Appreciate if anyone could confirm whether a Perpetual Stock Control System could be maintained in Sage 50 ? i.e I need to track my stock on a daily or preferably on an hourly basis. When stock components are purchased, assembled & sold the stock component balance should automatically get adjusted.
Ideally the following nominal ledger entries should get posted automatically when stock components are purchased, assembled & sold:
a) When stock components are purchased:
Dr Raw Material Stock Asset (Under Current Assets – Detailed component wise in the stock module)
Dr VAT control A/c
Cr Supplier
b) When stock components are assembled to a product:
Dr Finished Goods Stock Asset (Under Current Assets – Detailed product wise in the stock module)
Cr Raw Material Stock Asset (Under Current Assets – Detailed component wise in the stock module)
c) When Assembled Products are sold:
Dr Debtors
Dr Cost of Sales
Dr Finished Goods Stock Asset (Under Current Assets – Detailed product wise in the stock module)
Cr Sales
Cr VAT control
Pls note that there will not be a “purchases account” in the nominal ledger. I know this is possible in QuickBooks Premier, but I have already opted out of the same after four years of awful experience.
Also, I would like to know if in case this is not possible on the stated version any later version supports the above and what is the limit of components in the BOM and which version supports UOM (unit of measure)
Thanks in advance.
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Replies (4)
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Stock Control
To cover your points:
a. If you use Purchase Order Processing (only available in Sage 50 Accounts Professional) then an invoice can be created upon delivery of a sales order - by default, this would affect a purchase nominal code (5XXX) but you could change the defaults such that the invoice be raised to a raw materials asset nominal code.
b. No nominal entries are made at all when components are assembled into a product.
c. When products are sold, entries are made to the sales nominal, debtors control and sales tax control account only.
Sage 50 allows for up to 50 component parts in a BOM although each component can have 50 components and so on.
John
Stock Control in Sage 50 Pro
Many thanks John, your reply was very clear and concise.
Looks like I will have no time to do anything but manually pass stock entries all day long !!!
Appreciate if you suggest which module should I use to Cr Component wise Stock Assets and Dr Finished Goods Stock Asset(When Goods Are Assembled) and to Cr Cost of Sales and Dr Finished Goods Stock Asset (When products are sold) ? is it "Stock transfer" or "Adjustment out" ?
Entries
Neither "Stock transfer" or "Adjustment out" will produce entries in the nominal ledger, they only produce stock transactions - the only way to get the entries you need in the nominal ledger is to manually process the relevant journal entries.
John
Stock Control on Sage 50 Pro 2009
Thanks again John.
How on earth could you pass journal entries when stocks are moving in and out every second and ensure that the component wise qty & value in the stocks tally to the nominal ledger at the same time!!!
So it's bye bye Sage 50 Pro (2009) and Hi MYOB Premier !