you but not yet invoiced.

• Stocktake Variances: If you wish to post the variances arising from stocktake entries you can select a Balance Sheet Account to record the value of adjustments as a result of a stocktake.

  Save Settings When you have entered the relevant product details, select either:~ Save and Close: This will save the product group information and bring you back to the main menu. or: Save and New: This will save the product group information and open a new Add New Product Group screen. The drop-down lists are defaulted to your previous entries.