Summary

Inventory items are created and maintained on the Item Maintenance window. Follow this process to create an inventory item.

Step by Step

1     Sort the existing items.

• The lower section of the Item Selection window will display all of the inventory items entered in the application.
• This list can be filtered by entering item information on the Vendor tab and then clicking the Refresh icon  .
• Highlight an item and click the Confirm icon   to return that item to the Requisition Line Item Maintenance window.
• Click the Delete icon to delete an item. You will not be able to delete an inventory item that has on-hand inventory.
• Click the Modify icon to open an item or the Create icon   to create a new inventory item. This will open the Item Maintenance window.

2     Create a new inventory item. 

• The Information section of the Item Maintenance window displays the inventory information associated with the item. As transactions accumulate on the inventory item, the Last Cost, Average Cost, On Hand Quantity and On Hand Value fields will populate.
  • The Last Cost is the inventory item cost of the last receipt or transfer.
  • The Average Cost is the average cost of the inventory on hand. Uncommitted transactions, quantities returned to stock and the cost of quantities returned to stock used will be included in this calculation.
    • The formula for the Average Cost field is:

On Hand Value field / On Hand Quantity field = Average Cost field

• The On Hand Quantity is the total quantity of items in all locations. Uncommitted transactions and quantities returned to stock will be included in this calculation.
• The On Hand Value is the total value of the items in all locations. Uncommitted transactions and quantities returned to stock will be included in this calculation.

• The Item Info section contains the General, Quantity and Value, Miscellaneous and Stack tabs. Each tab provides unique information about the item.

3     Complete the General tab.

• Enter an item number in the Item field. The item number must be unique and can be up to 10 alphanumeric characters. This is a required field.
• Select a Status from the drop-down menu. Inventory transactions can only be performed on inventory items with an Active status.
  • You can use the New status for an item that is active but that you want to track separately for reporting.
  • The Delete status will not delete the inventory item but it will be take the item off the list of inventory items that can be used in transactions.
• Select an inventory costing method from the Costing drop-down menu.
  • Select Average for an average cost.
  • Select FIFO for first in first out inventory.
  • Select LIFO for last in first out inventory.
  • Generally the costing method will not be changed from the default.
• Enter an item description in the Description field. The description field can be up to 50 alphanumeric characters.
• Select a Unit measure from the drop-down menu.
  • Units are used to describe the type of units that are being purchased. Units are maintained in the Units Maintenance window. Units are created and maintained on the Unit Maintenance window (SS> Maintenance> Units).
• Enter a Default Cost.
  • The Default Cost field will only be used as the default cost until there are transactions on the inventory item.
  • This is a required field to create an inventory item.
• Enter values in the Character fields if desired. These field labels are user defined and can be edited on the Miscellaneous Field Labels window (SS> Utilities> Miscellaneous Field Labels).

4     Add a vendor to an inventory item.

• If you order an item from multiple vendors or enter into contracts with vendors, the vendor information can be tracked with the inventory item. This allows you to compare pricing when creating an invoice for an inventory item.
• Click the Create icon drop-down menu and select New Vendor to add a vendor to the item.
  • This will create a new line in the Vendors section and open the Modify Item Vendor window.
  • Click the Vendor Number field label to select a vendor from a list.
  • While none of the remaining fields are required to attach the vendor to the inventory item, the Product Code field is generally used to track the vendor’s reference number for the item. The product code will populate on the line item when a requisition, purchase order or AP invoice is created using this vendor and item.
  • Check the Primary toggle if the vendor is the primary vendor.
  • Complete the desired fields and click the Save icon or press ENTER. This will return you to the Item Maintenance window.
• You can also click the Modify icon   or the Delete icon drop-down menu to open or remove a highlighted vendor.
• Click the Save icon when complete.

5     Add an account to an inventory item.

• Click the Create icon drop-down menu and select New Account to attach an account to the inventory item.
  • This will open a new line in the Accounts section and open the Account Type Selection window.
  • Select an Account Type and click the Confirm icon. An Account Type entered in this field will overwrite the Account Types entered into the category code when there are transactions on the inventory item.
  • This will open the Chart of Accounts Selection window. Select an account that you would like to associate with the inventory item and click the Confirm icon  .
  • Enter a percentage in the Percentage column to distribute transactions on the inventory item to multiple account types.
    • The Percentage must be between 1 and 100.
• Click the Delete icon drop-down menu to remove a highlighted account.
• Click the Save icon when complete.

6     Complete the Quantity and Value tab.

• As inventory transactions on this item accumulate, the Locations section will populate with transaction information. These transactions can be displayed by clicking the Expand button next to each of the locations.
  • The Filters section on the lower right allows you to filter the transaction types displayed in the Location section. All the filters toggles will be checked by default.
    • Check the Show committed reversals toggle to include reversing entries created by costing forward in the window.
• The Selected Location section allows you to view the inventory information of a location selected in the Location section.
  • Highlight a location in the Location section. The inventory counts in the Selected Location section will update based on the selected location.
  • Click on the Expand button next to a quantity to view the transaction detail that created the values. This allows you to open the requisition, purchase order, or work order that created the on hand value in that location.
  • The WO Quantity field displays the number of inventory items that are attached to a Work Order module work order as an estimate. In order to be included in this count, you must check the Reserve Items toggle on the General tab of the work order estimate when creating it.
• The All Locations section will display the inventory information of all the locations in the Locations section. To view a breakdown by location, highlight a location in the Location section and the Selected Location section will update.
  • The Work Order fields have not yet been implemented.
• Click on a location in the Locations section to change the location reordering information.
  • The Reorder Point, Qualifier and Build to Level values can be edited in the Locations section.
  • Enter a Reorder Point for the location to determine when an item should be reordered.
  • Select a Qualifier from the drop-down menu.
    • The Qualifier value applies to the Build to Level. This allows for some flexibility when reordering. If the Build To Qualifier is set to “At Least” then the quantity generated in the Reorder process will be greater than or equal to the target quantity. If the Build To Qualifier is set to "At Most" then the quantity generated in the Reorder process will be less than or equal to the target quantity.
  • The Build To Level is the amount of inventory the reorder process will build to on reorder.
  • Check the Reorder toggle if you want inventory reordered to the selected location. If you do not reorder inventory to the selected location you can transfer inventory to the location.
  • Check the Default toggle if you want this location to be the default for all new inventory items created in the Item Maintenance window. You can have only one default location.

7     Complete the Miscellaneous tab.

• Miscellaneous fields are user-defined fields that can display and store information but cannot be used in reporting.
• Miscellaneous field labels are created and maintained on the Miscellaneous Field Label Maintenance window (SS> Utilities> Miscellaneous Field Labels).

8     Complete the Stack tab.

• If you are using FIFO or LIFO costing on the inventory item, the Stack tab on the Item Maintenance window will be active.
• The Stack tab displays the sequence in which the inventory will be costed as it is issued.
  • Use the Stack Date and Stack Time fields to filter the Stack tab. This is useful if you want to process a transaction at a certain time in order to issue inventory from a certain inventory receipt.
  • Use the Recalculate Stacks icon   to refresh the stack information.
• Click the Save icon to complete the process.