ID #1743

How do I maintain in house assets of a restaurant like spoons, plates, forks etc?

Solution: In order to maintain restaurant in house assets, you need to create a department named “IN house Inventory” and put all the restaurant assets under it. If transfer of these assets takes place, then it will be shown in respective transferees stock accordingly. To explain the detailed process we will consider an example of fork set.

 

Step 1: Do the following changes in Global Option:
    1. From main go to the Global Option (T>A>G)
    2. Select Account at "Stock Value in Final Accounts from" field
    3. Press Alt+S to save the changes and then restart the software.
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Note: 
After doing the above changes, closing stock will be disappeared from balance sheet and profit & loss account. In this case you have to pass a journal voucher to get back closing stock in balance sheet and profit & loss account. Steps are given below;
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Step 2: Creation of in house asset item “Fork Set”:
    1. From main go to the Product Management (M>I>P) 
    2. Enter product name “Fork Set”
    3. Create a new “Brand” named ‘Souvenir’
    4. Create a new “Subgroup” named ‘Fork’
    5. Under “Subgroup” create a new “Group” named ‘Restaurant Assets’ and a new “Department” named ‘IN house Inventory’
    6. Set Inventory-Raw at “Item Type” field if don’t want to maintain sale details, esle can set Service if you don’t want to maintain sale details as well as don’t want to show in the Stock Statemet.
    7. Fill up the other details and then save pressing Alt+S.
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For more detail please visit;
 
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Step 3: Create the following ledgers:
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    • From main go to the Account (M>A>A)
    • Type 1st ledger name “Fixed Assets”
    • Select “Fixed Assets” at Group Name field
    • Enter other details and then save pressing Alt+S.
    • Type 2nd ledger name “Transfer of Assets”
    • Select “Sundry Debtors” at Group Name field
    • Enter other details and then save pressing Alt+S
    • Type 3rd ledger name “Depreciation”
    • Select “Indirect Expenses” at Group Name field
    • Enter other details and then save pressing Alt+S.
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Step 4: Creation of Voucher Type:
    1. From main go to the Voucher Type (M>A>V)
    2. Type voucher type name “Purchase of Fixed Assets”
    3. Select “Purchase” at Voucher Type field
    4. Select Yes at “Voucher Option” field
    5. Now it will bring Purchase Option Modify screen
    6. Set ledger “Fixed Assets” at Default Account field
    7. Set others if require for purchase option and then save pressing Alt+S
    8. Set others if require for voucher type and then save pressing Alt+S.
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Step 5: Purchase of in House Asset items:
    1. From main go to the Purchase Invoice (P>T>P)
    2. Press Alt+F11 and select voucher type “Purchase of Fixed Assets”
    3. Enter purchase transaction for in house asset items.
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Step 6: Stock transfer of in house assets:
    1. From main go to the Stock Transfer (W>T>T)
    2. Set the source location and destination location in “From” and “To” respectively
    3. Select Fork Set from Product list
    4. Enter transfer quantity and then save pressing Alt+S
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Step 7: Stock report of "Fork Set":
    1. From main go to the Stock Statement (W>R>S)
    2. View the stock of Fork set.
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Step 8: Do the following voucher entries:
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Depreciation entry for in House Assets:
    • From main go to the Voucher Entry (F>T>V)
    • Press F7
    • Select ledger “Depreciation” at Debit/By 
    • Enter the aggregate amount of depreciation
    • Select ledger “Fixed Assets” at Credit/To
    • Enter amount same as above
    • Enter narration and then save pressing Alt+S.
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Note:
This way it will reduce the value of depreciation from Fixed Assets in balance sheet, and book "Depreciation" as indirect expense in profit & loss account.
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Closing stock entry for Balance Sheet and Profit & Loass Account:
Note:
  • This way it will show closing stock both in balance sheet and profit & loss account.
  • You can get closing stock value in Stock Statement. Exclude the value of fixed assets.
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Voucher entry for in House Assets transferred:
    • From main go to the Voucher Entry (F>T>V)
    • Press F7
    • Select ledger “Transfer of Assets” at Debit/By 
    • Enter the total amount of in house asset transferred
    • Select ledger “Fixed Assets” at Credit/To
    • Enter amount same as above
    • Enter the narration and then save pressing Alt+S.
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Note: 
This way it will reduce Fixed Assets from sender location. Since stock transfer entry doesn’t impact balance sheet, so you have to pass voucher like above against each fixed asset transfer entry in order to maintain balance sheet as well as inventory.
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........Voucher entry for in house assets received:
    • From main go to the Voucher Entry (F>T>V)
    • Press F7
    • Select ledger “Fixed Assets” at Debit/By 
    • Enter the total amount of in house asset received
    • Select ledger “Transfer of Assets” at Credit/To
    • Enter amount same as above
    • Enter the narration and then save pressing Alt+S.
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Note:
This way it will increase Fixed Assets of receiver location. Since stock transfer entry doesn’t impact balance sheet, so you have to pass voucher like above against each fixed asset receive entry in order to maintain balance sheet as well as inventory.

Tags: Product Management, Stock Statment, Stock Transfer

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