Enter An Item Sale Document

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1.  Access the Item Sale application from the Activities menu or Shortcuts.

 

2.  Select an Account and press Tab.   As you enter an Account in the Type-Thru drop box, ObjAcct will find the best match.  You can also click on the down arrow at the right of the drop box to display the full list of Accounts. Scroll down the list until you find the desired Account and click to retrieve it for the item sale document.

 

3.  By default, Hold will not be checked.  If you check the Hold field, the item sale will not have any impact on your company's financials or inventory balances.

 

4.  Select the Job that the inventory items were issued to.  Job is optional.

 

5.  The Post Date will default to the current business date.

 

6.  Amount will automatically be calculated to the sum of the transaction Ext Price amount upon Save.  Also, upon Save, the Reference Number will be automatically assigned an "IS????????" number. 

 

7.  Optionally, you may enter descriptive text in the Description field. 

 

8.  Fill in the item sale transaction lines.  You must enter a Tran Type, Item, Qty and Unit for each transaction.  If you want to relieve or issue items out of inventory, select a Tran Type = "Invoice".  If you are returning items to inventory, select a Tran Type = "Credit Memo".

 

9.  Unit Price will default to the Item Unit Price and may be changed.

 

10. The Account in the transaction line is required and it will default to the Item Sales Account.  If you key in an Account in the transaction, it will override the Item Sales Account.

 

NOTE:  You must have the Item Inventory Account and Item Expense Account setup for each item used in an Item Sale document to support the following general ledger journal entries that are generated:

 

•DEBIT - Account in the header section of the Item Sale screen for the total dollar value, Ext Price, of all item sale transactions lines.

 

•CREDIT - A credit transactions is generated for the Sales Account for each transaction item for the amount of the transaction Ext Price.

 

•DEBIT - A debit transaction is generated for the Expense Account for each transaction item for the amount of the transaction Ext Cost.

 

•CREDIT - A credit transaction is generated for the Inventory Account for each transaction item for the amount of the transaction Ext Cost.

 

See, Transaction By Item Sale sample report.

 

11. If Company Setup, Use Classes = "Required" the Class field in the transaction line is required and it will default to the Item Sales Class.  If you key in a Class in the transaction, it will override the Item Sales Class.

 

Also, if classes are required the Item Expense Class and Inventory Class must be setup for each item used in an Item Sale document for the general ledger journal entries that are generated.

 

12. Enter as many transactions lines as you need.  Optionally, you may select a Job and enter descriptive text for each transaction.

 

13. Click on Save to save the document.