How do I track stock in Kontuly?
In Kontuly, edit the item in Items, tick Track stock on hand under Inventory, and choose its Cost of sales account. From then on, approving a bill adds the stock at its cost, and approving an invoice takes it out and records the cost of what you sold.
- Open Items and click the item's pencil (or New item).
- Tick Track stock on hand under Inventory.
- Choose the Cost of sales account, for example
5000 Cost of Goods Sold. - Set a Reorder level if you want a warning when stock runs low.
- Click Save.
The first time you track an item, Kontuly adds an Inventory account (1300, a current asset) to your chart of accounts. Your stock's value sits there, on the balance sheet, not in your expenses.
How does stock move?
- Buying. Approving a bill with the item adds its quantity to stock at the line's cost, excluding GST you can claim. The line is coded to Inventory for you.
- Selling. Approving an invoice takes the quantity out at its cost and moves that cost to cost of sales, so your profit and loss shows what you sold, when you sold it. You can't sell more than you have on hand: enter the bill, or a stock adjustment, first.
- Returns. Put the item on a credit note: a customer's return brings stock back; a return to a supplier takes it out.
- Voids. Voiding an invoice puts its stock back. Voiding a bill takes its stock out again, but not once that stock has been sold.
Bank lines and manual journals can't be coded to the Inventory account, so it always equals the value of your stock.
Moving average or FIFO?
Above the Items list, Stock costing sets how stock going out is costed:
- Moving average: the average cost of what's on hand.
- FIFO (first in, first out): the oldest stock first, at the price it came in at. 10 bought at $2 then 10 at $3, and 12 sold, costs $26, leaving 8 at $3.
Choose before any stock moves: after that the method is fixed. Check with your accountant if you're unsure which suits you.
Where do I see stock levels?
The Items list shows On hand and Value for tracked items, and Low beside any at or below its reorder level; low items also appear under Needs attention on the Dashboard. The Inventory Valuation report values all your stock at any date.
What isn't covered?
Kontuly keeps one stock count per item: there are no stock locations, serial numbers or batch numbers.
Related questions
- How do I enter opening stock or a stocktake in Kontuly?Use a stock adjustment in Kontuly to enter opening stock, correct a stocktake count or write off damaged goods, against the right account.
- How do I sell a kit or bundle of items in Kontuly?Set up a kit in Kontuly, an item sold as one but made of tracked stock items, so each component comes out of stock at its own cost when you sell it.
- How do I add products and services as items in Kontuly?Save the products and services you sell or buy as items in Kontuly, with a price, account and tax rate, so invoice, quote and bill lines fill themselves in.
- What does the Kontuly Dashboard show?The Kontuly Dashboard shows cash at bank, profit this year, what you're owed and owe, GST for the period, and a Needs attention list of jobs waiting on you.
More about quotes, invoices and customers
- How do I add a customer or supplier in Kontuly?Add customers and suppliers to Kontuly's Contacts list, choose whether each is a customer, supplier or both, and archive the ones you no longer use.
- How do I create and send an invoice in Kontuly?Write an invoice in Kontuly as a draft, check it with Preview, then approve it to record the sale and email it to your customer with the PDF attached.
- How do I record a customer payment in Kontuly?Mark a Kontuly invoice as paid by matching the deposit in Banking or recording the payment by hand, including part payments and undoing a mistake.
- How do I void or cancel an invoice in Kontuly?Void an invoice in Kontuly when it should never have been issued, or raise a credit note when the customer is owed some of it back. When each one fits.
- How do I give a customer a credit note in Kontuly?Raise a customer credit note from an invoice in Kontuly to refund or reduce what a customer owes, then apply the credit to an invoice or pay it back.