Long Business Systems, Inc

Transcription

1 1 Long Business Systems, Inc Management Software Solutions We help businesses manage for success Cleveland Cincinnati Pittsburgh South Bend

2 Inventory Counting Presented by: Martha Konzelman, Senior Consultant LBSi A general overview of the Inventory Counting and Posting process Agenda: o General System Settings for Inventory o Inventory Valuation Methods o Inventory Counting o Inventory Posting o Inventory Reports 2

3 G/L Account Determinations osystem settings will determine how inventory transactions will affect the G/L accounts. ocompany Details o General Settings 3

4 4 Document Settings Inventory Counting o Identify variances for differences o Go to: Administration > System initialization > Document Settings

5 Document Settings Inventory Posting o Allow Inbound Posting with Zero Price o Enter variance factor to highlight rows on counting sheets o Go to: Administration > System initialization > Document Settings 5

6 6 Item Master Settings o Inventory units of measure in Counting Sheets o Manual UoM s o Inventory Counting UoM s used with UoM Groups

7 7 Item Cycle Count Settings oidentify items to be Cycle Counted

8 Inventory Valuation Report oif you use the FIFO costing method, run this report to populate the Last Evaluated cost to reference o Go to: Inventory > Inventory Reports > Inventory Valuation Simulation Report 8

9 Inventory Valuation Methods omoving Average Calculates the average cost for the item ostandard Calculates the inventory value by a fixed price which is used for all transactions ofifo Calculates the inventory value by First in First Out method. o Goods purchased first (or produced) are sold first oeach inventory receipt transaction creates a stack of quantities linked to costs. oeach inventory release transactions uses the quantities and costs from the top stack first oserial/batch Calculates the actual batch/serial cost for the specific batch/serial/item 9

10 Preparation for Inventory Counts Make sure the warehouse is clean and organized!!! All inventory is in its designated stock location All shipments are processed All PO Goods Receipts are processed All production orders are transacted to date All RMA items are separated from the regular inventory into a designated HOLD area. Make all necessary inventory adjustments to production orders or inventory. Stop all inventory transactions Perform copy of live database to demo prior to starting count 10

11 Inventory Counting Window o Select the Counting Type and Inventory Counters o One Inventory Counter There is one inventory counter who counts item quantities in warehouses. o Multiple or Team Inventory Counters There are multiple inventory counters or teams who count item quantities in the same warehouses. o Go to: Inventory > Inventory Transactions > Inventory Counting Transactions 11

12 Selecting Items to Count oselect the Items to count o Click on the Add Items button at the bottom of the screen o Create separate counting lists for specific counting teams, item groups, warehouses or bin locations 12

13 Inventory Counting Sheet oreview items to be counted ofreeze inventory if desired to prevent transactions from occurring o Select alternate units of measure for counting 13

14 Print Counting Sheet ohide quantity on hand in warehouse if desired 14

15 Record Counts o Enter the counts in the Inventory Counting screen o Research items with variances and modify counts as required o As counts are entered, the counted box is automatically checked 15

16 Inventory Posting o Copy your Inventory Counting Sheet to the Inventory Posting window o Select correct Price Source prior to posting o Review variances that will be posted to GL 16

17 After Inventory Posting o Check that your Inventory Counting Sheets are closed o When adding Inventory Posting Sheet, close your inventory counting document o Check the Open Item List > Inventory Counting for any open count sheets 17

18 Cycle Counting o Select Cycle Code for counting o Go to: Inventory > Inventory Transactions > Cycle Count Recommendations 18

19 Cycle Count Recommendations o Initiate Inventory Counting Sheets thru Cycle Counts 19

20 Post Cycle Count o Copy Inventory Counting Sheet to the Inventory Posting window o Set Cycle Count Recommendations to Counted o Check items that have been counted o Click on Set To Counted button to record in Item Master oitem Master record is updated for next cycle count date 20

21 Inventory Reports oinventory Audit report o only report that reconciles to the Balance Sheet o Bin Content List & Bin Location Content List o Displays contents of bins and detailed batch/serial information o Inventory Status report o Overview of current stock including planned receipts and withdrawals. (Hot List). o Inventory Posting List Report o Details of all transaction postings in the system displayed by date and inventory balance at that date o Inventory in Warehouse Report o Shows current stock status, planned receipts and withdrawals, last receipt & issue date (slow movers) 21

22 Tip of the Day osap Help Portal o Go to Website: 22

23 Long Business Systems, Inc. (LBSi) Next Meetings: o Tuesday, December 12, 2017 o1099 s o Tuesday, January 9, 2018 oto be determined o Tuesday, February 13, 2018 oto be determined 23

24 Thank you for taking time to participate in the Lunch and Learn with LBSi. Please take a few minutes to provide us with feedback and suggestions going forward. o We are always looking for new clients to work with. And we would like to find more clients and partners like you companies that are engaged, smart, and focused on their future. o Can you help us out by referring LBSi to someone who could benefit from our services? 24

25 Long Business Systems, Inc Thank You Contact Information: Martha Konzelman, Senior Consultant, LBSi Phone: ext