Inventory Control Module

Multiple Cost Methods for Inventory Items
Each inventory item can be assigned a different cost method chosen from among the following options: Average, FIFO, LIFO, Specific ID or Average with Serial Number.

Serial Numbers Can Be Assigned to Inventory Items
You can assign serial numbers to units of inventory items that use either the Specific ID or Average with Serial Number cost methods. Serial numbers coupled with the Specific ID cost method allow you to track individual units and unit costs through the system. Serial numbers can be printed on invoices and reports; can be entered directly, assigned automatically by simply entering a few parameters, or imported from text files; and they can be amended.

An Inventory Serial Number Report is available, which provides the details of transactions affecting serialized items. Such report also shows a Transaction Number, which tells users the actual transaction involving a particular inventory Serial Number.

Build On-The-Fly Kit Items
When IC is coupled with the Kitting module, users will have the ability to simultaneously build and ship kit items from within one function. You can elect to ship kit items without going through the Build Kit Item function by unmarking the Require Prebuild option in the inventory record upon initial set up. This enables faster order processing.

Warehouse and Bin Setup included in Inventory Type Settings
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 assigned a particular inventory type.

Multiple Vendors Tracked for Each Inventory Item
Inventory items may be supplied by different vendors and in different unitsof- measurement. When IC is used in tandem with the Purchase Order module, multiple vendors can be tracked for each inventory item, and each vendor's price will be converted into common units-of-measurement for comparison purposes. The Best Price Listing aids in determining the best vendor price, keeping purchasing costs at a minimum. 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 hassle of doing manual conversion of vendor 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 price for the item.

Bar Code
A bar code for a UPC or 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 Transfer between Items, Warehouses and Bins
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 proper cost accountability. Transfers between warehouses can also be treated as "in-transit" until the items are posted as received at the target warehouse.

Physical Inventory Counts
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 count results. 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.

Mass Inventory Price and Cost Adjustments
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.

Inventory Adjustments
Adjustments can be made to any inventory item at any time. AccountMate 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.

Multiple Substitutes for Each Item
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.

Mass Copy Inventory
AccountMate has the ability to copy the entire inventory, including item numbers, descriptions, units-of-measurement and the general ledger accounts assigned to the item, 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 same 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 for the transaction.
• Each inventory item can be specified to automatically check or update 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.