Items in Inventory are classified by Stock Group. We can have Stock Items (which we keep track of quantity) and non-Stock items, where we can describe the item, but do not keep a quantity in stock.
1. Open Inventory
2. Click on the Maintenance menu, and choose Groups, and click on the New button
3. In the Code text box enter a unique code for this group. This code can be alphanumeric and six characters in length.
4. Click in the Description box, and enter a description. Make the description meaningful when describing the Item Group
5. In the Purchase Unit drop down box, choose the unit that we purchase the items in this group in. Use the drop down menu to select the Purchase Unit – this denotes how the item is purchased when placing a Purchase Order
6. Choose the Stocking Unit and Sale Unit from the drop down boxes.
7. Use the drop down menu to select a Stocking Unit – this denotes how the item is counted for stock take and how it is reported or displayed for stock movement
8. Choose the Default Cost Centre for this Group from the drop down box. Use the drop down menu to select a default cost centre. The cost centre is used in the lookup menus available in Purchase Order entry and Estimating and displays only the items attached to that cost centre
9. Enter Cost Price Decimal Places, and Sell Price Decimal Places. Enter the number of Cost Price Decimal prices for both Cost and Sell Price Items
10. Set the Pricing Calculation. Use the drop down menu to select a Pricing Calculation. There are 3 methods Cost*Mark up, Fixed or Sale*Discount
11. Set the Base Price No - use the drop down menu to select a Base price number. There are seven levels available which can be named according to your needs. The Base price level is used in the calculation method for the Selling Price
12. Enter the Ratio 1 – 7 required for the calculation of Selling Prices. If Cost* Mark-up was selected in the selling price calculation then the percentage entered in these ratio boxes will be used to determine the Selling Price calculated on the Base Price plus whatever percentage was entered. If Sale* Discount was selected in the selling price calculation then the percentages entered in the ratio would relate to discounts on the selling price. These selling prices are maintained in the location details of each item.