With AccountMate 6.0's Inventory Control you have the power of a complete inventory management system, including the ability to define each inventory item’s cost method, unit-of-measurement, warehouse and bin location; assign serial numbers to inventory items; define multiple substitutes for an item; record transfers of units from one item to a similar item, or to the same item in a different warehouse; list all the vendors that supply a particular item, or all the items supplied by a particular vendor; copy inventory items to another company; and facilitate physical inventory counts.

In addition, Inventory Control integrates and increases the functionality of the Accounts Receivable, Sales Order, Purchase Order and Manufacturer’s Inventory modules. Inventory Control can also be integrated with the Price Control, Inventory Specification, Kitting, Lot Control and Customer Inventory Manager modules, allowing you to enhance the flexibility of your inventory accounting system.

Each inventory item can be assigned a different cost method, Average, FIFO, LIFO, Specific ID or Average with Serial Number.

You can assign serial numbers to units of inventory items that use the Specific ID cost method. Serial numbers allow you to track individual units and unit costs through the system, and can be printed on invoices and reports. They can be entered directly, assigned automatically by simply entering a few parameters, or imported from text files, and they can be amended.

AccountMate provides the ability to simultaneously build and ship kit items within one window. You can elect to ship kit items without going through the Build Kit Item function by deactivating the Require Prebuild option in the inventory record. This enables faster order processing.

Figure 1: Quantity for Build On-the-Fly Kit Item Window

Warehouse and Bin setup is included when setting up inventory type records. You no longer need to input this information separately every time you create a new inventory item belonging to a particular inventory type.

Inventory items may be available from different vendors and in different units-of-measurement. Multiple vendors can be tracked for each inventory item, and each vendor’s price can be converted to reflect common units-of-measurement for comparison purposes. The Best Price Listing aids in determining the best pricing, and thus maintains purchasing costs at the lowest level. If you have vendors using a different currency from your home currency, you can directly input the unit price of your inventory items using the vendor’s currency. With this, you are freed from the hassles of doing manual conversion of item prices. When creating purchase orders, the system pulls out the necessary information from the inventory vendor records and suggests the vendor who offers you the best prices for the item.

Figure 2: Inventory Vendor Maintenance

A bar code for an UPC or a SKU number is maintained for each inventory item. Sales order and invoice line items can be entered by simply scanning the product bar codes.

Inventory items can be repackaged into smaller or larger units, and can be transferred from one bin or warehouse to another, with the option to transfer items at standard costs in order to maintain cost stability. Any transfer cost variance is automatically posted to the General Ledger for an audit trail. Transfers between warehouses are automatically treated as “in-transit” until posted as received at the target warehouse.

Inventory counts can be performed at any time and as often as needed. Inventory counts can be processed without interrupting shipping and receiving procedures. Worksheets can be printed to record inventory counts. Any physical count variances will be recorded as an adjustment to inventory assets in the General Ledger, and a Physical Count Variance Report can be generated for audit trail purposes.

Basic inventory prices and multi-level prices, for all or selected inventory items, can be updated by automatically applying a percentage or fixed amount to the current prices or costs of the items. Standard costs and return costs can be adjusted similarly.

Figure 3: Inventory Price Update Function

Adjustments can be made to any inventory item at any time. AccountMate 6.0 enables you to adjust an item’s quantity, unit cost or total value in a particular warehouse and bin, and to specify the General Ledger account to which the adjustment will be posted.

Figure 4: Inventory Adjustment Function

An unlimited number of substitute items can be defined for each inventory item. This is very useful when an item is in short supply, or whenever you need to suggest a different but similar item to a customer.

AccountMate has the ability to copy the entire inventory, including item numbers, descriptions, units-of-measurement and the general ledger accounts, from one company to another.

• Multiple unit-of-measurement codes can be created.
• Multiple warehouses and bins can be set up.
• Duplicate serial numbers can be permitted if desired.
• The Inventory Serial Number Report shows from whom a serialized item is purchased and to whom the item is sold.
• You can include a picture of each item.
• You can specify which other modules’ Transactions functions’ will have access to each inventory item.
• An inventory item’s unit-of-measurement can be overwritten on invoices, sales orders and purchase orders, automatically adjusting the per-unit cost or price on the document proportionately.
• Each inventory item can be specified to automatically check or update its on-hand quantity as transactions are processed.
• Each inventory item can be assigned up to 10 price levels (or unlimited price levels if the Price Control module is installed), based either on a customer’s price code or on the order quantity.