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Slide notes: In this tutorial, we discuss the Stock Master record and how we maintain it.

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Slide notes: We can retrieve any Stock Record using the multiple available methods for retrieving IES Financial Accounts. For more detail on all these methods, please see the tutorial for Retrieving Accounts.

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Slide notes: In this case, we are using 2 key words to find the correct Stock Record.

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Slide notes: The Stock Code itself cannot be changed after it has been opened, but most other properties on the record can be changed on demand.

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Slide notes: The main Description for the Stock Item can be long and can run over multiple lines.

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Slide notes: Any Stock Item can be set as CLOSED when we do not want it to be transacted anymore. When the Stock Item itself is set as closed, then automatically it is closed in all Stores, and cannot be used. However, it can be re-opened again if necessary.

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Slide notes: The Group, Sub and Sub Sub Groups are used for organizing and classification of the Catalogue, and these values can be changed or re-selected at any time.

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Slide notes: It is not essential to indicate a Master Bin on the Stock Master, but if there is such a Bin Number that is usually used in all Stores and where this Item is usually found on the Shelf, then it can be indicated here. Whether or not it is indicated, it is still possible to indicate different or additional multiple bin locations for this Stock Item in the different Stores, and that is done on the Stock-Store record, not here.

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Slide notes: A Stock Item is always referenced as being associated with some Department, and where that is not in itself relevant, then we use the Store itself as the Department where this Item belongs.

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Slide notes: The system will itself insert the expected visual name for the Stock Item, and if indeed such a visual is available, it will be placed with this name in the Stock Visuals folder.

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Slide notes: The internal Unit is the managing unit for this Stock Item, and it is on this unit that quantities are managed in the Stock system.

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Slide notes: The Order Unit can be the same as the Internal Unit, but does not have to be. In fact, multiple Order Units may be listed, and the system will use the translation factors from the Units Register to determine the internal quantity whenever the Order Units are used and are different to the internal Unit.

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Slide notes: The Obsolete check may be switched on when the Stock Item becomes obsolete and should not be ordered anymore.

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Slide notes: Import Duties are checked when the Item is subject to Import Duties on Import Purchase Orders. This will facilitate automatic calculation of Landed Costs when those functions are used.

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Slide notes: The Taxable check is mostly ON for all Items, and when ON signals to the system to process INPUT VAT or TAX on Purchase Orders that include Tax processing.

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Slide notes: 'Order from any Supplier' is checked when the Item may be ordered from any Supplier, even when not specifically listed as a recommended Supplier for this Item.

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Slide notes: For most Items, no Stock Control setting is required, but if the Stock Item should be managed with an expiry production Batch Number, or with a Serial Number for the part, or as a Matrix combination Item, then the appropriate setting should be selected.

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Slide notes: A Replenishment Formula is only specified when the standard re-order indicators are insufficient tools for determining when the Item should be re-ordered.

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Slide notes: This is an explantion of the optional Replenishment formula.

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Slide notes: The recommended management option for Stock is Average Cost. This only refers to internal management, and not to the cost of the Item when Issued or Sold. LIFO and FIFO settings are also available.

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Slide notes: An auto Landed Cost setting may be selected, and this is only used when we have a policy of processing Landed Costs on a standard rated basis.

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Slide notes: The indicator is used to categorize Stock, and we can use any method of our choice. By default, the system uses the FISCOR categorization.

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Slide notes: Here is an explanation of the FISCOR method.

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Slide notes: The 'Negative Issue' setting determines whether Stock Issues and Sales may be processed for this Item if it will result in a negative quantity on hand for the Item, and the setting can be YES or NO.

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Slide notes: It is optional to list recommended Suppliers for a Stock Item. If we do, we can also indicate a preferred Supplier Stock Code and Description that will automatically be used on Purchase Orders instead of our own Stock Code, and when we do not list recommended Suppliers, then the system will start listing them here when we order this Item from Suppliers.

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Slide notes: Universal Product Codes are entirely optional, and their usefulness are for easy retrieval. For example, if a Stock Item is listed with a certain code in an external

Catalogue, and we list that code here, then that code may be typed as the Stock Code

prompt in Inventory, Issues Journals, Retail Sales, etc. and then the system will

automatically find our own Stock Item. So it is actually a cross reference mechanism, and multiple UPC's may be listed.

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Slide notes: Supercession is used to re-direct an obsolete Stock Item autmatically to the new replacement Item. For example, if this Stock Code, that we are working with, becomes obsolete, and we list 1 or more Supercession Items, then whenever someone looks for this Stock Item, the system will automaticaly re-direct them to the new Item or if there are multiples, then to a selection to choose from.

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Slide notes: Generic equivalents are listed as possible substitutes for when an Item is out of Stock, and then the alternatives can be offered.

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Slide notes: When the new Stock Item is opened, the system will automatically populate the Stores list according to the Stock Template that is used, but we can use the 'Auto Stores' function to re-select the Stores where this Item will be managed.

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Slide notes: The Open / Close column can be used to Close the Stock Item in any number of Stores, while the Stock Item still remains open overall, for some Stores. The Profit settings determines which Sales and Cost of Sales Accounts mechanism will be used when this Stock Item is Issued internally with a Markup. The Pricing indicator is usually 'A' for Average Costing as the cost basis for Internal Issues, but can also be a Fixed Price or Last Invoice Price.

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Slide notes: The Minimum, Maximum, Re-Order Point and Re-Order Quantities are usually only set for Stores for which the Item will be ordered. For example, if the Item is always ordered to the Main Warehouse, and from there distributed to other Stores, then there is no need to specify the levels for the other Stores also, except in an 'auto Branch Replenishment' scenario where the system will auto caculate and replenish Branch Stock levels based on sales and stock levels at the branches.

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Slide notes: The Item we are working with here is a new Item and does not yet exhibit a lot of history, but it does show an Average Cost for Store 01. When the Item has already been ordered also, it will show Order History for each Store that it was ordered for.

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Slide notes: The indicators will also show the current real-time status of the Stock Item in each Store, inclusive of Availability and On Hand Quantity, Reserved and Pending levels, On Order and On Request. And when a Stock Item is in Transit between Stores, it will also show up accordingly.

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Slide notes: The Matrix data is used ONLY for Stock Items that are Matrix managed, which the current Item is not. But as an example, we can load a Matrix object here to see the effect.

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Slide notes: In this example, we see a Stock Item that will be managed with properties of SIZE and COLOR, and whenever this Item is sold or issued, we will have to select which SIZE and COLOR is being transacted.

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Slide notes: The Stock Master has a lot of properties, but not all of these properties are used for all Items. For more explanation of any of the properties we have discussed, there is always the online help also that can be used when more explanation is needed.