Manage Institute’s Sales Invoice using Inventory Management Plugin
For institutions who constantly purchase and sell items, managing inventory can be just as crucial as managing finance. And if you thought tracking all your institution purchases were hard, tracking outgoing items and their invoicing can be even harder.
Introducing ‘Sales in Inventory’, a feature part of the Inventory management plugin that enables institutions to easily record and track items they sell. From student uniforms to textbooks to sports equipment, now sell any item and let Fedena do the rest of the work. And what good would it be to make all those sales and not know the status and value of the items sold. Fedena generates comprehensive sales reports that help you keep track of your store sales, the availability of items, and the amount collected for each item.
Workflow to set up and to track items sold
Who can manage items for sale
Fedena administrators have complete privileges over the ‘Sales in Inventory’ feature. Administrators can set up items for sale, create sales invoices, as well as generate sales reports. Fedena offers the following inventory privileges that can be assigned to employees.
|Employee Manager Inventory||Setup items for sale and generate sales reports.|
|Manage Inventory||Control the complete Inventory module, which includes all activities connected with ‘Sales in Inventory’.|
|Inventory Basics||Set up items for sale.|
|Inventory Sales||Create sales invoices and generate sales reports.|
Step 1 – Create an item category
The first step would be to create the item categories under with each item can be recorded and sold.
- At the top of your dashboard, click the module access icon > Administration > Inventory > Item Category to open the Item Category page.
- Enter the name and category code, and then click the Save button.
Step 2 – Record a sellable store item
- At the top of your dashboard, click the module access icon > Administration > Inventory > Store Items to open the Store Items page.
- In the top right, click the New button.
- Enter the item details.
- Select the Sellable checkbox.
- Select an item category.
- Click the Save button.
Step 3 – Advertise and sell the item
Now that you’ve recorded the items to be sold, how do you let everyone know that a sale is on? The answer is right in front of you – Fedena. You can use Fedena to seamlessly communicate to your students, parents, and employees. Some of the best ways would be to:
- Use the News module to announce to the whole institution that a sale is on.
- Use the SMS or Email module to send a message.
- SMS and Email settings not configured? Not to worry. Use Fedena’s internal messaging system to send out a quick note.
- Already have discussion groups setup in Fedena? Use the Discussion module to share the message.
Step 4 – Create a sales invoice for the items sold
Complete your sale by creating a sales invoice and issuing a copy to your customer.
- At the top of your dashboard, click the module access icon > Administration > Inventory > Billing to open the Invoice page.
- In the top right, click the New button.
- In the Store field, select the store to which the item belongs.
- In the Issued to field, enter the Fedena user ID to search and select the user. The Name field and Address field automatically populates the user information.
Note: If the customer is not a Fedena user, you can manually enter the customer’s name and address.
- Enter the billing details. You can search for the item using the item code or item name. If required, you can create an invoice for more than one item clicking Add New Item.
- In the Tax (%) field, enter the item(s) tax.
- Enter any additional charges or discounts applicable. The Total is the amount to be paid by the customer.
- Select the Is Paid checkbox if the item is paid for.
Note: You can create an invoice even if the item(s) is not paid for. When you later receive the payment, you can edit the invoice, select the Is Paid checkbox, and then save the invoice.
- Click the Save button to create the invoice.
- Click Print to print the invoice.
You can always print the invoice at a later time as well. Go the Invoice page (module access icon > Administration > Inventory > Billing), and then search and select the invoice to print.
Step 5 – Generate sales reports
Use the following reports to know how your sales team has performed:
- Item-wise Report
- Day-wise report
- Invoice Report
Use the Item-wise Report to view the availability of items and the amount collected for each item.
At the top of your dashboard, click the module access icon > Administration > Inventory > Reports > Sales Reports > Item-wise Report.
Use the Day-wise Report to view the amount collected and the total number of sales made by each store on the specified date(s).
At the top of your dashboard, click the module access icon > Administration > Inventory > Reports > Sales Report > Day-wise Reports.
Use the Invoice Report to view the list of invoices together with their details for the specified date(s).
At the top of your dashboard, click the module access icon > Administration > Inventory > Reports > Sales Report > Invoice Reports.
You can also click on an invoice number to view the complete invoice details.
So there it is, use Fedena to record and track the items your institution sells and ensure proper financial management and accurate reporting.
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