With AccountMate’s Inventory
AccountMate 7 for SQL or Express
Multiple Cost Methods for Inventory Items
Each inventory item can be assigned a different cost method chosen from among the following: Average, FIFO, LIFO, Specific ID or Average with Serial Number.
Support Serial Number Tracking
Assign serial numbers to units of your inventory 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 throughout the system. Serial numbers can be printed on invoices and reports, entered directly, assigned automatically by simply entering a few parameters or imported from text files.
You can run the Inventory Serial Number Report to view details of transactions affecting serialized items. This report shows the transaction type and number to identify the purchase, sale or use of a particular serial number.
Physical Inventory Counts
Inventory counts can be performed at any time and as often as needed. They can be processed without interrupting shipping and receiving processes. You can freeze inventory and update physical count results for a range of warehouses. Worksheets can be printed to record inventory count results. Physical count variances will be expensed against user-defined General Ledger account IDs and recorded as an adjustment to inventory assets in the General Ledger. A Physical Count Variance Report can be generated for audit trail purposes.
Designate Different Default Units-of-Measurement for Inventory Stock, Purchase or Sale
Assign a different unit-of-measurement that will be used to stock inventory, record customer sales or process purchase transactions. This gives you greater flexibility to maintain and transact inventory in different groups of units based on such factors as your product packaging requirements and those of your vendors. At the same time, you will be cutting down on the data entry required when recording inventory sales and purchases.
Inventory Type Settings Speed Up Creation of Inventory Records
Standardize the information and default settings that will be assigned to new inventory records. You can preassign warehouses and bins, units-of-measurement, cost method, revenue code and lot, as well as kit and item specification settings. This feature helps reduce data entry time and errors.
Multiple Vendors Tracked for Each Inventory Item
Inventory items may be purchased from different vendors at different units-of-measurement. When Inventory Control is integrated with the Purchase Order module, multiple vendors can be tracked for each inventory item, with each vendor's price converted to the smallest unit-of-measurement for effective comparison. A Best Price Listing feature aids in determining the best vendor price, keeping purchasing costs at a minimum. If you have some vendors using foreign currency, enter the inventory item’s unit price in the vendor’s currency freeing you from the inconvenience of manually converting vendor prices. When creating purchase orders, the system recommends either a designated default vendor or the best price-per-unit vendor.
Support Bar Code
A bar code for a UPC or SKU number can be 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-ofmeasurement and can be transferred from one bin or warehouse to another. The transfer can be performed for one or several inventory items at a time. Freight and cost adjustments can also be recorded for each transfer. Generate a Warehouse Transfer Slip to send along with the transferred inventory as an additional control. Any transfer cost variance is automatically calculated for proper cost accountability. Transfers between warehouses can also be treated as “in-transit” until the items are recorded as received at the destination warehouse.
Internal Stock Issuance
The same inventory that you sell to customers or use as manufacturing or kit components can also be used internally by your company. The Internal Stock Issuance function facilitates recording of multiple inventory items issued for internal company use. Each batch of items issued can be posted to a user-defined General Ledger Account ID to properly assign the items’ costs to the department to which they are issued.
Mass Inventory Price and Cost Adjustments
Unit, basic and multi-level prices for all or selected inventory items can be easily updated by automatically applying a percentage or fixed amount to the current item prices or costs. Standard costs and return costs can be adjusted in the same manner.
Adjustments can be recorded for any inventory item at any time. AccountMate allows 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. Use this feature to correct variances between your inventory ledger balances and your inventory account balance in the General Ledger to update item quantities for shrinkage or to revalue outdated inventory.
Mass Copy Inventory
AccountMate has the ability to copy inventory records from one company or warehouse to another, including the item numbers, descriptions, units-of-measurement, assigned Revenue Codes and General Ledger account IDs. You are able to adjust the Revenue Codes, Inventory and In-transit Inventory General Ledger account IDs to suit your company’s requirements.
Integration with other modules
AccountMate Software Corporation
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