The Stock Requisition document may be used for internal use of a service or item within a business. For example - 1. Within a Work In Progress (WIP) context. 2. Consuming goods internally at cost price (without using the Cost of Goods Sold account). 3. Writing off Stock
1. Requisition stock to a Work In Progress (WIP) account.
Clicking the 'Apply' button will post the entries to the specified accounts.
The Day field requires a non-blank entry. It must be two characters. Usually the user will enter the day of the month, or the initials of the user.
Day is a reference for this Batch of entries.
Jobs are established at: Documents > Job > Master
Sub (optional) is the Work Centre, established at: Documents > Job > Work Centers
Product and number of Items to be used for this job.
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Stock Requisition
2. Consuming goods internally (not for sale). This process accounts for stock use preventing users generating Sales Orders to yourself (the business) with no selling prices, which is not standard practice. An example might be using materials internally to build a racking system for your business.
TRADING: INTERNAL: Indirect: Expense: Not Taxable (No GST)
Product and number of Items consumed internally (not for sale) at cost price.
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Stock Requisition
3. Writing off stock will adjust the quantity and value of stock. The 'Ledger Detail' button from the Stock Account will display stock quantity and value.
The BALANCE: STOCK ADJUST account is a current asset account to which the other side of the of the stock reduction postings are made in this example.
After Clicking 'Apply' Values are Posted.
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Stock Requisition
Purpose: This document allows the user to requisition stock to a Work In Progress account.
Prerequisites: A product record must be established in the database via the Stock > Account. Also the WIP ledger, or TRADING ledger accounts must exist.
Context: A form requiring that a specified item be issued from an organization's stores for a specified use. Such a requisition is usually a prime document, which must be properly completed and authorized. It will contain a description of the material, job number, and the value of the material transferred from store to expenditure. The stock requisitioned is used to credit stock and debit expenditure.
Period: The Accounting period is displayed here. This is established at Sign In. Prefix: This field is set to be "SRE", to establish it as a Stock Requisition. Computer: This field is set to the instance number LILAC. Day: Type a batch identification number, usually the current day of the month . The system then automatically assigns a batch number. However this can also be overwritten. Ref: Type in a reference number to be used for each ledger entry that is created. Value: The Total amount to be posted.
Ledger: Destination Account. Typically the WIP ledger, or TRADING ledger. Main: The account within the selected ledger. Sub: Type in sub-account number or name if applicable.
Account: From Account. Product Key. Quantity: Type in the quantity if applicable. Standard Cost: The standard cost is automatically retrieved from the Product Master Records. Value: Displays the total amount including GST (if applicable) that is to be posted. This is equivalent to the Quantity * Standard Cost. Posted: This field will automatically be updated when the Posting has been processed. To post the values click the Apply button. Description: Type in a brief description on the nature of the posting.
Transaction Processing Button Description: Apply: Clicking the Apply button will post the entries to the accounts specified.
From Here: Continue processing of the Work in Progress (Job).
