Inventory and Asset Management

Inventory Update

To update the inventory items, simply select and click on “update inventory" from the Action menu. The app will take care of the update automatically, without needing any further intervention.

Asset Register Update

For capital items, you will need to "update the Asset Register" instead of the inventory. To complete the update, the app requires you to enter the asset's serial number, the assigned bar code or identification tag, depreciation rate, depreciation commencement date, and the asset's residual value, if any.

Charge Account

To confirm the "charge account" that was previously performed in the Purchase Requisition form, select "Confirm Charge Account" from the Action menu. The app will display a drop-down menu for your selection.

As you review the "charge account" dropdown, you may notice square boxes in the column titled "check if tax not recoverable." The app assumes that all customs tax is recoverable from the government and posts the tax amount to the Customs Tax Receivable account. However, if your company does not qualify for a tax recovery, please check the square box to turn it blue. Doing so will signal the app to reverse the account charge from the receivable account to the customs tax expense account, which will happen automatically.

Should you need to modify the chargeable accounts for a good reason, you can do so and click the confirm button. Additionally, you can initiate payment of an invoice from the supplier's invoice table by selecting "make payment" from the Action menu. A payment advice with confirmation of a successful 3-Way matching will appear, along with a "Pay" button. Clicking this button will take you to the Pay Module to complete the payment process. Note that the app will not process any invoice for payment if it fails a 3-way matching.