Inventory Items

Inventory Items

We have studied how we can maintain customers and vendors, now its time to study about, how to maintain the inventory items. Inventory means that the raw material or the finished goods that you have in you stock. To maintain the inventory items click on “Maintain” as you will click over you will find another list falling down, from here click on the 5^th option that is “Inventory Items …” like the following picture:

Just Click over, when you will click over you will find a new window like the following picture:

Item ID: Here you will have to type an “Item ID” like we have studied the “Customer ID” It should be unique e.g. if your business is trading and you are dealing laptops then your IDs should be DE for DELL SO for SONY To for TOSHIBA so on and so forth.

Keep In Mind

Use as fewer Numbers as you can because every number takes place in from your hard disk.

Description:

   Here you will have to type the brief description so that you can search it easily.

Item Class:

          If you will click over you will find lots of other options but we are discussing the Stock Item yet which means how many stock you have in your inventory. The Manufacturing companies and the trading companies usually select it.

GL Sales Account:

      Here you will have to select the GL Sales account that you have made earlier.

GL Inventory Account:

Here you will have to select the GL Inventory account that you have made earlier.

GL Cost of Sale Account:

   Here you will have to select the GL Cost of Sale account that you have made earlier.

Then the software will maintain the inventory automatically.

Pricing Level 1:

                      Here you can assign number of pricing levels of a product.

Last unit Cost:

       This is the price on which you have bought the last unit.

Cost Method:

      Here you will have to select the Costing method which can be FIFO LIFO and Average through which the software will automatically maintain your inventory.

UPC/SKU:

            This is the Universal Price Control means the price assigned to particular product.

Item Type:

     Here you select the type of your inventory means does your inventory perishable or non-perishable and some thing like that.

Location:

      Here you sate the location of the material placed.

Unit/Measure:

                  Here you state that your single unit contains how much quantity.

Weight:

      Here your will state the weight of your inventory.

Minimum Quantity:

               This refers to the minimum quantity before order.

Reorder Quantity:

               This means that how much quantity should you in hand so that you could able to order the new one and could sale the existing without losing your customers.

Preferred Vender ID:

   Here you select the vender from whom you preferred to buy when your reorder quantity will prompt.