Inventory/ Item Group, Items, Warehouse And Location Code

Inventory/ Item Group, Items, Warehouse And Location Code

What Is Item Group?

Info
Info
> Item Group
Controls which General Ledger Account the double- entries are posted to.
> Item
Records the description of the Stock item, and set which Item Group it belongs to.

Renaming Existing Item Group



Info
Location
Setup> Item Group

Info
Action
> Click SETUP activity
> Click ITEM DETAILS
> Click ITEM GROUP modules
> Select INVENTORY GROUP
> Click EDIT
> DESCRIPTION rename PC Group
> Check the Inventory button
Type defines the nature of items belonging to this group.
> Service – e.g. delivery, transport
> Inventory – for Stocks
> Remark – for comments use for documents e.g. D.O., Invoices

> INVENTORY AC select Stock This set which account to post to when there is a stock movement.
> COST OF GOODS SOLD AC select Cost of Goods Sold This set which account to post to when a stock is sold.
> UNBILL INVENTORY AC select
> Unbilled Inventory
This account handles the difference in stock cost during purchase process. More will be explained later.
> COST CALCUATION check for
> Weighted Average Cost
This defines stock cost calculation method.
Currently the system can only handle Weighted Average Costing.
Details will be explained later.
> Tick PRIORITY
Once this is ticked, item sales in this group will be determine by INVOICE CREDIT AC.
This will overwrite the settings at Customer Group
> INVOICE CREDIT AC check for INC001 -Sales
It allows you to set item sales for this group to be recorded to a different Income Account.
> Click UPDATE

Creating New Item Group



Info
Location
Setup> Item Group
Info
Action
> Select PC GROUP
> Click DUPLICATE
> CODE enter IV2
> DESCRIPTION rename Accessories Group
> PRORITY click tick
> INVOICE CREDIT AC check for Accessories Sales
> Click ADD
> Close module

How To Create A Stock Item?



Info
Location
Setup> Item

Info
Action
> Click SETUP activity
> Click ITEM DETAILS
> Click ITEM modules
> Click NEW
> CODE enter DDT001
> GROUP select PC Group
If the PC Group is earlier define as Inventory Type, this item will be registered as stock item.
> DESCRIPTION enter Dell Desktop
> UOM enter Set
> Click ADD



> Click NEW
> CODE enter CLP001
> GROUP select Accessories Group
> DESCRIPTION enter HP Laser Printer
> UOM enter Set
> Click ADD
> Close module

How To Create A Warehouse And Location Code?


Info
Location

Setup> Warehouse

Info
Action
> Click SETUP activities
> Click ITEM DETAILS
> Click WAREHOUSE module
Warehouse is for you to physically identify the location of your stock item. Example, if you have 2 warehouses one in Changi while another at Tuas.
Location is the specific area within the warehouse the item is housed.
Note that the system calculates stock costing individually when the same stock items are house in different location – i.e. a similar stock may have a different costing in Changi Warehouse then in Tuas Warehouse.
If an item is not identified with any warehouse, it can be easily understood.



Info
Location
Setup> Warehouse

Info
Action
Click NEW
WAREHOUSE CODE enter CHANGI

> DESCRIPTION enter Changi Warehouse
Location
> LOCATION CODE enter R1
> DESCRIPTION enter Rack 1
> LOCATION CODE enter R2
> DESCRIPTION enter Rack 2
> LOCATION CODE enter R3
> DESCRIPTION enter Rack 3
> Click ADD




Info
Location
Setup> Warehouse
Info
Action
> Click DUPLICATE
> WAREHOUSE CODE enter TUAS
> DESCRIPTION enter Tuas Warehouse
> Click ADD
> Close module







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