The Inventory Control Package (I/C) is designed to provide complete up-to-date information to support management of inventory stock and all inventory activities. The Inventory Control system is tightly integrated with the Sales Order Processing package to track sales and returns of merchandise. This package may also be interfaced to the Purchase Order Processing system to accurately track all items and quantities on order, and to the General Ledger System, to track perpetual inventory and cost of goods sold in the financial statements.
With this system, key files are updated as operator entries are made so the current inventory information is available when needed.
Transaction entries are first stored in temporary transaction files and may be edited and corrected prior to posting. Audit trails, which are essential for proper financial management, are automatically generated. Comprehensive reports are produced on demand, as well as on-line inquiry/maintenance of all inventory files.
Summary of Features and Benefits:
- Multi-warehouse capability with consolidated inventory quantities tracked
- Unlimited number of 'units of measure' available for each inventory item
- Inventory part numbers up to 20 characters
- Transaction entries accommodate regular merchandise receipts, transfers between warehouses, and adjustments to stock
- Posting of transactions automatically produce journals for hard-copy audit trail
- Inventory quantity-on-hand updated as stock is increased or depleted
- Choice of last-in-first-out (LIFO), first-in-first-out (FIFO) or average cost basis for inventory valuation.
- Serial numbers, with specific unit costing, tracked from receipt to sale, with history inquiry and report
- Unlimited alternate codes for all items
- Substitute items
- Physical inventory count sheets and entry screen, discrepancy report, and operator-initiated inventory updating
- A list price update function applies all new prices in one step, or marks up (or down) existing prices by percentage and/or fixed amount
- Vendor/purchase history inquiry and reports by item or vendor
- Default General Ledger accounts defined for company and/or individual items to track perpetual inventory in the G/L financial statements
- Report for forecasting inventory needs On-line inquiry screen gives access to all data available on each inventory item
