Map Expense with Product Asset

Hello Team,

I appreciate your quick responses. At present, I am trying to see the applicability of ERPNext for one of our Clients, and hence I am posting a question / day. The client comes from Quickbooks background.

I am unable to map the following scenario in Accounting:

1. I have an Inventory Item AB001 valued at USD 1000 based at a private, leased warehouse.

I ask the Warehouse to change the item location from Location A to B, and the Warehouse charges me USD 10 for this service.

Business Scenario - I should be able to add USD 10 to the Product Asset value so that when I sell the product, I understand the till-date inventory value of AB001 (including all expenses I incurred so far).

Appreciate your advise to help me map this scenario. The Inventory that I have is carried forward from last year.

Thanks in advance

Sarang



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How does quickbooks maps this?

@rushabh_mehta
via mobile

On 12-Aug-2014, at 3:48 PM, Sarang <sa...@gmail.com> wrote:

Hello Team,

I appreciate your quick responses. At present, I am trying to see the applicability of ERPNext for one of our Clients, and hence I am posting a question / day. The client comes from Quickbooks background.

I am unable to map the following scenario in Accounting:

1. I have an Inventory Item AB001 valued at USD 1000 based at a private, leased warehouse.

I ask the Warehouse to change the item location from Location A to B, and the Warehouse charges me USD 10 for this service.

Business Scenario - I should be able to add USD 10 to the Product Asset value so that when I sell the product, I understand the till-date inventory value of AB001 (including all expenses I incurred so far).

Appreciate your advise to help me map this scenario. The Inventory that I have is carried forward from last year.

Thanks in advance

Sarang



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Btw, in your stock entry you can set the incoming rate in the item table.

@rushabh_mehta
via mobile

On 12-Aug-2014, at 3:48 PM, Sarang <sa...@gmail.com> wrote:

Hello Team,

I appreciate your quick responses. At present, I am trying to see the applicability of ERPNext for one of our Clients, and hence I am posting a question / day. The client comes from Quickbooks background.

I am unable to map the following scenario in Accounting:

1. I have an Inventory Item AB001 valued at USD 1000 based at a private, leased warehouse.

I ask the Warehouse to change the item location from Location A to B, and the Warehouse charges me USD 10 for this service.

Business Scenario - I should be able to add USD 10 to the Product Asset value so that when I sell the product, I understand the till-date inventory value of AB001 (including all expenses I incurred so far).

Appreciate your advise to help me map this scenario. The Inventory that I have is carried forward from last year.

Thanks in advance

Sarang



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Thanks for your response Rushabh.

I can't use Material Entry since this is the inventory already present in my Warehouse (I imported the old inventory into the System).

As for QuickBooks - it is handled like this -

1. Create entry of Expense against a temporary ledger and credit Accounts Payable for the Vendor
2. Adjust inventory value of a particular batch of a product inventory
3. The inventory adjustment process has map for the temporary ledger in step 1 for Credit and inventory valuation ledger for debit.

How can I adjust the inventory value in ERPNext?

Thanks
Sarang



On Tue, Aug 12, 2014 at 7:22 PM, Rushabh Mehta <rm...@gmail.com> wrote:
How does quickbooks maps this?

@rushabh_mehta
via mobile

On 12-Aug-2014, at 3:48 PM, Sarang <sa...@gmail.com> wrote:

Hello Team,

I appreciate your quick responses. At present, I am trying to see the applicability of ERPNext for one of our Clients, and hence I am posting a question / day. The client comes from Quickbooks background.

I am unable to map the following scenario in Accounting:

1. I have an Inventory Item AB001 valued at USD 1000 based at a private, leased warehouse.

I ask the Warehouse to change the item location from Location A to B, and the Warehouse charges me USD 10 for this service.

Business Scenario - I should be able to add USD 10 to the Product Asset value so that when I sell the product, I understand the till-date inventory value of AB001 (including all expenses I incurred so far).

Appreciate your advise to help me map this scenario. The Inventory that I have is carried forward from last year.

Thanks in advance

Sarang



You received this message because you are subscribed to the Google Groups “ERPNext User’s Forum” group.

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--
Regards,

Sarang



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On 12-Aug-2014, at 9:52 pm, Sarang Deshpande <sa...@gmail.com> wrote:

Thanks for your response Rushabh.

I can't use Material Entry since this is the inventory already present in my Warehouse (I imported the old inventory into the System).

I was thinking we can do a stock entry in and out of the same warehouse, but with a different value...  But that does not seem to work - (raised an issue - https://github.com/frappe/erpnext/issues/2058)

You can do a Stock Reconciliation - that will surely work.



As for QuickBooks - it is handled like this - 

1. Create entry of Expense against a temporary ledger and credit Accounts Payable for the Vendor
2. Adjust inventory value of a particular batch of a product inventory
3. The inventory adjustment process has map for the temporary ledger in step 1 for Credit and inventory valuation ledger for debit.

How can I adjust the inventory value in ERPNext?

Thanks
Sarang



On Tue, Aug 12, 2014 at 7:22 PM, Rushabh Mehta <rm...@gmail.com> wrote:
How does quickbooks maps this?

@rushabh_mehta
via mobile

On 12-Aug-2014, at 3:48 PM, Sarang <sa...@gmail.com> wrote:

Hello Team,

I appreciate your quick responses. At present, I am trying to see the applicability of ERPNext for one of our Clients, and hence I am posting a question / day. The client comes from Quickbooks background.

I am unable to map the following scenario in Accounting:

1. I have an Inventory Item AB001 valued at USD 1000 based at a private, leased warehouse.

I ask the Warehouse to change the item location from Location A to B, and the Warehouse charges me USD 10 for this service.

Business Scenario - I should be able to add USD 10 to the Product Asset value so that when I sell the product, I understand the till-date inventory value of AB001 (including all expenses I incurred so far).

Appreciate your advise to help me map this scenario. The Inventory that I have is carried forward from last year.

Thanks in advance

Sarang



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--
Regards,

Sarang



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