Inventory management is crucial for ensuring that a business maintains the right amount of stock on hand while also identifying when there is a shortage. In TamilAccounting, you can create and manage inventory items or services efficiently, ensuring that all necessary details are recorded for accurate tracking, valuation, and reporting.

Steps to Create a New Item or Service:

1. General Settings:

   • Item Code: This is a unique identifier for the item, which can be based on a custom sequence, auto-generated, or the item's barcode. It must be unique to ensure proper tracking.
   • Name: Provide a specific name for the item or service, which will be used in invoices, bills, and other documents.
   • Description: Add a detailed description of the item or service for internal reference.
   • Category: Select or create a category to group similar items. Categories help in applying default tax groups and other settings.
   • HSN/SAC Code: Choose or enter the HSN (Harmonized System of Nomenclature) or SAC (Service Accounting Code) to classify goods and services under the GST regime.
   • Item Tax Type: Assign the appropriate tax type to ensure the correct tax is calculated during sales and purchases.
   • Item Type: Define whether the item is a purchased item, manufactured item, or a service.
   • Units of Measure: Specify the primary unit of measure (e.g., Each, Piece, Hour, Kilogram). You can map additional units if needed.
   • Exclude from Sales/Purchases: If this item is not for sale or purchase, you can exclude it by checking the respective boxes.

2. Branches:

   • Branch: Select the branch where the item will be stored or managed.
   • Department: Choose the department responsible for the item.

3. GL Accounts:

   • Sales Account: Select the GL (General Ledger) account for sales revenue.
   • Inventory Account: Assign the account where the inventory value will be tracked.
   • C.O.G.S. Account: Define the Cost of Goods Sold (COGS) account, which will track the cost associated with the sale of the item.
   • Inventory Adjustments Account: Assign the account for any inventory adjustments, such as losses or discrepancies.
   • Purchase Price Variance Account: Specify the account to track any differences between the expected and actual purchase prices.

4. Others:

   • Item Status: Set the item’s status (Active or Inactive).
   • Default Sales Type: Choose the default sales type, such as Retail or Wholesale.
   • Sales Price: Enter the default sales price for the item.
   • Location: Select the default location where the item is stored.
   • Standard Cost: Enter the standard cost of the item, which will be updated based on the average costing method.
   • Adjust Quantity: Specify the quantity adjustment if needed.

5. Finalizing:

   • After filling in all the required fields, click Add Field if you need to include additional custom fields.
   • Review all the details to ensure accuracy.
   • Once everything is verified, save the item by clicking the appropriate button (e.g., Save or Submit).

This form allows comprehensive management of inventory items, ensuring that all necessary information is captured for accurate accounting and reporting.