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OCI Accounting System

User Manual

Created: Wednesday, July 10, 2013

Copyright © OC Innovations Pte Ltd. All Rights Reserved.

OCI Accounting System

copyright © OC Innovations Pte Ltd. All rights reserved. http://www.ocisystem.com/

The information contained in this document is subject to change without notice.This document contains proprietary information which is protected by copyright.

All rights are reserved. No part of this document may be photocopied, reproduced, or translated to another language without the prior written consent of OC Innovations Pte Ltd.

Table of Contents

Chapter 1: Inventory Training

1 Ready?

1.1 Periodic versus Perpetual

1.1.1 Periodic Inventory System

1.1.2 Perpetual Inventory System

1.1.3 Advantages & Disadvantages

1.2 Modules with no impact on Stock

2 Get Set... & Go!!!

2.1.1 Item Group and Items

2.1.1.1 What is Item Group?

2.1.1.2 Renaming existing Item Group

2.1.1.3 Creating new Item Group

2.1.1.4 How to create a Stock Item?

2.1.2 Warehouse and Location Code

2.1.2.1 How to create a Warehouse and Location Code?

2.1.3 Understanding Stock Item Costing

2.1.3.1 How is Stock Item Costing Calculated?

2.1.3.2 Purchasing of Stock Item with different Cost

2.1.3.2.1 Purchasing 1st batch of Printer at $180

2.1.3.2.2 Check if Unit Printer cost is $180

2.1.3.2.3 Purchasing 2nd batch of Printer at $210

2.1.3.2.4 Check if Unit Printer cost is $190

2.1.3.3 Different Cost allocated when Selling of Stock Item at different period

2.1.3.3.1 Selling 5 sets of Printer in Period 1

2.1.3.3.2 Buying 5 sets of Printer at $205

2.1.3.3.3 Selling 5 sets of Printer in Period 2

2.1.3.4 What is the use of Lot number?

2.1.3.4.1 Using Lot Number in your Purchase

2.1.3.4.2 Check Stock Cost of Item with Lot Number

2.1.3.4.3 Using Lot Number in your Sales

2.1.4 Managing Unbilled Inventory

2.1.4.1 Issuing Receive Order & Supplier’s Invoice with Different Costing

2.1.4.1.1 Receiving Stock Items at $1000 each

2.1.4.1.2 Enter the actual Supplier Invoice with Stock Items at $1050 each

2.1.4.1.3 Checking for Unbilled Inventory Amount

2.1.4.2 How do you Adjust Unbilled Inventory value ?

2.1.4.3 How can you avoid having values posted to Unbilled Inventory?

2.1.5 Impact of Deliveries on Stock

2.1.5.1 Issuing a Delivery Order

2.1.5.2 Undering Stock Report after Delivery Order

2.1.5.3 Issuing a Sales Invoice

2.1.5.4 Undering Stock Report after Invoice

2.1.6 Others

2.1.6.1 How can I check Stock status while Invoicing?

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2.1.6.2 How can I check past Item Pricing while Invoicing?

2.1.6.3 Can I issue a Credit Note for a Stock Item without affecting my Stock Account?

2.1.6.4 How are stock items assigned to a certain warehouse or location?

3 Result & Others

3.1 Stock Adjustment

3.1.1 What are Types of Adjustment?

3.1.2 How do you transfer Stock from one Warehouse to another?

3.1.3 What should you do with Stock Items Found?

3.1.4 How can you Adjust the Stock Cost?

3.1.5 How do you do an update after Stock Check?

3.2 Stock Report

3.2.1 Stock Report

3.2.2 Stock Detail Report

3.3 Financial Report

3.3.1 In P&L, how can you differentiate Stock & Service Sales?

3.4 Item Categories

3.4.1 What are Categories for?

3.4.2 How do you setup Uncontrolled Categories?

3.4.3 How do you setup Controlled Categories?

3.4.4 Assigning Stock Item to Category

Chapter 2: Index

5455565758596063666972737475767778798186

87

1 Ready?2 Get Set... & Go!!!3 Result & Others3.3 Financial Report3.4 Item Categories

Inventory Training

1 . Inventory Training

OCI Accounting System

1.1 Periodic versus Perpetual1.2 Modules with no impact on Stock

1 Ready?

Inventory Training . 2

OCI Accounting System

1.1.1 Periodic Inventory System1.1.2 Perpetual Inventory System1.1.3 Advantages & Disadvantages

1.1 Periodic versus Perpetual

3 . Inventory Training

OCI Accounting System

Topic:

1.1.1 Periodic Inventory System

Home > Inventory Training > 1 Ready? > 1.1 Periodic versus Perpetual > 1.1.1 Periodic Inventory System

Remark

Periodic inventory counts (such as oncea month, or at the beginning and end of

each year), and does not have anaccurate record of the inventories in

between these points

This system does not keepcontinuous, moment-to-moment

records of inventories.

Records are updated periodically –meaning, at certain points in time –

when actual counts are done.

Created by:Admin Last Modified: Admin 6/25/2013 4:24 PM

Inventory Training . 4

OCI Accounting System

Topic:

1.1.2 Perpetual Inventory System

Home > Inventory Training > 1 Ready? > 1.1 Periodic versus Perpetual > 1.1.2 Perpetual Inventory System

Remark

Perpetual means continuous. This is asystem where a business keeps

continuous, moment-to-moment recordsof the number, value and type of

inventories that it has.

OCi Accounting system – where eachitem of inventory is linked to theaccounting entries – creates a

perpetual system.

Inventory levels are automaticallydecreased as soon as the invoice hasbeen entered and completed at the

till.

Created by:Admin Last Modified: Admin 6/25/2013 4:25 PM

5 . Inventory Training

OCI Accounting System

Topic:

1.1.3 Advantages & Disadvantages

Home > Inventory Training > 1 Ready? > 1.1 Periodic versus Perpetual > 1.1.3 Advantages & Disadvantages

Remark

Perpetual Inventory System

Allow for Accurate Restocking

Uncovers Shrinkage & Theft

Accurate Interim Financial

Statements

This method ensure real-timerecording of stock movement,hence able to give a accurate

report.

Periodic Inventory System

Simple Calculations

Easy Record System

As stock is only adjustedduring year-end, interim

control is difficult and reportsare outdated.

OCi Accounting system adopt the more accuratePerpetual Inventory method

Created by:Admin Last Modified: Admin 6/25/2013 4:26 PM

Inventory Training . 6

OCI Accounting System

Topic:

1.2 Modules with no impact on Stock

Home > Inventory Training > 1 Ready? > 1.2 Modules with no impact on Stock

Remark

Transactional Modules that have totally no impact onInventory Stock Calculation:

QUOTATION

DELIVERY ORDER

PURCHASE ORDER

Created by:Admin Last Modified: Admin 6/25/2013 4:26 PM

7 . Inventory Training

OCI Accounting System

2.1.1 Item Group and Items2.1.2 Warehouse and Location Code2.1.3 Understanding Stock Item Costing2.1.4 Managing Unbilled Inventory2.1.5 Impact of Deliveries on Stock2.1.6 Others

2 Get Set... & Go!!!

Inventory Training . 8

OCI Accounting System

2.1.1.1 What is Item Group?2.1.1.2 Renaming existing Item Group2.1.1.3 Creating new Item Group2.1.1.4 How to create a Stock Item?

2.1.1 Item Group and Items

9 . Inventory Training

OCI Accounting System

Topic:

2.1.1.1 What is Item Group?

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.1 Item Group and Items > 2.1.1.1 What is Item Group?

Remark

Item Group

Controls which General Ledger Account thedouble-entries are posted to.

Item Records the description of the Stock item, andset which Item Group it belongs to.

Created by:Admin Last Modified: Admin 6/25/2013 4:30 PM

Inventory Training . 10

OCI Accounting System

Topic:

2.1.1.2 Renaming existing Item Group

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.1 Item Group and Items > 2.1.1.2 Renaming existing Item Group

Location Action Remark

Setup>

Item Group

Click SETUP activity

Click ITEM DETAILS

Click ITEM GROUP modules

Select INVENTORY GROUP

Click EDIT

DESCRIPTION rename PC

Group

Check the Inventory button

Type defines the nature ofitems belonging to this group.

Service – e.g.

delivery, transport

Inventory – for

Stocks

Remark – for

comments use for

documents e.g.

D.O., Invoices

INVENTORY AC select Stock This set which account to postto when there is a stock

movement.

COST OF GOODS SOLD AC

select Cost of Goods Sold

This set which account to postto when a stock is sold.

11 . Inventory Training

OCI Accounting System

UNBILL INVENTORY AC select

Unbilled Inventory

This account handles thedifference in stock cost duringpurchase process. More will be

explained later.

COST CALCUATION check for

Weighted Average Cost

This defines stock costcalculation method.

Currently the system can onlyhandle Weighted Average

Costing. Details will beexplained later.

Tick PRIORITY Once this is ticked, item sales inthis group will be determine by

INVOICE CREDIT AC.

This will overwrite the settingsat Customer Group

INVOICE CREDIT AC check for

INC001 - Sales

It allows you to set item salesfor this group to be recorded to

a different Income Account.

Click UPDATE

Created by:Admin Last Modified: Admin 6/25/2013 4:30 PM

Inventory Training . 12

OCI Accounting System

Topic:

2.1.1.3 Creating new Item Group

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.1 Item Group and Items > 2.1.1.3 Creating new Item Group

Location Action Remark

Setup>

Item Group

Select PC GROUP

Click DUPLICATE

CODE enter IV2

DESCRIPTION rename Accessories Group

PRORITY click tick

INVOICE CREDIT AC check for

Accessories Sales

Click ADD

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:34 PM

13 . Inventory Training

OCI Accounting System

Topic:

2.1.1.4 How to create a Stock Item?

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.1 Item Group and Items > 2.1.1.4 How to create a Stock Item?

Location Action Remark

Setup>

Item

Click SETUP activity

Click ITEM DETAILS

Click ITEM modules

Click NEW

CODE enter DDT001

GROUP select PC Group

If the PC Group is earlierdefine as Inventory Type, thisitem will be registered as stock

item.

DESCRIPTION enter Dell

Desktop

UOM enter Set

Click ADD

Inventory Training . 14

OCI Accounting System

Location Action Remark

Setup>

Item

Click NEW

CODE enter CLP001

GROUP select Accessories Group

DESCRIPTION enter Canon Laser

Printer

UOM enter Set

Click ADD

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:35 PM

15 . Inventory Training

OCI Accounting System

2.1.2.1 How to create a Warehouse and Location Code?

2.1.2 Warehouse and Location CodeLocation Action Remark

Setup>

Warehouse

Click SETUP activities

Click ITEM DETAILS

Click WAREHOUSE module

Warehouse is for you tophysically identify the location of

your stock item.

Example, if you have 2warehouses one in Changi while

another at Tuas.

Location is the specific area withinthe warehouse the item is

housed.

Note that the system calculatesstock costing individually when

the same stock items are house indifferent location – i.e. a similar

stock may have a differentcosting in Changi Warehouse

then in Tuas Warehouse.

If an item is not identified withany warehouse, it can be easily

understood.

Inventory Training . 16

OCI Accounting System

Topic:

2.1.2.1 How to create a Warehouse and Location Code?

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.2 Warehouse and Location Code > 2.1.2.1 How to create a Warehouse and Location Code?

Location Action Remark

Setup>

Warehouse

Click NEW

WAREHOUSE CODE enter CHANGI

DESCRIPTION enter Changi

Warehouse

Location

LOCATION CODE enter R1

DESCRIPTION enter Rack 1

LOCATION CODE enter R2

DESCRIPTION enter Rack 2

LOCATION CODE enter R3

DESCRIPTION enter Rack 3

Click ADD

17 . Inventory Training

OCI Accounting System

Location Action Remark

Setup>

Warehouse

Click DUPLICATE

WAREHOUSE CODE enter TUAS

DESCRIPTION enter Tuas

Warehouse

Click ADD

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:38 PM

Inventory Training . 18

OCI Accounting System

2.1.3.1 How is Stock Item Costing Calculated?2.1.3.2 Purchasing of Stock Item with different Cost2.1.3.3 Different Cost allocated when Selling of Stock Item at differentperiod2.1.3.4 What is the use of Lot number?

2.1.3 Understanding Stock Item Costing

19 . Inventory Training

OCI Accounting System

Topic:

2.1.3.1 How is Stock Item Costing Calculated?

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.1 How is Stock Item Costing Calculated?

The system uses Weighted Average Cost as the method of calculating Ending Inventory cost. It takes Cost of Goods (Stock Items) available for Sales anddivides it by the total quantities of the goods. This gives a Weighted Average Cost per Unit.

Created by:Admin Last Modified: Admin 6/25/2013 4:41 PM

Inventory Training . 20

OCI Accounting System

Topic:

2.1.3.2 Purchasing of Stock Item with different Cost

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.2 Purchasing of Stock Item with different Cost

Created by:Admin Last Modified: Admin 7/9/2013 2:02 PM

21 . Inventory Training

OCI Accounting System

Topic:

2.1.3.2.1 Purchasing 1st batch of Printer at $180

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.2 Purchasing of Stock Item with differentCost > 2.1.3.2.1 Purchasing 1st batch of Printer at $180

Location Action Remark

Purchase>

SupplierInvoice

Click PURCHASES activity

Click SUPPLIER INVOICE module

Click NEW

VENDOR select (or create) In-

Time Supplier Pte Ltd

Details:

ITEM select Canon Laser Printer

QTY enter 10

UNIT PRICE enter 180

TOTAL check for 1,926

Click ADD

$1926 is after GST.

Created by:Admin Last Modified: Admin 6/25/2013 4:48 PM

Inventory Training . 22

OCI Accounting System

Topic:

2.1.3.2.2 Check if Unit Printer cost is $180

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.2 Purchasing of Stock Item with differentCost > 2.1.3.2.2 Check if Unit Printer cost is $180

Location Action Remark

Report>Inventory>

Stock

Click REPORT activity

Click INVENTORY

Click STOCK module

Click REFRESH

UNIT COST check for 180

COST check for 1,800

Created by:Admin Last Modified: Admin 6/25/2013 4:49 PM

23 . Inventory Training

OCI Accounting System

Topic:

2.1.3.2.3 Purchasing 2nd batch of Printer at $210

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.2 Purchasing of Stock Item with differentCost > 2.1.3.2.3 Purchasing 2nd batch of Printer at $210

Location Action Remark

Purchase>

SupplierInvoice

Click NEW

VENDOR select (or create) In-

Time Supplier Pte Ltd

Details:

ITEM select Canon Laser Printer

QTY enter 5

UNIT PRICE enter 210

TOTAL check for 1,123.50

Click ADD

Created by:Admin Last Modified: Admin 6/25/2013 4:49 PM

Inventory Training . 24

OCI Accounting System

Topic:

2.1.3.2.4 Check if Unit Printer cost is $190

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.2 Purchasing of Stock Item with differentCost > 2.1.3.2.4 Check if Unit Printer cost is $190

Location Action Remark

Report>Inventory>

Stock

Click REFRESH

UNIT COST check for 190

COST check for 2,850

10sets @ $180 = $1,800

5sets @ $210 = $1,050

Weighted Average Cost(WAC) = ($1,800 +

$1,050) / (10sets +5sets)= $2,850 / 15

= $190

Created by:Admin Last Modified: Admin 6/25/2013 4:51 PM

25 . Inventory Training

OCI Accounting System

2.1.3.3.1 Selling 5 sets of Printer in Period 12.1.3.3.2 Buying 5 sets of Printer at $2052.1.3.3.3 Selling 5 sets of Printer in Period 2

2.1.3.3 Different Cost allocated when Selling of StockItem at different period

Inventory Training . 26

OCI Accounting System

Topic:

2.1.3.3.1 Selling 5 sets of Printer in Period 1

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.3 Different Cost allocated when Selling of Stock Item atdifferent period > 2.1.3.3.1 Selling 5 sets of Printer in Period 1

Location Action Remark

Sales>

Invoice

Click SALES activity

Click INVOICE module

Click NEW

CUSTOMER select (or create)

EveryDay Customer Pte Ltd

Details:

ITEM select Canon Laser Printer

QTY enter 5

UNIT PRICE enter 300

TOTAL check for 1,605

Click ADD

$1605 is after GST.

27 . Inventory Training

OCI Accounting System

Location Action Remark

Sales>

Invoice

Select the same Invoice

Click EDIT

Click GL

ACCOUNT check for Cost of Goods

Sold is 950

Cost of Goods Sold @ $190 x 5 = $950

Close General Ledger module

Click UNDO for Invoice

Created by:Admin Last Modified: Admin 6/25/2013 4:54 PM

Inventory Training . 28

OCI Accounting System

Topic:

2.1.3.3.2 Buying 5 sets of Printer at $205

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.3 Different Cost allocated when Selling of Stock Item atdifferent period > 2.1.3.3.2 Buying 5 sets of Printer at $205

Location Action Remark

Purchase>

SupplierInvoice

Click PURCHASES activity

Click SUPPLIER INVOICE module

Click NEW

VENDOR select (or create) In-

Time Supplier Pte Ltd

Details:

ITEM select Canon Laser Printer

QTY enter 5

UNIT PRICE enter 205

TOTAL check for 1,096.75

Click ADD

29 . Inventory Training

OCI Accounting System

Location Action Remark

Report>

Stock

Click REFRESH

UNIT COST check for 195

COST check for 2,925

10sets @ $190 = $1,900

5sets @ $205 = $1,025

WAC = ($1,900 + $1,025)/ (10sets +5sets)

= $2925 / 15

= $195

Created by:Admin Last Modified: Admin 6/25/2013 4:55 PM

Inventory Training . 30

OCI Accounting System

Topic:

2.1.3.3.3 Selling 5 sets of Printer in Period 2

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.3 Different Cost allocated when Selling of Stock Item atdifferent period > 2.1.3.3.3 Selling 5 sets of Printer in Period 2

Location Action Remark

Sales>

Invoice

Click SALES activity

Click INVOICE module

Select the previous invoice

Click DUPLICATE

TOTAL check for 1,605

Click ADD

31 . Inventory Training

OCI Accounting System

Location Action Remark

Sales>

Invoice

Select the same Invoice

Click EDIT

Click GL

ACCOUNT check for Cost of Goods

Sold is 1,075

Close General Ledger module

Click UNDO for Invoice

Created by:Admin Last Modified: Admin 6/25/2013 4:56 PM

Inventory Training . 32

OCI Accounting System

2.1.3.4.1 Using Lot Number in your Purchase2.1.3.4.2 Check Stock Cost of Item with Lot Number2.1.3.4.3 Using Lot Number in your Sales

2.1.3.4 What is the use of Lot number?Lot Number is a ‘Tag’ assigned to a stock item. It can be understood as a batch number assigned to your purchase as it will separate the costing from thosewithout Lot Number.

33 . Inventory Training

OCI Accounting System

Topic:

2.1.3.4.1 Using Lot Number in your Purchase

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.4 What is the use of Lot number? > 2.1.3.4.1 UsingLot Number in your Purchase

Location Action Remark

Purchase>

SupplierInvoice

Click PURCHASES activity

Click SUPPLIER INVOICE module

Click NEW

VENDOR select (or create) In-

Time Supplier Pte Ltd

Details:

ITEM select Canon Laser Printer

LOT NO. enter 2012-05-01

QTY enter 3

UNIT PRICE enter 400

For Lot No. you can enterany alpha numeric

characters of your choice.

It is limited to 10characters.

TOTAL check for 1,284.00

Click ADD

Created by:Admin Last Modified: Admin 6/25/2013 4:58 PM

Inventory Training . 34

OCI Accounting System

Topic:

2.1.3.4.2 Check Stock Cost of Item with Lot Number

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.4 What is the use of Lot number? > 2.1.3.4.2 CheckStock Cost of Item with Lot Number

Location Action Remark

Report>

Stock

Click REPORT activity

Click INVENTORY

Click STOCK module

Click REFRESH

Notice that a new line of the sameItem Code appears.

It bears the Lot Number you haveentered.

Both and the Quantity and Cost ismanaged separately from those

without Lot Number.

Created by:Admin Last Modified: Admin 6/25/2013 4:58 PM

35 . Inventory Training

OCI Accounting System

Topic:

2.1.3.4.3 Using Lot Number in your Sales

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.3 Understanding Stock Item Costing > 2.1.3.4 What is the use of Lot number? > 2.1.3.4.3 UsingLot Number in your Sales

Location Action Remark

Sales>

Invoice

Click SALES activity

Click INVOICE module

Click NEW

CUSTOMER select EveryDay

Customer Pte Ltd

Details:

ITEM select Canon Laser Printer

LOT NO. enter 2012-05-01

QTY enter 1

UNIT PRICE enter 800

TOTAL check for 856

Click ADD

Inventory Training . 36

OCI Accounting System

Location Action Remark

Sales>

Invoice

Select the same Invoice

Click EDIT

Click GL

ACCOUNT check for Cost of Goods

Sold is 400

Notice that the costallocated is $400 instead of

$195 from the commonpool.

This is so as the invoice hasspecified the Lot Number in

the sales.

Close General Ledger module

Click UNDO for Invoice

Created by:Admin Last Modified: Admin 6/25/2013 4:59 PM

37 . Inventory Training

OCI Accounting System

2.1.4.1 Issuing Receive Order & Supplier’s Invoice with Different Costing2.1.4.2 How do you Adjust Unbilled Inventory value ?2.1.4.3 How can you avoid having values posted to Unbilled Inventory?

2.1.4 Managing Unbilled Inventory

For the same Stock Items and quantities, Unbilled Inventory is a result of the difference in total value purchased, that you have earlier entered; in ReceiveOrder compared to value of the actual Supplier Invoice.

Inventory Training . 38

OCI Accounting System

2.1.4.1.1 Receiving Stock Items at $1000 each2.1.4.1.2 Enter the actual Supplier Invoice with Stock Items at $1050 each2.1.4.1.3 Checking for Unbilled Inventory Amount

2.1.4.1 Issuing Receive Order & Supplier’s Invoicewith Different Costing

39 . Inventory Training

OCI Accounting System

Topic:

2.1.4.1.1 Receiving Stock Items at $1000 each

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.4 Managing Unbilled Inventory > 2.1.4.1 Issuing Receive Order & Supplier’s Invoice with DifferentCosting > 2.1.4.1.1 Receiving Stock Items at $1000 each

Location Action Remark

Purchase>

Receive Order

Click PURCHASE activity

Click RECEIVE ORDER module

Click NEW

VENDOR select (or create) In-

Time Supplier Pte Ltd

Details:

ITEM select Dell Desktop

QTY enter 3

UNIT PRICE enter 1000

AMOUNT check for 3,210

Click ADD

Close module

Created by:Admin Last Modified: Admin 6/25/2013 5:01 PM

Inventory Training . 40

OCI Accounting System

Topic:

2.1.4.1.2 Enter the actual Supplier Invoice with Stock Items at$1050 each

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.4 Managing Unbilled Inventory > 2.1.4.1 Issuing Receive Order & Supplier’s Invoice with DifferentCosting > 2.1.4.1.2 Enter the actual Supplier Invoice with Stock Items at $1050 each

Location Action Remark

Purchase>

Receive Order

Click PURCHASE activity

Click SUPPLIER INVOICE module

Click NEW

VENDOR select (or create) In-Time

Supplier Pte Ltd

Click IMPORT

Select RO.12/00000001

Click ADD ALL ROWS

Click BACK

41 . Inventory Training

OCI Accounting System

Location Action Remark

Purchase>

Receive Order

Details:

UNIT PRICE change to 1050

Click ADD

NOTE: This would affect the stock cost. It is just a “Short­cut”, so it depends on your Company Practice.

Created by:Admin Last Modified: Admin 6/25/2013 5:02 PM

Inventory Training . 42

OCI Accounting System

Topic:

2.1.4.1.3 Checking for Unbilled Inventory Amount

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.4 Managing Unbilled Inventory > 2.1.4.1 Issuing Receive Order & Supplier’s Invoice with DifferentCosting > 2.1.4.1.3 Checking for Unbilled Inventory Amount

Location Action Remark

Report>

Trial Balance

Click REPORT activity

Click FINANCIAL

Click TRIAL BALANCE module

Click REFRESH

Unbilled Inventory Account check

for $150

During receipt of goods,the items are cost at

$1000 x 3 = $3000.

However, the actual theSupplier Invoiced at $1050

$1050 x 3 = $3150

The is a difference of

$3150 - $3000 = $150.

The system automaticallyposts it to UnbilledInventory Account.

Created by:Admin Last Modified: Admin 6/25/2013 5:03 PM

43 . Inventory Training

OCI Accounting System

Topic:

2.1.4.2 How do you Adjust Unbilled Inventory value ?

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.4 Managing Unbilled Inventory > 2.1.4.2 How do you Adjust Unbilled Inventory value ?

Location Action Remark

Adjustment>

UnbilledInventory

Click ADJUSTMENT activity

Click CLOSINGS

Click UNBILLED INVENTORY

module

POSTING A/C select Stock

Adjustment

Select an account youwould like the unbilled

inventory amount to beadjusted to.

Click STEP 1 GENERATE

Click STEP 2 POST

CONFIRM POST UNBILL click YES

POST DONE click OK

Close module

Inventory Training . 44

OCI Accounting System

Location Action Remark

Report>

Trial Balance

Click REPORT activity

Click FINANCIAL

Click TRIAL BALANCE module

Click REFRESH

STOCK ADJUSTMENT check for

$150

UNBILLED INVENTORY ACCOUNT

check for $0

Close module

Created by:Admin Last Modified: Admin 6/25/2013 5:04 PM

45 . Inventory Training

OCI Accounting System

Topic:

2.1.4.3 How can you avoid having values posted to UnbilledInventory?

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.4 Managing Unbilled Inventory > 2.1.4.3 How can you avoid having values posted to UnbilledInventory?

NOTE: Since the Unbilled Inventory value happens when there is a difference between Receive Order and Supplier Invoice,you can amend the value of Receive Order to be the same as Supplier Invoice. Hence, Unbilled Inventory will have zero value.

Created by:Admin Last Modified: Admin 6/25/2013 4:48 PM

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OCI Accounting System

2.1.5.1 Issuing a Delivery Order2.1.5.2 Undering Stock Report after Delivery Order2.1.5.3 Issuing a Sales Invoice2.1.5.4 Undering Stock Report after Invoice

2.1.5 Impact of Deliveries on Stock

47 . Inventory Training

OCI Accounting System

Topic:

2.1.5.1 Issuing a Delivery Order

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.5 Impact of Deliveries on Stock > 2.1.5.1 Issuing a Delivery Order

Location Action Remark

Sales>

Delivery Order

Click SALES activity

Click DELIVERY ORDER module

Click NEW

CUSTOMER select EveryDay

Customer Pte Ltd

Details:

ITEM select Canon Laser Printer

QTY enter 8

UNIT PRICE enter 300

ITEM select Dell Desktop

QTY enter 2

UNIT PRICE enter 1500

Click ADD

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:45 PM

Inventory Training . 48

OCI Accounting System

Topic:

2.1.5.2 Undering Stock Report after Delivery Order

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.5 Impact of Deliveries on Stock > 2.1.5.2 Undering Stock Report after Delivery Order

Location Action Remark

Report>

Stock

Click REPORT activity

Click INVENTORY

Click STOCK module

Click REFRESH

QUANTITY

CANON LASER PRINTER is 10

DELL DESKTOP is 3

Notice that quantities ofthe items are not deducted

with Delivery Orders.

This is so that in accountingwise, you still own the

items till you have invoicedyour customer.

DO QUANTITY

CANON LASER PRINTER is 8

DELL DESKTOP is 2

Delivery Orders quantitiesare separately managed in

DO Quantity column.

These are the quantitiesdelivered yet to invoice.

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:45 PM

49 . Inventory Training

OCI Accounting System

Topic:

2.1.5.3 Issuing a Sales Invoice

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.5 Impact of Deliveries on Stock > 2.1.5.3 Issuing a Sales Invoice

Location Action Remark

Sales>

Invoice

Click SALES activity

Click INVOICE module

Click NEW

CUSTOMER select EveryDay

Customer Pte Ltd

Click IMPORT

Select DO.12/00000001

Click ADD ALL ROWS

Click BACK

Click ADD

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:45 PM

Inventory Training . 50

OCI Accounting System

Topic:

2.1.5.4 Undering Stock Report after Invoice

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.5 Impact of Deliveries on Stock > 2.1.5.4 Undering Stock Report after Invoice

Location Action Remark

Report>

Stock

Click REPORT activity

Click INVENTORY

Click STOCK module

Click REFRESH

QUANTITY

CANON LASER PRINTER is 2

DELL DESKTOP is 1

Notice that quantities ofthe items are now

deducted upon invoiced.

DO QUANTITY

CANON LASER PRINTER is 0

DELL DESKTOP is 0

This means that there areno outstanding quantitiesdelivered yet to invoice.

Click ADD

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:44 PM

51 . Inventory Training

OCI Accounting System

2.1.6.1 How can I check Stock status while Invoicing?2.1.6.2 How can I check past Item Pricing while Invoicing?2.1.6.3 Can I issue a Credit Note for a Stock Item without affecting myStock Account?2.1.6.4 How are stock items assigned to a certain warehouse or location?

2.1.6 Others

Inventory Training . 52

OCI Accounting System

Topic:

2.1.6.1 How can I check Stock status while Invoicing?

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.6 Others > 2.1.6.1 How can I check Stock status while Invoicing?

Location Action Remark

Sales>

Invoice

Click SALES activity

Click INVOICE module

Click NEW

CUSTOMER select EveryDay

Customer Pte Ltd

Detail:

ITEM select Canon Laser Printer

Click [S]

Stock Search

QUANTITY

You will be able to view thequantities

Note that should you like topick on another item, youjust need to click on the

item and click OK.

Created by:Admin Last Modified: Admin 6/25/2013 4:40 PM

53 . Inventory Training

OCI Accounting System

Topic:

2.1.6.2 How can I check past Item Pricing while Invoicing?

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.6 Others > 2.1.6.2 How can I check past Item Pricing while Invoicing?

Location Action Remark

Sales>

Invoice

Click [$]

Price:

AMOUNT

Notice the list of pricespreviously invoiced are

listed.

Alternatively:

You can select for Othersor ALL Business Partners.

You can also select otherDocument like Quotation.

Click OK

Click UNDO

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:40 PM

Inventory Training . 54

OCI Accounting System

Topic:

2.1.6.3 Can I issue a Credit Note for a Stock Item withoutaffecting my Stock Account?

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.6 Others > 2.1.6.3 Can I issue a Credit Note for a Stock Item without affecting my Stock Account?

Location Action Remark

Sales>

Credit Note

Click SALES activity

Click CREDIT NOTE module

Click NEW

AFFECT INVENTORY Tick on it if you are issuinga Credit Note for goods

return and you would liketo take in the stock item.

If the item is not return orthat you are merely issuinga Credit Note for discount,

you need not tick on it.

Click UNDO

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:40 PM

55 . Inventory Training

OCI Accounting System

Topic:

2.1.6.4 How are stock items assigned to a certain warehouse orlocation?

Home > Inventory Training > 2 Get Set... & Go!!! > 2.1.6 Others > 2.1.6.4 How are stock items assigned to a certain warehouse or location?

Location Action Remark

Purchase>

SupplierInvoice

Click PURCHASES activity

Click SUPPLIER INVOICE module

Click NEW

Details:

ITEM select Canon Laser Printer

WAREHOUSE select Changi

LOCATION select Rack 1

You will be able to assignto the respective

Warehouse or Location byselecting them during your

purchasing process.

In the similar approach,they are issued out while

doing the Delivery Order orSales Invoice.

Click UNDO

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:39 PM

Inventory Training . 56

OCI Accounting System

3.1 Stock Adjustment3.2 Stock Report

3 Result & Others

57 . Inventory Training

OCI Accounting System

3.1.1 What are Types of Adjustment?3.1.2 How do you transfer Stock from one Warehouse to another?3.1.3 What should you do with Stock Items Found?3.1.4 How can you Adjust the Stock Cost?3.1.5 How do you do an update after Stock Check?

3.1 Stock Adjustment

Inventory Training . 58

OCI Accounting System

Topic:

3.1.1 What are Types of Adjustment?

Home > Inventory Training > 3 Result & Others > 3.1 Stock Adjustment > 3.1.1 What are Types of Adjustment?

Location Action Remark

Setup>

AdjustmentType

Click SETUP activity

Click ITEM DETAILS

Click ADJUSTMENT

TYPE module

Click NEW

TYPE select …

… NEW This is meant for you add new item in tothe stock list.

… ADJUSTMENT This is meant for you to adjust thequantity or cost of a stock item

… COST

ADJUSTMENT

This is meant you to adjust the stock costof the item

… MOVEMENT This is for you to move stock itemsbetween warehouse or locations within

warehouse.

Click UNDO

Created by:Admin Last Modified: Admin 7/2/2013 3:03 PM

59 . Inventory Training

OCI Accounting System

Topic:

3.1.2 How do you transfer Stock from one Warehouse toanother?

Home > Inventory Training > 3 Result & Others > 3.1 Stock Adjustment > 3.1.2 How do you transfer Stock from one Warehouse to another?

Location Action Remark

Setup>

AdjustmentType

Click NEW

CODE enter MOVT

DESCRIPTION enter

Transfer

A/C select EXP2000 Should there be any difference instock cost during the transfer, it willbe posted to this selected Account.

TYPE select Movement

Click ADD

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OCI Accounting System

Location Action Remark

Setup>

StockAdjustment

Click ADJUSTMENT activity

Click ADJUSTMENT

Click STOCK ADJUSTMENT

module

Click NEW

MODE select SINGLE Should you have more than oneitem required to transfer, select

MULTI

TYPE select MOVT

Click [S]

ITEM select Canon Laser

Printer

QUANTITY enter 1

WAREHOUSE select Changi

LOCATION select Rack 2

Click ADD

61 . Inventory Training

OCI Accounting System

Location Action Remark

Report>

Stock

Click REPORT activity

Click INVENTORY

Click STOCK module

Click REFRESH

Note that 1 set of Canon LaserPrinter is now transferred to

Changi warehouse.

Created by:Admin Last Modified: Admin 7/2/2013 3:05 PM

Inventory Training . 62

OCI Accounting System

Topic:

3.1.3 What should you do with Stock Items Found?

Home > Inventory Training > 3 Result & Others > 3.1 Stock Adjustment > 3.1.3 What should you do with Stock Items Found?

Location Action Remark

Setup>

AdjustmentType

Click NEW

CODE enter ADD

DESCRIPTION enter Add

Stock

A/C select EXP2000 When stock is added/debited toinventory account, the account

selected will be Credited.

TYPE select New

Click ADD

63 . Inventory Training

OCI Accounting System

Location Action Remark

Setup>

StockAdjustment

Click NEW

TYPE select ADD

ITEM select Canon Laser

Printer

QUANTITY enter 10

UNIT COST enter 190

Click ADD

Location Action Remark

Report>

Stock

Click REFRESH Note that Canon Laser Printerquantity is now 11 sets cost is

now 190.454

Inventory Training . 64

OCI Accounting System

Created by:Admin Last Modified: Admin 6/25/2013 4:36 PM

65 . Inventory Training

OCI Accounting System

Topic:

3.1.4 How can you Adjust the Stock Cost?

Home > Inventory Training > 3 Result & Others > 3.1 Stock Adjustment > 3.1.4 How can you Adjust the Stock Cost?

Location Action Remark

Setup>Itemdetails>

AdjustmentType

Click NEW

CODE enter COST

DESCRIPTION enter Cost

Adjustment

A/C select EXP 3100-

Transportation

This is to adjust the stock cost.

TYPE select Cost

Adjustment

Click ADD

Inventory Training . 66

OCI Accounting System

Location Action Remark

Adjustment>

StockAdjustment

Click NEW

TYPE select COST

Click [S]

ITEM select Canon Laser

Printer

TOTAL COST enter 1,200

Click ADD

Location Action Remark

Report>

Stock

Click REFRESH Note that the total cost for CanonLaser Printer is adjusted to

$1,200

67 . Inventory Training

OCI Accounting System

Created by:Admin Last Modified: Admin 6/25/2013 4:35 PM

Inventory Training . 68

OCI Accounting System

Topic:

3.1.5 How do you do an update after Stock Check?

Home > Inventory Training > 3 Result & Others > 3.1 Stock Adjustment > 3.1.5 How do you do an update after Stock Check?

Location Action Remark

Setup>

AdjustmentType

Click NEW

CODE enter ADJ

DESCRIPTION enter

Adjustment

A/C select EXP2000 Any difference in cost will beadjusted to this account.

TYPE select Adjustment

Click ADD

Close module

69 . Inventory Training

OCI Accounting System

Location Action Remark

Adjustment>

StockAdjustment

Click NEW

TYPE select ADJ

Click [S]

Select Dell Desktop

QUANTITY enter 5

Click ADD

Close module

Location Action Remark

Report>

Stock

Click REFRESH Note that Dell Desktop quantity isnow 5 with total cost of 5000.

Inventory Training . 70

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Created by:Admin Last Modified: Admin 6/25/2013 4:34 PM

71 . Inventory Training

OCI Accounting System

3.2.1 Stock Report3.2.2 Stock Detail Report

3.2 Stock Report

Inventory Training . 72

OCI Accounting System

Topic:

3.2.1 Stock Report

Home > Inventory Training > 3 Result & Others > 3.2 Stock Report > 3.2.1 Stock Report

Location Action Remark

Report>

Stock

Click REPORT activity

Click INVENTORY

Click STOCK module

Click REFRESH

The report shows the latest stockstatus of all stock items.

Note that you may enter at Filterto search for specific Lot No.,

Warehouse or Location.

Created by:Admin Last Modified: Admin 6/25/2013 4:33 PM

73 . Inventory Training

OCI Accounting System

Topic:

3.2.2 Stock Detail Report

Home > Inventory Training > 3 Result & Others > 3.2 Stock Report > 3.2.2 Stock Detail Report

Location Action Remark

Report>

Stock

Click REPORT activity

Click INVENTORY

Click STOCK DETAIL module

Click REFRESH

Top List:

Click on Canon Laser Printer

Bottom List:

Document transactions will

be listed out.

Once the item is selected at toplist, detail of the past documenttransactions affecting this stock

item will be listed.

At the bottom list, note that youare able to click on the Document

No. to drill down for furtherinvestigation.

Created by:Admin Last Modified: Admin 6/25/2013 4:32 PM

Inventory Training . 74

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3.3.1 In P&L, how can you differentiate Stock & Service Sales?

3.3 Financial Report

75 . Inventory Training

OCI Accounting System

Topic:

3.3.1 In P&L, how can you differentiate Stock & Service Sales?

Home > Inventory Training > 3.3 Financial Report > 3.3.1 In P&L, how can you differentiate Stock & Service Sales?

Location Action Remark

Report>

Financial

Click REPORT activity

Click FINANCIAL

Click PROFIT/LOSS module

Click REFRESH

INCOME

Cost of goods

Expenses

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:32 PM

Inventory Training . 76

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3.4.1 What are Categories for?3.4.2 How do you setup Uncontrolled Categories?3.4.3 How do you setup Controlled Categories?3.4.4 Assigning Stock Item to Category

3.4 Item Categories

77 . Inventory Training

OCI Accounting System

Topic:

3.4.1 What are Categories for?

Home > Inventory Training > 3.4 Item Categories > 3.4.1 What are Categories for?

Categories are for grouping of your stock items for reporting purpose.

Following is an example how you can make use of it.

Type \ Brand Dell IBM Canon

Computer aDesktop Series

Notebook Series

aDesktop Series

Notebook Series

r

Printer aInkjet Series

Laser Series

r a

Inkjet Series

Laser Series

Created by:Admin Last Modified: Admin 6/25/2013 4:11 PM

Inventory Training . 78

OCI Accounting System

Topic:

3.4.2 How do you setup Uncontrolled Categories?

Home > Inventory Training > 3.4 Item Categories > 3.4.2 How do you setup Uncontrolled Categories?

Location Action Remark

Setup>

ItemsCategory 1

Click SETUP activity

Click ITEM DETAILS

Click ITEM CATEGORY 1

module

Click NEW

CODE enter B001

DESCRIPTION enter Dell

Click ADD

79 . Inventory Training

OCI Accounting System

Location Action Remark

Setup>ItemDetails>

ItemsCategory 1

Click NEW

Repeat the process for the

following

CODE enter B002

DESCRIPTION enter Canon

CODE enter B003

DESCRIPTION enter IBM

Created by:Admin Last Modified: Admin 6/25/2013 4:10 PM

Inventory Training . 80

OCI Accounting System

Topic:

3.4.3 How do you setup Controlled Categories?

Home > Inventory Training > 3.4 Item Categories > 3.4.3 How do you setup Controlled Categories?

Location Action Remark

Setup>

ItemsDetails>Item

Category 2

Click SETUP activity

Click ITEM DETAILS

Click ITEM CATEGORY 2

module

Click NEW

CODE enter T001

DESCRIPTION enter

Computer

CONTROLLED click Tick

Controlled is Ticked so thatCategory 3 list is limited base on

Category 2

Click ADD

81 . Inventory Training

OCI Accounting System

Location Action Remark

Setup>

ItemsDetails>Item

Category 2

Click NEW

Repeat the process for the

following

CODE enter T002

DESCRIPTION enter Printer

CONTROLLED click Tick

Click ADD

Close module

Location Action Remark

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Setup>

ItemsDetails>Item

Category 3

Click SETUP activity

Click ITEM DETAILS

Click ITEM CATEGORY 3

module

Click NEW

CODE enter S001

DESCRIPTION enter Desktop

ITEM CATEGORY 2 select

Computer

This means that Desktop willbe listed if Computer is

selected for Item Category 2.

Click ADD

Location Action Remark

Setup>

ItemsDetails>Item

Category 3

Click NEW

CODE enter S002

DESCRIPTION enter Notebook

ITEM CATEGORY 2 select

Computer

Click ADD

83 . Inventory Training

OCI Accounting System

Location Action Remark

Setup>

ItemsDetails>Item

Category 3

Click NEW

CODE enter S003

DESCRIPTION enter Inkjet

ITEM CATEGORY 2 select

Printer

Click ADD

Location Action Remark

Setup>

ItemsDetails>Item

Category 3

Click NEW

CODE enter S004

DESCRIPTION enter Laserjet

ITEM CATEGORY 2 select

Printer

Inventory Training . 84

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Click ADD

Close module

Created by:Admin Last Modified: Admin 6/25/2013 4:09 PM

85 . Inventory Training

OCI Accounting System

Topic:

3.4.4 Assigning Stock Item to Category

Home > Inventory Training > 3.4 Item Categories > 3.4.4 Assigning Stock Item to Category

Location Action Remark

Setup>

Items Details

Click ITEM module

Select Canon Laser PrinterItems Details

>Item

Select Canon Laser Printer

Click EDIT

CATEGORY 1 select Canon

CATEGORY 2 select Printer

CATEGORY 3 select Laserjet Notice that only Inkjet orLaserjet is available for

selection.

This is due to the controlledsetting.

Created by:Admin Last Modified: Admin 6/25/2013 4:05 PM

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Index