Creating a New Inventory Item

Overview

Use this job aid to add a new inventory item to the Inventory Management System.

To create a new inventory item:

From the Toolbar, click INV for Inventory.
From the Inventory menu, select Inventory.
From the Inventory Menu, select Item Maintenance.
Select Add New Inventory Items.
The Location Code identifies the document location where the inventory item is maintained. To enter the inventory item into a different location, click Lookup or type * and press Enter, and then select the location, or type the location code you want to enter the inventory item in.
In the Item Number box, type a unique alpha-numeric item number within the accounting location code.
Click OK.
Type a descriptive title in the Item Description input field. The contents of this box displays on forms, various reports and windows throughout the selected dataset.
The Product Category box is used to classify or group similar merchandise or services for reporting purposes, and for grouping transactions together for ledger purposes. In the box, click Lookup or type * and press Enter, and then select the product category, or type the product category you want to group the inventory item in.
In the Type box, choose the type:
- 1 for Service, an item that has intangible inventory with no quantities maintained.,
- 2 for Formula, an item that is a finished product that is assembled at invoice time.,
- 3 for Manufactured, an item that is a finished product that is assembled for later use.,
- 4 for Regular, an item that is a product that may be sold in its natural form or as a component of a finished product.,
- 5 for GRN Manufactured an item that is a finished product consisting of a commodity and may be included in the hedge position.,
- 6 for GRN Commodity an item which generates a ticket transaction in the Agris Commodity Accounting System where its inventory position is maintained., or
- 7 for GRN Formula an item that is a finished product which consists of a type 5 or 6 item that is assembled at invoice time.
Click OK.
In the Use Subitem Codes? box, type Y to define the item for subitems, or type N to define the item as a non-subitem item. This box is not displayed if subitems are not defined in Setup Information. This box does not display for service, formula, or GRN commodity type items, since quantity on hand is not maintained.
In the Active Product? box, Y defaults when adding a new record, do not change the status if this item is an active item, or type N to set the status to Inactive prohibits movement (sales, purchases, transfers, adjustments, etc.) of this product. Individual subitems may be set to inactive on a separate screen. If set to inactive on this screen, all subitems are inactivated also. Sales and purchase order entry may be authorized for inactive items through Setup Information. Suggested uses of the Inactive status code include manufacturer's recall or seasonal goods..
In the Restricted Product? box, type Y to perform a search in Name and Address for a valid product license during Invoice Entry. A warning message can be displayed during Invoice Entry that permits invoicing even though a valid product license or an expired license was not found for the Name ID, or type N to set the Restricted Code to bypass the search for a valid product license in Name and Address.
In the Maintain Operational Cost? box, type Y or N as applicable.
In the seven Miscellaneous User-Defined boxes, click Lookup or type * and press Enter, and then select the user-defined information, or type the user-defined information.
In the Primary Vendor, Second Vendor and Epa Number boxes, enter if applicable or leave blank.
In the Where Stored box, type a storage area where the merchandise can be found. The contents of this box can be used to sort and/or range select inventory status reports and to produce physical count worksheets.
In the Sales Order Fulfillment Threshold box, enter 0-100%.
This will cause orders to be marked U=Underfilled(completed) if you apply a quantity that fills X-percent of what was ordered.
For example, if Order is 100-units and the item threshold is 90%, then if I apply at least 90-units to the order it is considered completed and marked U=Underfilled (complete).
In the Commodity Code box, type a unique code for the Commodity that is in the Commodity Accounting System. This box will only show when choosing Type 5, 6, 7.
Click OK.
Select Pricing Information.
In the Stocking Unit of Measure box, type the unit of measure in which the item is stocked. The quantity boxes are increased or decreased by the number of stocking units of measure received, shipped, delivered, invoiced, transferred, manufactured, etc. The unit of measure can be overridden during transaction entry to any other unit of measure that shares the same common unit of measure as the product category.
In the Default Purchase Unit of Measure box, type the unit of measure in which the item is normally purchased. The unit of measure may be overridden during transaction entry to any other unit of measure that shares the same common unit of measure as the product category.
In the Default Sales Unit of Measure box, type the unit of measure in which the item is normally sold. The unit of measure may be overridden during transaction entry to any other unit of measure that shares the same common unit of measure as the product category.
In the Reporting Unit of Measure box, type the unit of measure in which the item is normally reported. The unit of measure may be overridden during transaction entry to any other unit of measure that shares the same common unit of measure as the product category.
In the Package Unit of Measure box, type the unit of measure in which the item is normally sold The unit of measure may be overridden during transaction entry to any other unit of measure that shares the same common unit of measure as the product category.
In the four tax tables (codes) boxes, the default for the product category displays, and can be overridden. If the item is exempt from one or more of the taxes, the specific boxes can be left blank or set to zero.
In the Default Discount Table box, the discount table entered here is used to calculate the discount amount when the item is invoiced with a discount date. If the item is not to be discount,, this box can be left blank or set to zero. Type 99 in this box to indicate that the item is not to be discounted based on the percentage of discount on the invoice terms. box, the default specified in Setup Information for the product category displays, and can be overridden, as necessary.
Click OK.
In the Selling Price boxes, type the correct selling price per unit of measure.
In the Minimum Price box and Maximum Price box, type a limit for overriding selling prices. The ability to override selling prices during Order Entry, Delivery Ticket Entry, and/or Invoice Entry is controlled in Setup Information and System Security. A warning message is displayed if the overridden selling price is out of range (less than the minimum or greater than the maximum price).
The Percent Of Price To Use For Cost box, is for the suggested cost for a miscellaneous "generic" item such as parts or hardware where a true average unit cost is not to be maintained on an item by item basis. Accept the default of zero to use the average unit cost on transactions, or type the percent of the selling price to use in calculating the cost for the item number.
In the Weight Per Stocking Unit of Measure box, use weight suggested uses include a miscellaneous "generic" item such as parts or hardware where a true weight unit of measure is not to be maintained on an item by item basis. Accept the default of zero to use the average weight unit on transactions.
Click OK.
In the Price Schedule Code box, click Lookup or type * and press Enter, and then select the user-defined information, or type the user-defined information or leave blank to end.
Click OK.
Select Inventory Balances.
The Reorder Point box and Overstock Pt. can be used in generating a report to alert the product buyer of low or high stock levels,. The values assigned to the boxes are subjectively determined by the purchasing department and can be changed to reflect seasonal requirements. Type the correct values in the boxes, if unknown, leave blank and see a purchasing agent for the appropriate value.
The Reorder Units box is used in conjunction with purchase orders for Regular (type 4) items. The value entered in the Reorder Units box defaults in the Order Qty box on purchase orders. For manufactured (type 3) or GRN manufactured (type 5) items, the value in this box defaults in the Quantity To Make box in the manufacturing process. The number of units to reorder/make should be based on current purchasing or manufacturing requirements. For example, the product may be purchased only in gross or carton quantities or manufactured in certain quantities due to blending techniques. box, type the default number of purchase units of measure, if unknown, leave blank and see a purchasing agent for the appropriate value.
In the Average Cost box is a calculated value updated by various transactions. To determine this value, divide the extended unit purchase price by the total quantity on hand. Be sure to include services such as inbound freight in the extended unit purchase price. Type the correct cost per stocking unit of measure. If subitems are specified for the selected inventory item, the value in this box is an average of the average costs of each of the subitems.
The Recent Cost box contains the last cost of the product. This box is updated through stock additions for Regular (type 4) items, through stock manufacturing for Manufactured (type 3) and GRN Manufactured (type 5) items, and Invoice Entry for Formula (type 2) and GRN Formula (type 7) items.
In the Market Cost box, type the fair market value.
The On Order box and Committed box are updated via Order Entry and are not open for entries during the Add function. The boxes refer to the total quantity on open purchase orders and sales orders, respectively. The values can be updated through the Verify On Order/Committed option in Order Entry.
The On Hand box represents the number of stocking units of measure received into stock, but not yet placed on delivery tickets or invoiced. If the value is not correct, the value can be corrected through Stock Adjustments.
The Value box represents the quantity on hand multiplied by the average unit cost. If the value is not correct, the value can be corrected through Stock Adjustments.
Click OK.
Select Inventory Remarks.
In each of the Remarks boxes, click Lookup or type * and press Enter, and then select the remark, or type the remark code.
Select Save/Exit.

AGRIS Customer Documentation

Creating a New Inventory Item

Overview

To create a new inventory item:

Learn more about Item Maintenance feature: