Chapter 1: Overview
This chapter introduces you to the Inventory Control module of the Microsoft Great Plains product and training course, and the screens and processes that are used to complete the accounting cycle in Inventory.
It is important to note that this chapter is optional and can be skipped at the instructor’s discretion if the instructor feels that each student’s background provides sufficient experience in these topic areas.
Main Topics
• Course Description
• Module Overview
• Process Flow
• Other Features
After completing this chapter, students should be able to:
• Understand the goals of this course
• See how the Inventory Control module fits into the suite of available modules for the Great Plains system
• Follow the flow of transactions through Inventory
Chapter 2: Setup Procedures
This chapter examines the setup options available in the Inventory Control module. We introduce each of the required steps along with recommended options for various business models. This chapter discusses each option in detail and provides examples to better illustrate concepts.
Main Topics
• Procedures for Setting up Inventory Items
• Item Classes
• Unit of Measure
• Price Levels
• Prices Groups
• Inventory Items
• Price Lists
• Inventory Quantities
• Bins
• Purchasing
• Vendors
• Kits
• Lot Categories
• Reports
• Beginning Quantities
• Stock Calendar
Labs
• Inventory Setup
• Unit of Measure Schedule Setup
• Price Level, Price Group Setup
• Lot Category Setup
• Stock Calendar
• Item Class Setup
• Accounts Setup
• Item Site Maintenance
• Item Maintenance
• Item Price List
• Item Quantities/Site Maintenance
• Item Site Default Bins
• Item Quantity Stock Count
• Item Purchasing Options Maintenance
• Item Vendor, Customer Maintenance
After completing this chapter, students should be able to:
• Personalize Inventory Management using the Inventory Setup windows
• Add Item Classes
• Set up items codes and characteristics to better track throughout the system
• Enter Beginning balances
Chapter 3: Inventory Control Daily Procedures
This chapter introduces the main Inventory transaction screens. An inventory transaction is processed whenever an inventory item’s quantity or cost information changes. You gain an understanding of how Inventory transactions can be used to record issues and returns, to adjust quantities and costs, and to move items from site to site and bin to bin. You review the process by which Inventory transactions are released to the General Ledger depending on your posting setup. You also examine the methods for performing physical inventory counts. You see how to complete a full physical inventory and the various options available for selecting items to include in a cycle count.
Main Topics
• Inventory Batch Posting
• Inventory Single Posting
• Changing Quantity Types
• Cost Variance Journals
• Adjustment Transactions
• Variance Transactions
• Transfer Transactions
• Stock Counts
Labs
• Increase Adjustments
• Variance Transaction
• Transfer Transaction
• Stock Count Schedule
• Stock Count Entry
• Multi Bin Adjustment/Transfers
After completing this chapter, students should be able to:
• Differentiate between Batch posting and Transaction Posting
• Different Methods of posting
• Enter Inventory Transactions (posting to General Ledger), Inventory Transfers, and Inventory Variances
• Generate and Enter Stock Counts
• Transfer items between Bins
Chapter 4: Maintaining Records
This chapter discusses how to make cost, valuation, and price adjustments to existing items in your system. You also see how to delete item records when necessary.
You review a series of screens available for viewing inventory item balances and easily drilling down to the transaction details. The Inquiry screens allow you to quickly view item information without having to print reports. You also discuss the Inventory detail retention and deletion options.
Main Topics
• Change and Delete Records
• Change Valuation Methods
• Change Decimal Places
• Adjust Costs
• Remove History
• Remove Bins
• Reconcile
• Price List Utilities
• Item Inquiries
• Creating/Printing Inventor Reports
After completing this chapter, students should be able to:
• Change Valuation Methods, Costs, and Prices of existing items
• Remove Bins
• Delete Item records
• Remove Historical Data
Chapter 5: Period-End Procedures
This chapter examines the process of closing an accounting period and the fiscal year for the Inventory Control module. The steps necessary to complete each phase of the closing process is discussed for the end of a period as well as a fiscal year. You look at the reports that should be printed before performing the closing process. Time is spent examining what actually takes place during the closing process and approaches that an organization may use for this process.
Main Topics
• Period-end Checklist
• Printing Reports
• Completing ABC Analysis
• Closing the Fiscal Period
• Year-end Closing
After completing this chapter, students should be able to:
• Complete the processes that are performed at the end of an accounting period
• Complete the processes that performed at the end of a fiscal year
• Perform the Year-end closing process for Inventory Control
Chapter 6: Conclusion
This chapter discusses the key points covered in this course.
Main Topics
• How to enter an item, including setting up item options, assigning price levels, assigning vendors, configuring purchasing options and assigning customer-specific item information
• How to enter an item class and where they can be used to speed data entry, facilitate reports and inquiry and as ranges in SmartList views
• How to set up an inventory site and assign items to it
• How to enter an Inventory Increase and Decrease Adjustment
• How to enter an Inventory Variance Transaction
• How to transfer items between sites
• How to prepare a Stock Count Schedule and enter actual quantities from a physical count
• How to assign an ABC status to your items using values or quantities
• How to run Pricing Utilities to adjust your prices on multiple items
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