Instructions on how to deal with goods through the warehouse

Finmap does not currently have a function for warehouse management, but we are working on a program to integrate dozens of warehousing services in order to add data automatically. This service will soon be available.

However, if you need to keep track of your stock/ warehouse now, you can do so as follows.

1. Create a Warehouse account. On the left side of the My аccounts panel select Edit, then click on Add account.

2. Create a Goods purchasing category, Goods in stock/warehouse and a Purchasing project. On the top right, click on Settings and select Suppliers/contractors categories. To add a Project – click on Settings and select the Projects button.

3. Record the goods transactions as follows.

Paid the supplier for goods for onward sale – operation “Expense” from cash account. Select the expenditure sub-type “SUPPLIERS AND CONTRACTORS”, category “Goods purchasing” under the “Purchasing” project. In the example the sum is 15000 UAH.

We paid for the delivery costs
 – operation “Expense” from cash account, category “Purchases of goods” under the “Purchasing” project. In the example, the sum is 20 UAH.

Received goods to warehouse 
– operation “Income”, to the account “Warehouse”, “Goods in stock/Warehouse” under the “Purchasing” project.. In the example the sum is 11000 UAH.If the purchase and delivery amounts are not the same, you will need to make a “Future transaction” for the difference, which you will see in the “Accounts receivable” (if you owe the supplier) or “Accounts payable” (if you owe the supplier) reports. You can compare the “Goods purchasing” category with the “Goods in stock/warehouse” category for control purposes. You can also use the “Projects” (by “Purchasing”) analytics for analysis.

You have received income from the sale of goods to the buyer – operation “Income” to cash account, subtype “Sales categories”, for the project “Sales”. In the example the sum is 10000 UAH.

We wrote off the goods
 from the warehouse at the cost of goods sold (cost + delivery) – operation “Expense” from the “Warehouse” account), category “Write-off from the warehouse at cost price” under the project “Sales”. In the example the amount is 6,400 UAH.

4. Pay attention to the specifics of Income/P&L report generation

  • Cash report

For a cash report click on the Warehouse account, which is created for commodity transactions and is technical, not a cash account. In order to correctly calculate the cash flow in the Cash analysis, then the categories Write-off from warehouse at cost price and Goods to warehouse should be made inactive.

Or simply hide the Warehouse account using a filter.

  • Profit report

For a profit report, go to Purchasing project transactions. The Purchasing of Goods and Goods in stock/warehouse categories are technical and should not be shown in the Profit calculation. The project Sales, and the category Inventory write-off at cost price are part of the profit calculation.

In order to correctly calculate profit in the Profit analysis, you should make the Purchasing of Goods and Goods in stock/warehouse categories inactive.

  • Projects report (accounts receivable and accounts payable by “Purchasing” project)

If the Purchasing project is used in the first three transactions and the tags indicating the Supplier, it becomes possible to monitor receivables/payables as well as the total amount of receivables/payables. This can be monitored in the project report (project Purchasing, where Revenues is the value of goods entered into the warehouse, Expense is the payment for the goods, in this case a partial prepayment):