Inventory Control

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Inventory Control

• Kyle Chamberlain
• Daniel Horning
• Patrick Staffford

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Inventory Control

• Used to help manage inventory
• Tracks items from the time they come in to the
  time they go out
• Updates inventory along the process
• Inventory Control is set up on your computer and
  depending on how it is setup can run by itself
• Any one that makes a purchase or sale takes use
  of the inventory control

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Inventory Control Definition

• Inventory control minimizes total cost of
  inventory by reducing
• the cost of holding stock
• the cost of placing an order
• the cost of shortage if the stock is insufficient
  to meet all demand.

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Inventory Control

• Helps create records for items
• Tracking
• Pricing
• Stocking
• Purchasing
• Enter and post inventory transactions
• Perform stock counts

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Item Types

• Item types describe type of item or the status of
  the item
• These types also determine which posting accounts
  are updated when items are entered on transactions

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Item Types

• Sales Inventory
• Quantities are tracked.
• Enter either increase or decrease adjustments
• Posting from purchase order affects cash or acc
  payable
• Posting from sales order affects sales, cash,
  cost of good sold, or acc receivable
• Discontinued
• Same as above
• Can delete item when quantity reaches zero
• Misc Charges
• Quantities and current costs arent tracked in
  inventory
• Include costs such as freight expense
• Cant change this item once assigned

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Item Types

• Kit- consist of one or more components
• Services, sales inventory, misc charges,
  discontinued, or flat fee items
• Quantities arent tracked
• Posting updates Inventory and COGS accounts
  specified for each component
• Services
• Current costs, but not quantities, are tracked
• You can sell these items individually or as part
  of a kit
• Posting updates the Sales and Cash accounts
• Flat Fees
• Same as services

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Module Relationships
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Valuation Methods
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Valuation Methods