The system contains preset control accounts, amongst these accounts for Stock; Stock changes; Stock delivered, not invoiced; Debtors control account; Creditors control account; Standard purchase account; Freight charges; Duty and much more. Products that are registered as Stock items will by default use these accounts for the automatic stock movement posting. The settings for the control accounts are situated under View – Settings – Accounting – Accounting Settings – Control accounts.
Below follows a specification for the uses of the different accounts and how they may be overruled.
N/C 1004: Bought in Stock
This N/C is used as the Balance sheet account for stock and is updated automatically when registering incoming and outgoing stock movements.
The account can be setup per product. This is done by going to the Product Card for the product in question, opening the Settings tab and changing the N/C in the drop-down list for Balance sheet account for stock. If you do not select an account in the Product card, the default control account will be used.
The account can be set as the default for all products by going to View – Settings – Accounting – Accounting Settings – Control Accounts and changing the N/C for Stock under the Invoice account group.
N/C 1099: Stock delivered, not Invoiced
This N/C is used as an allocation account between Balance sheet account for stock and the posting of product costs at the time of Invoicing.
The account can be set up per customer. This is done by going to the Contact Card for the contact in question, opening the Settings tab and clicking on the Customer & Supplier button. You can set the N/C by picking it from the Stock delivered, not invoiced drop down list. If you do not select an account in the Contact card, the default control account will be used.
The account can be set as the default for all customers by going to View – Settings – Accounting – Accounting Settings – Control Accounts and changing the N/C for Stock delivered, not invoiced under the Invoice account group.
N/C 2110: Invoice not Received
This N/C is used as an allocation account between Balance sheet account for stock and purchase accounting.
The account can be set up per supplier. This is done by going to the Contact Card for the supplier in question, opening the Settings tab and clicking on the Customer & Supplier button. You can set the N/C by picking it from the Stock received, no invoiced drop-down list.
If you do not select an account in the Contact card, the default control account will be used.
The account can be set as the default for all suppliers by going to View – Settings – Accounting – Accounting Settings – Control Accounts and changing the N/C for Invoice, not received under the Purchase account group.
N/C 5203: Stock Change
This N/C is used for stock counts and as the double-entry N/C for Cost account for Product Cost if you have selected to Post adjustments to stock levels to your accounts.
The account can be setup per product. This is done by going to the Product Card for the product in question, opening the Settings tab and changing the N/C in the Account for Stock change drop-down list. If you do not select an account in the Product card, the default control account will be used.
The account can be set as the default for all products by going to View – Settings – Accounting – Accounting Settings – Control Accounts and changing the N/C for Manual Stock changes under the Purchase account group.
Cost Account for Product Cost
This is the Expense N/C the product is posted against when the item is being invoiced. It can be used together with the Account for Stock change if you would like to Post adjustments to stock levels to your accounts.
The cost account, for example N/C 5000: Materials Purchased, usually follows the default VAT settings for Input VAT. The account can also be set up per product, This is done by going to the Product Card for the product in question, opening the Settings tab and changing the N/C in the Cost account for product cost drop-down list.
Read more about:
Company Settings for Account update of Stock Value