On the Inventory Receipt screen, you can add product inventory into the system. This screen can also function as a search screen where you can review past additions to inventory. You can either enter the Unit Cost or the Total Cost for the number received. If you enter one value, the system will calculate the other value. Adding inventory will recalculate the cost of goods value if the inventory product cost method defined on the General Product Setup screen is “Calculated Average Cost.”
The recalculation formula is as follows:
· Current total inventory number x current average cost = current inventory value
· Total Quantity Received x new unit cost = value of inventory received
· Current inventory value + value of inventory received = new current value
· Current total inventory number + total quantity received = new total inventory number
· New current value / new total inventory number = new average unit cost
To specify inventory information:
1. Perform one of the following:
· If you have already defined the inventory product, click Inventory Receipt from the Subsystem Specific task category.
· If you have not completed defining the inventory product, click Receive Initial Inventory from the Inventory Locations screen.
The Inventory Receipt window displays, as
shown below.
2. Click the Warehouse link and search for the appropriate warehouse in which the inventory is located.
3. Click the Bin Location link and search for the appropriate bin location in the warehouse.
4. Click the Vendor link and search for the appropriate vendor.
5. Select the Date Received from the drop-down.
6. If necessary, select the Ship Via from the drop-down.
7. If necessary, enter the PO Number.
8. If necessary, enter the Vendor Reference.
9. Enter the Quantity.
10. Enter
either the Unit Cost OR the Total
Cost.
If you enter the Unit Cost, the system automatically calculates the Total
Cost. If you enter the Total Cost, the system automatically calculates
the Unit Cost.
11. Click Save.
Screen Element |
Description |
|---|---|
Warehouse |
Link. The warehouse where the inventory is received. Warehouses with a Fulfillment Priority of “1” will be displayed by default. |
Bin Location |
Link. The name associated with a storage bin in the warehouse.
If the Validate Bins checkbox is NOT selected on the Warehouse Details screen of the selected warehouse, you can manually enter a Bin Location. |
Vendor |
Link. Vendor from whom the inventory was received. |
Date Received |
Drop-down. The date the inventory was received. |
Ship Via |
Drop-down. The optional method of shipping in which the inventory was received. |
PO Number |
Text box. The optional purchase order number of the delivery. |
Vendor Reference |
Text box. The optional reference number (invoice) from the vendor. |
Quantity |
Text box. The number of the inventory received. |
Unit Cost |
Text box. The cost of one individual inventory received. When entered, the system will multiply this times the quantity and populate the Total Cost field. |
Total Cost |
Text box. You can optionally enter the total cost of the number of units received. The system will divide this amount by the quantity and will automatically populate the Unit Cost field. |