What is WAP and what is the purchase price?
The purchase price of a product is the price you pay to your vendor - your vendor’s sales price.
The cost that will be posted to your cost of goods sold, when you sell an item, is called “WAP” (Weighted Average Price) and is calculated from the cost you purchase ([(# pieces X # amount) + (# pieces X # amount)] / total pieces). The receiving note is the leading document to update and value your inventory.
The WAP calculates an average of all products purchased. An example:
You buy: 10 products for $10 each = $100 into your inventory
You buy: 20 products for $15 each = $300 into your inventory
Your total value is now: 30 products for a total cost of $400 and this is a WAP of $13.33 per product
The WAP is then used to generate your costs of a sold product as soon as you deliver that product. The delivery note generates the inventory movement and the posting of your cost of goods sold into the profit & loss accounts specified in your product
Can I valuate my inventory using FIFO or LIFO?
OneUp offers average costing as well as standard cost valuation. Average cost should be used for all trading products and standard cost should be set up, if you need to valuate a product that has either been modified or manufactured.
FIFO and LIFO valuation are not offered features..
How do I create a new product family?
Please open any product or create a new one and click into the product family field, type anything or scroll down the selection list and use “create new” to set up your new product family.
Is there a limit for products handled in OneUp?
OneUp does not actually limit the amount of products you handle, nevertheless the application performance for a quantity of single products maintained will decrease significantly, if you need to handle more than 10’000 products. 10’000 products are the recommended limit.
How many products can I import?
It is not recommended to import more than 500 products at the time. Please import a few only, for a first run to make sure, your imports are fine and as you expect them to show.
Can I update my existing products importing a csv file?
Unfortunately it is not possible to import a csv file to update your products. Should you need to update prices, we recommend to use a price list in sales - sales price list or for purchase prices in purchasing - purchase price list .
Can I link my product to a vendor?
Should you not use your product family option otherwise, you could use it to group your products according to the vendors you buy from.
Should the product group be used otherwise, you might eventually set a prefix to your product code to identify the product accordingly, when you select it in a purchase order for your vendor.
Vendor price lists would you to set up purchase prices by vendor for the according products. When you then create a purchase order for this vendor and add the products, the correct price will be drawn.
Why can’t I delete a product?
OneUp allows to delete products only, if there is no transaction linked. A transaction could be:
- There is a quantity available in stock on hand
- The product is used in any kind of sales or purchase document
- The product was used in an inventory count sheet, an inventory transfer or any other inventory related transaction
To be able to delete the product, you would need to delete the linked documents and transactions and have no more quantity available in your stock on hand.
Should it not be possible to delete the linked transactions, it is recommended to re-name the product (for example add a prefix “INVALID”), so it won’t be used in future transactions.