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Inventory System Setup window

From Orders, select Set up module, and click Inventory

Inventory Options

Generate Cost of Goods Sold - Enable to track the cost of the products you sell. The cost of the products sold posts to the Inventory and Cost of Goods Sold accounts during the Invoice orders process. The Valuation Method field displays when you enable the Generate Cost of Goods Sold option.

Valuation Method - (Displays when the Generate Cost of Goods Sold option is enabled) Select the method you want to use to value your product inventory:

Enable Multi-Warehouses - Enable this option if individual products are stored in multiple warehouse locations. Warehouse locations are defined on the LOCATION general lookup/validation table (from Customers, select Set up tables > General lookup/validation).

Enabling the Enable Multi-Warehouses option after posting products to inventory does not directly affect product inventory. As with all system setup changes throughout iMIS, changes do not update existing records. You simply need to enter your products' warehouses and inventory information on the Warehouses window (from Orders, select Manage inventory> Manage products, select a product from the list of Current Products, and click Warehouses).

Default Warehouse - (Enables only if the Enable Multi-Warehouses option is enabled) Enter the default warehouse you want to use when defining new products. Select the Find icon to look up a warehouse; warehouse locations are defined on the LOCATION general lookup/validation table (from Customers, select Set up tables > General lookup/validation).

The warehouse entered displays by default in the Default Warehouse field on the Manage products window when defining new products. You can override a product's default warehouse on the Manage products window at any time.

Automatically Post Inventory Receipts/Adjustments - (Most users should not enable this option) Enable to post inventory transactions automatically. If you do not enable this option, you still can verify and edit your inventory transactions before posting them.

Since posted inventory transactions cannot be edited, automatically posting inventory receipts, adjustments, and transfers is not recommended. Also, if you automatically post inventory receipts, iMIS automatically commits the products in inventory and releases backorders.

Default Accounts

Income Account - Enter the default income account to which income posts. This account is used when an income account is not defined at the warehouse, product, or category level. If you leave this field blank, the income account will not be populated.

Inventory Account - Enter the default inventory account used for recording inventory reductions. This account is used when an inventory account is not defined at the warehouse, product, or category level. If you do not track your product inventory, you do not need to enter an account number.

Note: iMIS does not create an accounting entry when inventory is received. The system assumes that the entry is made to the General Ledger or Accounts Payable when receiving or paying for inventory.

Cost of Goods Sold - Enter the default account used for recording inventory costs when invoicing orders. This account is used if you do not define a cost of goods sold account at the warehouse, product, or category level.

Adjustments Account - Enter the default account used for posting inventory adjustments. This account is used if you do not define an inventory account at the warehouse, product, or category level. The Adjustments Account offsets inventory when you post inventory adjustments, for example, when inventory cost and quantity are adjusted for loss or damage.

See Also

Defining Inventory Options

Enabling Multiple Warehouses

To define inventory options


ASI logo 10.6 Production Release. Updated 2/24/2006 11:10:22 AM
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