Multiple Valuation Methods
Inventory software in the cloud allows you to value inventory using standard cost, moving average, FIFO, and item-specific methods, select different valuation methods for each inventory item, and report up-to-date valuations with unique report and inquiry screens. With valuable information kept current and synchronized across systems in the cloud, you can make direct adjustments to cost and physical inventory count.
Acumatica allows you to manage multiple warehouses with location-specific inventory quantities, allocations, and costs. For each warehouse, specify the access rights to determine who can access warehouse information and enter inventory transactions. Trace inventory valuation in the General Ledger, and assign multiple warehouses to specific inventory accounts.
Lot and Serial Numbering
Acumatica works with lot and serial numbering to track inventory. Lot and serial numbers can be assigned or entered manually when you receive, issue, or assemble inventory items. Serial numbers can be linked with item-specific valuation methods to account for the cost of inventory per lot or serial number. Inquiry screens and reports allow you to view the item’s history.
- Inventory Bin/Location Control: Create a physical and logical warehouse structure using inventory bins and location controls. For each warehouse location, specify types of items and transactions that are allowed, the picking priority, and the item cost. Report and inquiry screens show available inventory and allocation details for each location.
- Inventory Subitems: With Acumatica, separate items into sub-categories to track inventory characteristics such as size, color, and style. Associate separate cost and quality information with each subitem, and view inventory management software reports and inquiry screens to see detailed segment information, as well as aggregated inventory totals.
- Expiration Dates: Assign an expiration date for each lot and serial number so expired items can be deducted from the available inventory. Acumatica can automatically issue items with the earliest expiration date to minimize losses. Reports and inquiry screens allow you to monitor expiring items.
- Negative Inventory: Acumatica shows a negative inventory balance for an individual item or group of items. Over-issued items will use the most recent historical cost until the item is received. When received, the inventory management software will match receipt cost with issue cost and generate a cost adjustment for the difference. Negative quantities and values may apply to one site or location while aggregated inventory is positive. Notifications identify transactions that will result in negative inventory.
- Multiple Inventory Accounts: Create multiple inventory accounts and subaccounts for different groups of items to maintain a detailed balance of your inventory on the General Ledger. Inventory account and subaccount codes can be derived from the warehouse or the inventory item. Acumatica’s inventory management software adjusts so that when you change an inventory account, newly received inventory will be assigned to the new account, while issued inventory will be deducted from the old account until the inventory is depleted.
- Transaction Reason Codes: Assign reason codes to inventory transactions so you can measure trends and identify problems or bottlenecks. Reason codes can be linked to both general ledger accounts and inventory levels for insightful financial and operational reporting. Subaccounts can be assigned automatically depending upon the type of operation, the warehouse, or the person who enters the transaction.
- Two-Step Transfers: Acumatica completes inventory transfers in two steps so you can track goods in transit between locations. The first step deducts inventory from the warehouse of origin and increases the Goods in Transit general ledger account. When goods are received, the “Goods in Transit” general ledger account is reduced and the destination site quantity and value is increased.
- Inventory Allocation: Acumatica maintains detailed cost allocation information for all inventory-related transactions. With the cloud, allocation information is constantly updated for all transactions, anticipated receipts, and anticipated issues. You can drill down to view allocation details and navigate to the original documents to identify the reasoning behind the allocations.
- Physical Inventory: Using the physical inventory count features, you can organize your goods based on ABC codes and movement classes, and conduct regular, cyclic assessments of your inventory. Items included in the count are locked in inventory, and no operations that affect warehouse quantity are allowed. Once the count is completed, you can continue the operation and enter the count result later. Once the count results are entered, the system will generate the appropriate inventory adjustment based on historical snapshot.
- Original Document Referencing: Acumatica’s inventory management software provides a complete set of inquiry screens and auditing reports to help analyze stock and reconcile inventory balances. Most reports and inquiry screens allow you to drill down to the original transactions.
- Inventory and Warehouse Security: User settings in Acumatica let you control which users and roles can view and create transactions for inventory items and inventory warehouses in order to improve accuracy of data entry and simplify inventory control.
- Audit Trail: Acumatica’s inventory management software provides a complete audit trail of all inventory transactions; after a transaction is released it cannot be deleted. To correct mistakes, a transaction correction entry is the only way to reverse the incorrect entry. The system keeps details of all inventory transactions, including entries and modifications by user. The result is a simplified audit process, made clearer with notes, accurate information, and supporting documents attached directly to transactions.