Introduction
Welcome to this guide! Here we will guide you through how to manage and track the value of your warehouse stock using Empress. This feature can be a significant asset for your business, allowing you to maintain a real-time, accurate record of your stock worth, which is crucial for financial planning and management.
Feature Name: Stock Asset Ledger
The Stock Asset Ledger is a powerful feature in Empress that connects your warehouse to a ledger in your chart of accounts. This linkage is carried out through the Account field in each warehouse’s settings.
If you do not specify an Account for a warehouse, don’t worry. Empress will default to the account mentioned in the parent of that warehouse. If the system cannot determine an account through this hierarchy, it will use the Default Inventory Account specified in your Company record.
When you create a company in Empress, the system will automatically generate a ledger named ‘Stock In Hand’ in your Chart of Accounts. This ledger serves as a default stock asset ledger. You can find it via the following path: Chart of Accounts > Assets > Current Assets > Stock Assets > Stock In Hand.
For more detailed control over your stock assets, you can create extra ledgers under the ‘Stock Assets’ group. Having more ledgers allows you to segregate and manage your stock assets more efficiently.
Practical Application: Managing and Tracking Stock Assets
Here’s how you can use these features in your everyday business operations:
- View Stock Value: At any moment, you can view the value of your stock in any warehouse by checking the linked account in the Chart of Accounts.
- Edit Stock Value: When you add or remove inventory from a warehouse, the linked account in the Chart of Accounts will automatically update, ensuring accurate, real-time tracking of your stock value.
- Sort Stock Value: If you’ve created additional ledgers under ‘Stock Assets’, you can sort your stock by these ledgers to get a more granular view of your stock value.
- Track Stock Value: Empress allows you to track changes to your stock value over time. This feature is invaluable for understanding trends and making informed decisions about purchasing and sales.
User Roles and Permissions
In Empress, only users with the Finance Manager role can view, edit, and manage the Chart of Accounts. This feature ensures that sensitive financial information is only accessible to authorized personnel.
Conclusion
The ability to accurately track and manage the value of your warehouse stock is essential for any business. With Empress, you can easily link your warehouses to accounts in your Chart of Accounts, allowing for real-time updates and detailed management of your stock assets.
For more information on using Empress for business, please visit our User Guide and FAQ. If you need further assistance, don’t hesitate to reach out to our Support Team.