Inventory/ Item Group, Items, Warehouse And Location Code

2.0. Item Group, Items, Warehouse And Location Code

What Is Item Group?


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



Alert
STEPS:
  1. Go to Setup > Item Group
  2. Click SETUP activity
  3. Click ITEM DETAILS
  4. Click ITEM GROUP modules
  5. Select INVENTORY GROUP
  6. Click EDIT
  7. DESCRIPTION rename PC Group
    Type defines the nature of items belonging to this group.
  8. Check the Inventory button
    Service – e.g. delivery, transport
    Inventory – for Stocks
    Remark – for comments use for documents e.g. D.O., Invoices
  9. INVENTORY AC select Stock This set which account to post to when there is a stock movement.
  10. COST OF GOODS SOLD AC select Cost of Goods Sold This set which account to post to when a stock is sold.
  11. UNBILL INVENTORY AC select Unbilled Inventory 
     This account handles the difference in stock cost during purchase process. More will be explained later.
  12. 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.
  13. INVENTORY AC select Stock This set which account to post to when there is a stock movement.
  14. COST OF GOODS SOLD AC select Cost of Goods Sold This set which account to post to when a stock is sold.
  15. UNBILL INVENTORY AC select Unbilled Inventory 
     This account handles the difference in stock cost during purchase process. More will be explained later.
  16. 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.
  17. 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
  18. 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.
  19. Click UPDATE

Creating New Item Group


Alert
STEPS:
  1. Select PC GROUP
  2. Click DUPLICATE
  3. CODE enter IV2
  4. DESCRIPTION rename Accessories Group
  5. PRORITY click tick
  6. INVOICE CREDIT AC check for INC003 - Accessories Sales
  7. Click ADD
  8. Close module

How To Create A Stock Item?


Alert
STEPS:
  1. Click SETUP activity
  2. Click ITEM DETAILS
  3. Click ITEM modules
  4. Click NEW
  5. CODE enter DDT001
  6. GROUP select PC Group If the PC Group is earlier define as Inventory Type, this item will be registered as stock item.
  7. DESCRIPTION enter Dell Desktop
  8. UOM enter Set
  9. Click ADD

Create another stock item with different group


Alert
STEPS:
  1. Click NEW
  2. CODE enter IV3
  3. GROUP select Accessories Group
  4. DESCRIPTION enter HP Printer
  5. UOM enter Set
  6. Click ADD
  7. Close module

Warehouse And Location Code

Alert
STEPS:
  1. Click SETUP activities
  2. Click ITEM DETAILS
  3. 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.

How to create a Warehouse and Location Code



Alert
STEPS:
  1. Click NEW
  2. WAREHOUSE CODE enter CHANGI
  3. DESCRIPTION enter Changi Warehouse
  4. Location
  5. LOCATION CODE enter R1
  6. DESCRIPTION enter Rack 1
  7. LOCATION CODE enter R2
  8. DESCRIPTION enter Rack 2
  9. LOCATION CODE enter R3
  10. DESCRIPTION enter Rack 3
  11. Click ADD

How To Duplicate?


Alert
STEPS:
  1. Click DUPLICATE
  2. WAREHOUSE CODE enter TUAS
  3. DESCRIPTION enter Tuas Warehouse
  4. Click ADD
  5. Close module