Asset Items and Inventory Items

[phani]

Hi All,

What is the difference between inventory Items and Expense Items?

Thanks in Advance

Regards,
Phani

[imtiyaz]

Hi Phani,

Those Item that needs to maintain stock and tracking are inventory Items. Creating unique Item coding for each SKU?s

Non-Stock able Items that is direct IN & OUT, are expense items. For such items no need to create Item code for all. Only few codes can be created and in PR & PO description can be change

Example

Inventory items
Machine parts, Raw Materials, Any Trading Items etc

Expenses Items

Assets, services, Projects, consumables (Office Stationery) etc.

Regards

Imtiyaz

[phani]

Hi Imtiyaz,

Thank you for the reply.

It would be more helpful to me if you could also let me know regarding the accounts that were used when we raise Purchase requistion for Inventory Items and expense Items and receive them in to inventory.

Regards,
Phani

[tgs100]

If you are looking for accounting entries, you may go through the below thread.

<b>topic.asp?TOPIC_ID=5799</b>

Cheers,
Saravanan TG