Q. What cost is used when I edit a quantity in Minfos?
A. If the SOH adjustment is a negative adjustment, Minfos will use the cost from the earliest invoice with unsold quantities. If the soh adjustment is a positive adjustment, Minfos will use the cost from the stock card (last cost).
Q. What cost is used for Stock Transfers?
A. Minfos will use the cost from the earliest invoice with unsold quantities.
Q. What cost is used if I sell a product before I have invoiced it in to Minfos?
A. If there is no purchase history for the product, Minfos will use the unit cost from the stock card in Product Maintenance.
Q. What cost is allocated to a product when I complete a sale return/cancel mode or void a sale at the till?
A. Stock returned via the Till, will be added back into stock at the cost value from the earliest invoice with unsold quantities. If there no unsold quantities, Minfos will use the cost from the stock card.
Q. How do I deal with Bonus Stock?
A. When receiving bonus stock after FIFO has been configured, you must use one of the processes below.
- When the bonus stock is related to a product on a supplier invoice that has not yet been completed, when adding or reconciling the invoice, check the Show Discount check box and enter the bonus stock quantity into the Bonus Quantity field. This method will recalculate the unit cost to include the bonus stock.
- When the bonus stock is not related to a product on a supplier invoice there are two processes that can be followed;
- Create a new invoice in order maintenance and invoice the stock at $0.01, Minfos will sell any unsold quantities at the invoiced cost and then sell the bonus stock based on the $0.01 cost (99% GP).
- Credit out your current SOH based on the invoiced cost from your purchase history and then re-invoice the stock, and use the Show Discount checkbox and then the Bonus Quantity field in the Order Detail window to include the bonus stock received. Minfos will then recalculate the unit cost and average out the GP% across the products.
- Create a new invoice in order maintenance and invoice the stock at $0.01, Minfos will sell any unsold quantities at the invoiced cost and then sell the bonus stock based on the $0.01 cost (99% GP).
Q. Which Stock on Hand Report should I use for taxation purposes?
A. A taxpayer can adopt any methods e.g. last cost, FIFO or weighted average cost of stock valuation for tax purposes. Each Individual item of the trading stock can be assessed by either one certain method or a combination of methods. However, the closing value of the trading stock for one financial period must be adopted as its Opening value for the subsequent year.