How to add the stock to an inventory?
- Go to “Accounts”
- Click on “Purchasing”
- Click on “Purchases”
- Click on “Create” and select “Purchase Request/ Request for Quotation/ Purchase Order”
- Select the ”Scheduled Date/ Department/ Vendor”
- Update “Payment Terms and Shipping Address”
- Under the “Item Type”, Select “Inventory”
- Select the particular “Item Name” for which the stock needs to be updated.
- Enter the “Description”
- Uncheck the “Is it new inventory item” check-box
- “Account” is auto-updated when the particular inventory is selected
- Enter the “Quantity and Rate” and the “Expected Amount” is auto-updated
- If GST/IGST is selected, update the GST/IGST amount (**This is not required when non-taxable is selected**)
- Attach supporting documents (Optional)
- Click on “Add another item” to add more Items (Optional)
- Enter “Internal/External notes” (Optional)
- Click on “Create Purchase Request / RFQ / Create Purchase Order”
- Once the Purchase Order is approved, Click on “Book Expense” next to the particular purchase order which is approved to book the expense.
- Enter the “Description” and click on “Book Expense”. (**Thus, the inventory stock will get updated and will be listed under the Assets & Inventory module).
It is not necessary to follow the PR -> RFQ -> PO -> Book Expense procedure. Instead of PR and RFQ, a PO may be created, and then the expense can be booked. It is also possible to Book the Expense directly rather than raising a PR/RFQ/PO.
It is important to choose the specific Item Name so that the “Account” to which the particular item is mapped is auto-updated. Only after the “Book Expense” process has been completed, the inventory stock will get updated. The inventory stock will be listed in the Assets & Inventory module under Inventory.