Module 6 of 13 · M106
Inventory & Services Management
Every movement in and out of every store
Complete stock control: product categories, products and services, stores, requisitions, issues, receipts, transfers, stocktakes, goods received notes, outward waybills and assembly production from bills of materials. From goods received to goods despatched, the store balances the book.
Grouped as Entries
- Definitions
- 10
- Transactions
- 15
- Periodic Processes
- 7
- Enquiries
- 11
- Reports
- 10
Total 53
Counted from the application’s own menu.
Screenshot reserved Inventory Requisition — Inventory & Services Management
The inventory
What this module holds
Every module in Magnet ERP files its screens under the same five headings — Definitions hold the reference data the module works from, Transactions are the entries staff make day to day, Periodic Processes are the runs made at the turn of a period, Enquiries look up what is on record, and Reports print it — so a clerk who has learnt one module already knows where to look in the next.
Inventory & Services Management carries 53 entries across 5 of those headings. What follows is the module’s own menu, entry for entry, in the order the application lists it.
One thing to read the list with: a posted entry is never overwritten. A document is corrected while it is still unverified; once it has been endorsed it can only be undone by a reversal, and the reversal is a dated record of its own. That is why Inventory & Services Management carries 5 reverse entries below. Every module, this one included, opens with its Endorsement Officers for the same reason: someone named has to stand behind what is posted. That is what makes the books defensible when somebody comes to audit them.
Definitions 10
- Endorsement Officers
- Product Categories
- Products (Goods & Services)
- Units of Measure
- Inventory Conditions
- Store Types
- Stores
- Production Machines
- Pieces Per Package
- Product Sales Royalty Allocation
Transactions 15
- Inventory Requisition
- Amend Inventory Requisition
- Inventory Issue
- Reverse Inventory Issue
- Inventory Receipt
- Reverse Inventory Receipt
- Inventory Transfer Between Stores
- Physical Inventory Count
- Project Inventory Transfer
- Reverse Project Inventory Transfer
- Assembly Production
- Goods Received Note (GRN)
- Reverse Goods Received Note
- Waybill (Outward Sales)
- Reverse Waybill (Outward Sales)
Periodic Processes 7
- Post Opening Stock Balances
- Age Out Master Transaction Records
- Update Product ID
- Reset Cost of Production
- Generate Project Landed Cost
- Reset Stock Cost
- Reassign Project & Store
Enquiries 11
- Inventory Requisitions
- Inventory Issues
- Inventory Receipts
- Product & Product Components
- Inventory Transfers
- Physical Inventory Counts
- Inventory Opening Balances
- Project Inventory Transfers
- Goods Received Notes
- Purchased Inventory Receipt (Enquiry)
- Waybills (Outward Sales)
Reports 10
- Inventory Requisitions Report
- Inventory Issues Report
- Inventory Receipts Report
- Inventory Reports
- Inventory Transfers Report
- Product Bin Card
- Sold Inventory Schedule
- Production Report
- Goods Received Report
- Waybill & ATL (Authority to Load) Report
Worth naming
What a feature list would not tell you
Stock is valued on a first-in, first-out basis — the oldest cost in the store is the first one charged out. FIFO is one of the two bases IAS 2 permits, and it is the one an auditor expects to see explained.
Landed cost is re-costed when procurement expenses arrive after the goods: freight or duty invoiced late is carried back into the cost of the stock it belongs to, rather than being written off to the period that happened to receive the invoice.
One set of books
Where Inventory & Services Management meets the ledger
Inventory & Services Management keeps its own registers; it does not keep its own books. What is recorded in this module posts through to the Integrated General Ledger — the chart of accounts, the journal vouchers, the accounting periods and the period close. Every module posts here; the business keeps one set of books.
That single set of books is also where the project claim is settled. MagnetERP is called an Enterprise Projects Business Solution because every transaction can be linked to a registered chart of projects or to project-milestone codes — contract job batches, production job batches and procurement job batches. That applies to the entries this module makes as much as to any other.
Every transaction keeps its own currency and its exchange rate to the base currency. And because one organisation may run several companies in Magnet ERP, each company’s records are kept properly separate: a figure posted in one is never quietly counted in another.