Every stock record in your Jim2 database is assigned to a Jim2 Stock GL Group. Stock GL groups are the mechanism that Jim2 uses to record all transactions relating to stock.
Non Depleting and Journal type stock require GL groups that have income and COGS accounts (they may sometimes utilise liability accounts).
Where a non-depleting or journal stock is part of a GL group that has been set up for depleting stock, you don't have to have a separate GL group if the standard groups are suitable.
Labour type stock codes only require an income account (as you only sell them). These codes usually require a separate GL group (Labour) as the GL reporting is typically not the same for income as any other GL group.
Stock GL Group Example
When you purchase stock on a PO, once the status of the PO is Finish the value of the stock on that PO will automatically flow to the SOH asset account assigned to the stock GL group that the stock belongs to. Similarly, when you sell that stock, the SOH account will reduce by the amount of the stock sold, the COGS account will increase by that amount and the income account will record income received for that stock.
In the example above, the stock BD-R.25GB.RICOH belongs to the GL group Stationery.
The Stock GL Group Setup for Stationery, shows that it is linked to the following accounts:
▪SOH – Sales – Stationery
▪COGS – Sales – Stationery
▪Income – Sales – Stationery
Therefore all transactions that occur relating to this stock will be recorded in those GL accounts.
|
Most details of the stock GL group assigned to a stock code cannot be changed once there are transactions recorded against that stock. The exception is the group name itself, which can be changed via Tools > Setups > Accounting > Stock GL Groups. |
Further information: