Inventory Options
In Connect, the Inventory section dropdown has an Options tab with a submenu for Inventory settings. GL Account Codes and Categories can be added or edited for Inventory items.
Note: We recommend creating the GL code first so you can then apply it to the Inventory Categories.
GL Account Codes
A GL Code is a General Ledger code used for reporting and accounting purposes.
There are two commonly used types of GL Codes: Sales and Cost. Sales refers to the accounting code for the general ledger code on the sales side (money made) while Cost refers to the general ledger code of funds spent on the inventory (money spent).
To create new GL Codes in Connect:
- In Connect, click Inventory in the left side menu and select 'Options' from the drop-down then choose 'GL Account Codes'.
- Select 'Create' in the top right corner.
- Enter in the following:
- Code: The code desired (Ex: 40291, 20394, etc).
- Name: The name of the GL code (Ex: Beer Packaged, etc)
- Description: What is the code for?
- Type: Sales, Cost or Other.
- Hit Save and the GL code will be active.
Categories
A Category in the Inventory tab will help on the reporting and accounting side of inventory.
- In Connect, click Inventory in the left side menu and select 'Options' from the drop-down then choose 'Categories.'
- Select 'Add Inventory Category' in the top right corner.
- Enter in the following:
- Name: Name of the item.
- Sales Code: Optional. Chosen from the drop-down.
- Cost Code: Optional. Chosen from the drop-down.
- Tax Rate: Set the tax rate for the category.
- Is Main Category: Users have the option of creating Sub-Categories for their items. If the option is set as NO, a drop-down will appear asking the user to select the parent category. This can also be updated later when editing a category.
- Is Exclusive Tax Rate: If the tax is exclusive, this setting would be set to Yes.
- Is Subcontractor: If the category is a subcontractor, this would be set to Yes.
- Hit Save and the Inventory Category will be active.
