05 Feb Inventory Control in Dynamics GP
Dynamics GP includes a very good inventory system that is well integrated with the rest of the system.
These are some of the features and functionality:
Inventory Setup – The setup for the inventory module is simple and straight forward. The only thing you must do is assign one segment from your general ledger account string that will be associated with inventory locations. Whether you actually use this functionality or not, you do have to make the assignment. I also recommend that you set up at least one inventory location, .i.e. Site ID.
Add Item – The Item Maintenance screen is the screen in which you can add items and maintain items. You can add a lot of additional information to an item if you wish, e.g. additional description, pictures, etc. You can slo specify whether an item will be controlled by serial numbers or lot numbers.
Inventory Adjustment – You can record adjustments to adjust inventory to actual quantities. You can also adjust the valuation of specific receipts in the system if you need to.
Inventory Reporting – There are a number of standard inventory reports that will help you stay on top of your inventory. The Purchased Receipts report is the basis for your inventory valuation. It shows you the layers for FIFO and LIFO valuation methods.
Physical Count – There is a nice cycle count function which I recommend you use to perform physical counts. It allows you to count your inventory in small part through out the year instead of completing a 100% inventory count at the end of the year.
This is a video from which you can select the particular area(s) you’re interested in: