Using the Stock Screen

This screen is displayed by clicking Stock in the Easy Books sidebar. The screen lists each stock item you offer, the current value of the stock, and the sales and purchases you have made.

From this screen, you can enter stock sales and purchases, and any payments you have made or received. When you enter a sale or purchase, you can choose an existing customer or supplier if the amount owed is to be paid at a later date (usually on submission of an invoice). Alternatively, you can choose a bank, credit card or other account for cases where the amount is paid immediately at the time of the transaction.

The screen lists all your stock items, grouped by the asset account that they are are linked to.

Note:

  • You can click All Stock Transactions to list all transactions, or a specific stock item to list only those transactions that are applicable to the stock item.

  • Before using this screen, make sure that you have at least one stock item defined.

What is a stock item?

A stock item is a product you sell on a per-unit basis that has an associated direct cost and asset value.

What else can I do?

In addition to the above, you can:

  • Add, modify and delete stock items.
  • Enter credits, as well as sales and payments.
  • View all sales, payments and credits for a selected stock item, or for all stock items.
  • Generate PDFs of sales invoices, delivery notes and credit notes for stock items.
  • Mark sales as "PAID".
  • Set up recurring sales, payments and credits.
  • Adjust stock quantities and value.
How does Easy Books manage stock purchases and sales?

Easy Books manages stock purchases and sales using three linked accounts set up in the product settings: an asset account, an income account and a direct expense account.

When you purchase stock items, Easy Books:

  • Increases the amount in the asset account by the value of the purchase.

  • Leaves the income and expense accounts unchanged.

When you sell stock items, Easy Books:

  • Increases the income account by the sale price.

  • Reduces the amount in the asset account by the average purchase cost of the remaining items, and transfers the same amount to the expense account. Easy Books automatically creates an additional transaction to transfer the amount from the asset account to the expense account.

For example, if you purchase 20 items for £1.00 each, the asset account increases by £20.00. If you sell 2 items for £6.00, the income account increases by £6.00, the asset account reduces by £2.00, and the expense account increases by £2.00. For the sale, you will see two transactions - one to add the sale to your income account, and one to transfer £2.00 from the asset to expense account.

What happens when a sale, payment or credit is entered?
  • Sales: A sale increases your income and the amount a customer owes, but does not affect the balance of the account in which money will be received until a payment is made. Since your income increases, this also affects items such as the Profit and Loss report.

    Note: For sales or other incomes that are paid immediately and do not need a sales invoice or receipt, it is normal to enter the payment details in the Accounts screen.

    Tip: You can view and enter sales in several screens, including the following:
  • Payments (from customers): In the context of customers, a payment is an amount of money received from a customer. When you enter a payment, you specify the account (normally a bank account) in which you will receive the income. This allows you to check the payments against, for example, the statements your bank sends you (a feature of double-entry bookkeeping).

    A payment reduces the amount the customer owes and increases the balance of the account in which it is received, which in turn affect items such as the Balance Sheet, Trial Balance, Customer Aged Debt and any adjustments for the cash-based VAT scheme. A payment does not further affect your sales income and therefore other related items such as the Profit and Loss report.

  • Credits (to customers): A credit decreases the amount a customer owes and your income. It has the reverse effect to a sale.


Further Information

For details of how to carry out tasks in the Stock screen, please refer to: