Inventory Master
The Inventory Master file establishes the inventory items along with their comprehensive attributes. Subsequently, these inventory items are allocated to various sites or locations, where their attributes are tailored to meet the specific preferences of each site.
Note: Inventory values and General Ledger Accounts used for processing transactions are taken from the Inventory Site record not the Inventory Master record.
Process Steps
- Enter or Edit Inventory Items
- If the "Add New Items to Default Site" is set to yes, new items added will be also added to the default site in the Inventory Location table.
Fields
Number
Enter an alphanumeric item number to represent the item. Item number has a maximum length of 100 characters including any special characters like a dash.
Item Name
Enter an alphanumeric name to represent the item. Item Name has a maximum length of 160 characters including any special characters like a dash.
Generic Name
The generic name is used as an alternative search criteria. Enter an alphanumeric name to represent the item. Item Name has a maximum length of 160 characters including any special characters like a dash.
Item Costing
An item costing method must be selected. Available options are:
- FIFO - First In First Out
- LIFO - Last In Last Out
- Weighted Average
- Standard
- Specific Identification
See XXXXXXXXXXXXXXXXXXX
Type
An Item type must be selected. Available options are:
- Sales Item - Items primarily purchased for resale, Item quantities are tracked and cost is based on Item Costing above.
- Material - Items primarily purchased for use in assembly options, Item quantities are tracked and cost is based on Item Costing above.
- Labor - Items used for invoicing. Item quantities are not tracked and no item costing entries are made.
- Kit - Not used at this time
- Other - Items used for invoicing. Item quantities are not tracked and no item costing entries are made.
Tracking
Inventory Items caon be tracked by a Serial or Lot number. Options are:
- None
- Serial
- Lot
- Lot with Expiration
For more information on Inventory Tracking see XXXXXXXXXXXXXXXXXXXXXX
Item Class
Item Classes are used to group items for pricing purposes.
See Item Class
Allow for Sales
When set to No prevents the Inventory Item to be added to an Invoice.
Unit of Measure
Define a stocking unit of measure.
See UOM
ABC Code
Select a code A, B or C to help classify inventory based on its value or turns.
Commissionable
For Future Use
Default Price
If no pricing matrix is present, this will be the default price in invoicing.
See Item Pricing
Standard Cost
This is applicable only if you select the Standard costing method under item costing.
Taxable
Set the flag to yes if the item is taxable.
The customer or Invoice must have a tax schedule identified for tax to be calculated.
See Tax Schedules
Revenue Account
Select the default revenue account for the item. The revenue account can be changed on each invoice line item.
Expense Account
Select the default expense account for the item. The expense account can be changed on each invoice line item.
Offset Account
Select the default offset account for the item. The offset account is used for items with standard costing to charge purchase price variances.
Inventory Account
Selecting an Inventory Account for will override the Account setup in the Entity Configuration.
Allow Back Orders
Not used at this time
Width, Length, Height and Weight
Not used at this time