Product Code and Supplier's Code
Product code is a unique number (or alphanumeric) use to identify an item. The unique product code for reselling a product can be different from ordering from the supplier, the supplier code.
For example, you own a retail shop selling Television. You sell various brands and models which purchase from multiple manufacturers and distributors. To keep a searchable inventory list, you may create the product code such as: ABrand32LEDTV ABrand43LEDTV ABrand52LEDTV BBrand32LEDTV BBrand41LEDTV BBrand61LEDTV CBrand52LEDTV CBrand61LEDTV
Sort inventory by brands helps in stocktaking, especially in a consignment or SOR (Sales or Return) business model. The product looks neat and searchable but may mean nothing to a vendor when you place an order. Vendor may have their unique product code, the supplier's product code, which you are required to show on the purchase order.
Use the Lookup (Detail.StockCode, "Product.SupplierCode") function in the form to find the supplier's product code of the item. You still use the internal unique product code in the order transaction, but prints the supplier code instead.
To automate the ordering process, add the usual supplier in each item; this generates a Purchase Order from the Sales Order once you have insufficient quantity on hand.
MoneyWorks is simple but yet powerful, sign up a demo to understand how to use MoneyWorks to manage your inventory and finance.
#Inventory #MoneyWorksAccountingSingapore #Macaccountingsoftware