Inventory allows the following business data to be managed against an inventory item:

  • Define multiple vendors for an Item, detailing lead times etc.
  • Units of Measure including Base Unit of Measure & default Purchase and Sales Units of Measure
  • Costing method – Standard, FIFO, LIFO and Specific
  • Standard Cost Worksheet to manage the changing costs of Items
  • Unit Cost, Overhead Rate, Indirect Cost and Unit Price
  • Warehouse cycle counting parameters
  • Posting Groups which define the G/L accounts that Items will post to
  • MRP parameters to manage the stock levels within the business
  • Item Cross References to manage your Customer or Vendors code for this Item
  • Item Substitutions to define and manage alternative Items
  • Item Tracking – Lot/Serial control with optional expiration date
  • Assembly Management to define a “Kit of Parts”
  • Define the Items Replenishment System of Purchase, Production Order, Assembly Order
  • Customer and Vendor Price Lists and Discounts
  • Inventory re-valuation
  • Stock Take

It is important to recognise that there are a few Inventory parameters that cannot be changed once the item has been transacted. It is therefore imperative that these parameters are correctly defined during the implementation phase.

In addition, special attention must also be made for Serial and Lot numbered Items, as they generate a considerable amount of additional work within the business to transact them. This issue can be reduced by implementing Bar Codes and Hand Held Devices. NAV Traceability functionality assists when there is a reported problem in the supply chain.

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