This chapter introduces you to the Inventory Control module of the Microsoft Dynamics GP 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 Dynamics GP 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

Appendix A: SmartList

This appendix discusses the use of SmartList to access financial data. There are also optional exercises that can be completed by students if time permits.

Main Topics

• Using SmartLists
• Creating Objects
• Using the Search Button
• Saving New Objects as Favorites

Labs

• Create a SmartList Account Inquiry
• Save the query as a Favorite
• Create a SmartList Account Transaction Inquiry
• Create a SmartList Account Summary Inquiry
• Create a SmartList Multidimensional Analysis Inquiry
• Export Information to Microsoft Excel
• Print Reports

After completing this appendix, students should be able to:

• Use SmartLists to access valuable sales data
• Create new SmartList objects
• Use the Search button to manage the information in a view
• Explain the various options that are available when using SmartLists

Appendix B: Case Study

This case study is a comprehensive lab that can be used to reinforce the learning that has occurred throughout the Inventory Control class.

Main Topics

• Inventory Control Setup
• Inventory Control Document Entry
• Printing Inventory Control Documents

After completing this appendix, students should be able to:

• Understand the necessary processes to set up and manage their Inventory Control module
• Have more confidence in their ability to use Inventory Control in their company

Appendix C: Test Your Knowledge

This appendix contains short answer and True or False questions that may be used as a review of the information covered in this course and may be used as time permits. Answers to all questions are provided at the end of the section.