Mastering 'Stock Received But Not Billed' for Accurate Financial Tracking

Guides & Tutorials
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Introduction

Welcome to this guide on the Stock Received But Not Billed feature in Empress. This essential feature is designed to simplify and streamline your business’s financial management, making it easier to track and record supplier transactions.

The Importance of the ‘Stock Received But Not Billed’ Feature

The Stock Received But Not Billed feature is a vital part of Empress’s Accounts Posting system, which automatically records all stock-related transactions. When you purchase items, their value is recorded in your Stock-in-hand or Fixed-assets account. When you sell these items, the cost is recorded as an expense under the Cost-of-Goods-Sold category.

This feature allows you to track the value of goods you’ve received but for which you’ve not yet been billed. This helps to ensure that your financial records are always accurate and up-to-date, making it easier to manage your business’s finances effectively.

Using the ‘Stock Received But Not Billed’ Feature

To utilise this feature, you will need to understand how it works with the Empress Purchase Receipt and Purchase Invoice systems. Here’s a step-by-step guide:

Purchase Receipt:

When you receive a Purchase Receipt, indicating an increase in your stock, Empress performs two actions:

  1. The Warehouse account is debited, indicating an increase in your stock.
  2. An adjustment account, known as the Stock Received But Not Billed account, is credited.

Purchase Invoice:

When you issue a Purchase Invoice against the Purchase Receipt, these steps occur:

  1. The Stock Received But Not Billed account is debited, effectively nullifying its balance.

At this point, the balance remaining in the Stock Received but not Billed account represents the value of items for which a Purchase Receipt has been issued, but for which you have not yet been billed.

Why This Feature Matters for Your Business

The Stock Received But Not Billed feature is an important tool for maintaining accurate financial records in your business. By tracking the flow of goods from purchase to sale, you can gain a clear picture of your business’s financial health. This data is vital for making informed business decisions and planning for future growth.

For additional support with this feature or any other Empress feature, please visit our support page or contact our dedicated customer service team. We’re here to help you make the most of Empress and all its powerful features.