Initial price and quantity of Item and current stock and value of item

The following instruction manual describes how to add a new product in the warehouse using the status and initial price option (opening balance), and why these parameters are replaced with new fields at the time of issuing GIN or GRN documents for them, as well as the calculation method for new parameters.

1. Adding a New Product according to Quantity and Initial price.

To add a new item, click on the goods tab present at the main menu, select the item list. Use the CTRL + T keyboard shortcut for the item list. After executing this command, a new window will appear in the program listing the goods in the warehouse.

To add a new item in the warehouse, use the 'Add' button to display a new window with the specification to add a new item.

When adding a new item in the warehouse, you need to fill the basic parameters such as name, group of goods, measuring unit or VAT rate. To add the initial states to the opening balance, fill the goods properties - the initial stock and the initial price. Click the 'Save' button to confirm the settings and add the item in the warehouse. The following example introduced a new product called Ananas with an opening balance of 100 pcs and an initial price of PLN 8.00. The further part of this manual will be based on this item.

After saving the item, you can see that the new product appeared in the item list with 100 pcs stock level and the purchase price of (initial) PLN 8.00. The value of the item becomes PLN 800.00 as it is the product of the purchase price and the stock in the warehouse (8x100=800).

Use the 'Edit' tool to re-do the properties of an item. Or else double-click the item to open its edit window.

The opening balance is a company state document at the beginning of the activity. To open the opening balance in the LoMag software, click on the 'Find' icon in the main menu or use the [CTRL + F] keyboard shortcut. The user will see a find window, select the document tab.

On the left side of the window, select Document type, which is Opening balance from the drop-down list. One document with the ID number of the OB document will appear in the search list with basic information when such as date and value. By double-clicking on the document, we can open its edit window, in which you can find items with our newly added product such as Pineapple (Ananas).

2. Changing Initial States to the Current State

When using a new GRN document for our product, the interaction of the item's parameters will be presented in the main menu. To do this, first open the new window of the GRN document, then use the 'Add' button to display to add the item in the document.

Select the ananas from the drop-down list. The next step is to determine the quantity and price, for our example, we set at 10 pcs and 20.00 PLN respectively, resulted in the LoMag warehouse program calculating the acceptance of the pineapple into a warehouse worth of PLN 200.00. After verifying the entered values, click the OK button to load the item to the GRN document.

By saving the current GRN document in the system with the changes introduced by user for the pineapple product, we will be able to notice changes in the columns of the item list for this item. In the screenshot below, the stock level column shows the quantity 110, which is a consequence of receiving 10 pcs. which has been summed up to 100 items from the opening balance sheet. The value of the inventory for the product is PLN 1,000.00, which are the sum of the opening balance (PLN 800.00) and the value of the previously created GRN (PLN 200.00). The purchase price column has been automatically calculated by the program based on the stock level (PLN 1,000: 110 items) for the amount of PLN 9.09.

By editing the product that contains changes while issuing the GRN document in the warehouse quantities, it can be noted that when the goods are being edited, the initial state and initial price disappear, because they are replaced by the current status and current value respectively. These fields are non-editable as they are calculated on the basis of issued documents. Values in these fields are described above.

To check the item history including the document numbers, purchase dates, quantities, unit prices and on the basis of which the current value of the goods is calculated in the warehouse, we use item history in LoMag program. Click on the Items module and select the item history from the drop-down list or use the [CTRL + H] keyboard shortcut.

In the new window, enter the name of the item in the search field, select the item you want to open. In our case it will be Ananas. With the warehouse history option selected, we can see stock level movements and its basic values for the selected item.

3. Editing the OB Document

The LoMag warehouse program provides the opportunity to edit the Opening Balance for a given item issued either in GRN or GIN documents. In order to do the editing of the item through OB, open the Opening Balance and select the item you are interested in, click the edit button.

The program will warn us that the state of the goods should not change because the document (s) (GIN2/19) have already been issued for these items. To proceed, click OK.

Remember! This will only happen when you're editing the product that was used in GIN document. For GRN document, the program will not show the warning dialogue box.

The user can edit the 'Ananas' item in the new window of the OB document. It should be noted that the quantity can not be less than the sum of goods issued in GIN/19 document. In our case, it is 10 pieces. After making changes, press the OK button to confirm the changes.