Any changes to stock levels and prices are posted to the Stock on Hand and Stock Movements Accounts in the Nominal Ledger. This ensures a Real-Time update of Cost of Sales.
This switch automatically integrates your Stock Control to your Nominal Ledger. Any transactions which change Stock Levels or Stock Cost Prices will immediately post corresponding Nominal Ledger entries to the nominated Stock on Hand and Stock Movement accounts.
The Stock on Hand account should be a Balance Sheet Control account under the Financial Type ’Current Assets’ and will reflect the monetary value of your current stock holdings.
The Stock Movement account should be a Profit and Loss account under the Financial Type ’Cost of Sales’ and, together with your Purchase accounts, will reflect the Cost of Sale value of your stock transactions.
At the end of a period, the Stock Movement account will reflect the difference between the Stock Opening Balance and the Stock Closing Balance. Thus taken together with the Purchase Account you have your Cost of Sales.
This Switch is subject to an Annual License Fee (ALF) for the Switch as well as the entire Omni Software configuration*