If you wish to change the method by which you value your inventory you must use one the following procedures depending on what method you are using now and which method you want to change to.  

 Use the following procedure if you want to change from average, last or standard cost to either average, last, standard or LIFO/FIFO cost:

1.    Make a backup of all I/M data files.

2.    If you are using batch processing in I/M, post all transactions.

3.    Make a backup of all COP and P/O data files if you are using either of the packages.

4.   If you are using COP or P/O, post all orders in COP and fully receive and post purchase orders in P/O.

5.    Change the inventory costing method using I/M Setup.

6.   If you are changing to LIFO or FIFO costing, you must create initial LIFO/FIFO layers using the Initialize LIFO/FIFO File application from the I/M Processing window.

Use the following procedure if you want to change from LIFO to FIFO; LIFO to average, last or standard; FIFO to LIFO; FIFO to average, last or standard:

1.    Make a backup of all I/M data files.

 2.    If you are using batch processing in I/M, post all transactions.

 3.    Make a backup of all COP and P/O data files if you are using either of the packages.

 4.   If you are using COP or P/O, post all orders in COP and fully receive and post purchase orders in P/O.

 5.    Print a stock status report for  all items including all LIFO/FIFO layer detail.

 6.    Print I/M Setup using your PC's "Print Screen" keystrokes.

 7.    Using I/M File Initialization the following files must be initialized:

               ‑ I/M Control File     

               ‑ LIFO/FIFO Layer File

 8.    Re‑enter I/M Setup.  

       If you are changing from LIFO to FIFO or from FIFO to LIFO then continue with steps 9, 10, and 11.

9.   All layer information must be re‑entered from the stock status report using Inventory Transaction Processing and then posted.  The layers on the report will be in the reverse order in which they need to be after the costing method is changed.

10.  After all layer records have been re‑entered, you must adjust the Item File to match the Layer File using Adjust Item File To LIFO/FIFO application from the I/M Processing window.

11. Print a stock status report for all items including all LIFO/FIFO layer detail to make sure all layers were entered correctly.

Serialized Items

Serial numbers may be tracked for selected items both as they are stocked and/or issued.  The quantity on hand for each serial number stocked must be one.  A length of warranty in days may be defined for each serial item.  The system will automatically calculate a warranty expiration date when the serial number is issued or sold.

Serial issue history information is maintained by the system.  The Serial/Lot Stock Status Report and Serial/Lot Issue History Report application may be used to print both stock and issue history.

Serial numbers are supported by the Inventory Management, Customer Order Processing, Purchase Order and Receiving, Bill Of Material Processor, and Shop Floor Control packages.  The user has the flexibility of tracking serial numbers stocked and issued or only assigning serial numbers when the item is sold.  The exception to this is Shop Floor Control.  A serial number must exist for a serialized item before a quantity can be issued. 

LIFO/FIFO costing is not supported when using Serial/Lot items.

A further explanation on implementation of serialized inventory is contained under Inventory Transaction Processing and Serial/Lot Processing.

Lot Number Items

Inventory may be received or produced as individual lots.  Each lot maintains quantity on hand, quantity allocated and expiration date by month and year.  Selected items may be tracked by lot.  For these items, a lot must exist before a quantity can be issued.

Lot issue history information is maintained by the system.  The Serial/Lot Stock Status Report and Serial/Lot Issue History Report may be used to print both stock and issue history.

Lots are supported by the Inventory Management, Customer Order Processing, Purchase Order and Receiving and Shop Floor Control packages.  Unlimited lots may be maintained for each item with both integer and decimal quantity fields.  Negative quantity lots are not allowed.  

LIFO/FIFO costing is not supported when using Serial/Lot items.

A further explanation on implementation of Lot Tracking is contained under Inventory Transaction Processing and Serial/Lot Processing.

Reports

There are various reports, which can be printed on request that give valuable information for setting up and maintaining the Inventory Item File.

Interfacing

The Inventory Item File is referenced and/or updated by nearly all of the Manufacturing Packages as well as the Customer Order Processing, Purchase Order and Receiving, and Bill Of Material packages produced by Elliott, Incorporated.

I/M Menu Bar Selections And Definitions

 There are many Inventory Management functions, which can be performed by this I/M package.                                     

Maintenance

 Item File  

 Allows you to define all the items in your Inventory File.

 Location Control File

 Allows you to keep track of inventory which is stocked at more than one location, including the quantity of the item on‑hand, allocated, and on‑order at each location.

I/M Account File  

 Allows you to designate which G/L File Maintenance accounts may be used with the I/M package.

Location File

Allows you to maintain a table of inventory locations.

Product Category File

Allows you to maintain a file of valid inventory item product categories.

Material Cost Type File

Allows you to maintain a file of valid inventory item material cost type codes.

Material Cost Type/Loc File      

Allows you to maintain a file of valid inventory item material cost type within particular location accounts.  

Buyer/Analyst Code File

Allows you to maintain a file of valid inventory item buyer/analyst codes.

Kit File

Allows you to design and maintain kit structures.

Job Code File

Allows you to create and maintain job codes for tracking costs associated with specific jobs. 

User Defined Code File

 Vessel File

 Bin Master File

 Substitute Item Class File

 I/M Serial/Lot History File

 Bin Inventory File

 Hold Transactions File

 Inquiry

Item File Inquiry

Allows you to view on the screen the inventory item file without being able to change the information.  You may also view the notes associated with each inventory item.

Stock Status Inquiry

By single location or all locations combined you can quickly and easily find the quantity of any inventory item, which is on‑hand, allocated, or on‑order. 

Available To Promise Inquiry

Serial/Lot Stock Status Inquiry

Allows you to inquire on available serial/lot items in stock or that have been issued or sold from inventory.  If serial or lot items are being used in I/M Setup, then you will be able to utilize this application. 

Kit File Inquiry

Allows you to view kit items and their components.

Processing 

Inventory Transaction Processing

Allows you to record all inventory transactions that have occurred.  This includes receivings, transfers, issues, and adjustments of inventory.  You may select to perform inventory transactions on-line or using batch entry. 

Physical Count Processing

 Allows you to physically count inventory items periodically to ensure figures being used in the package are accurate.

 Post Inventory Transactions

 Allows you to update asset and other G/L accounts affected by inventory transactions and adjust inventory levels.  Posting is required for transactions entered using the batch entry option of Inventory Transaction Processing.

 Post Physical Count Tags

 Allows you to update item on-hand quantities and G/L accounts affected by those changes.  Accounts are only updated if I/M Setup flag #25 is set to Y.

 Recalculate Reorder Fields

 Allows you to recalculate vendor level, amounts of safety stock, and what the recommended minimum order amount should be for the item, based on the actual usage for the period.

 Clear Item Accumulators

 Allows you to clear inventory item file accumulators.  Accumulators may be cleared period‑to‑date or year‑to‑date.

 Print Cycle Count Worksheet

 Produces a worksheet for tighter cycle counted inventory based on user defined cycle count codes in the Item File.

 Initialize LIFO/FIFO File

 Allows you to initialize your LIFO/FIFO layer file.  If LIFO or FIFO inventory valuation method is being used in I/M Setup, then you will be able to utilize this application.

 Adjust Item File To LIFO/FIFO

 Allows you to balance your inventory item file to the layers in the LIFO/FIFO layer file. If LIFO or FIFO inventory valuation method is being used in I/M Setup, then you will be able to utilize this application.

 Serial/Lot Processing

 Allows you to change your serial/lot inventory items that you have received into inventory or sold to a customer.  If serial or lot items are being used in I/M Setup, then you will be able to utilize this application.

 Reset Allocated Quantities

 Updates the allocated quantities in the Inventory Item File from transactions in Inventory Transaction Processing, Bill Of Material, Customer Order Processing and Shop Floor Control.

 Set Trx Audit File Beginning Balances

 Allows you to set the beginning balance records for stocked items.

 Freeze Inventory

 Allows you to take a "snapshot" of inventory so that accurate period ending reports may be generated.

 Bar Code Options

 Contains a submenu of Bar Code Options related to inventory control.  These applications are further detailed in the Elliott Bar Code manual.

 Create Unreleased PO's By Vendor

 If Purchase Order And Receiving is in use, this application will create unreleased purchase orders for a range of items and vendors.