Updating a Master Materials Item

Select the master materials item to be updated.

Click Update. The Material tab of the Update Master Material Item window is displayed.

To modify the description of the item and inventory information:

Select the Master Description and type a description of the item.
Enter the Part Number you will use to recall this material item.
Enter the Manufacturer if applicable.
Enter the Size if applicable. The Size may have been entered as part of the Description, or you could use this field for Size information.
Enter the inventory Low and High Order amounts.

To modify default buy and sell pricing information for this item:

Select the Pricing tab.
To change the Unit Conversion Formula, click the down arrow and choose the formula from the drop-down list.
If the item can be sold in fractions of a unit, select the Sell Fractional Quantities check box.
The Default Buy Prices are used to record the last buy price of the material item, as well as any core charges that may apply to this item. If the item uses a unit conversion formula, set the number of units that need to be sold before a core is returned. Core charges are deposits charged by the supplier until the return of the old material item. The software tracks all of your core charges for you, by supplier.
Under Default Sell Prices, you can change the MSRP per unit and up to four sell price levels. You can either specify the sell price and the system will calculate the profit margin, or specify the required profit margin and the system will calculate the required selling price. Select the applicable combination of Lock check box and calculation type from the Calculation drop-down list. See tip below for more information.
Click Recalc to recalculate your buy and sell prices and view the results of your changes.

Important: If items are stocked at any locations, the unit conversion formula and fractional quantities can not be changed.

Sell Method Calculation:

Cost Plus - Also known as mark up, is the method used to establish a selling price by multiplying the cost of an item by a percentage. If my cost is $100 and I multiply it by a 50% markup ($100 x 50% = $50) I will add $50 to my cost to arrive at a selling price of $150.

Margin - Is a true gross profit calculation which establishes a selling price based on the percentage of profit in the sale. Margin = Profit / Sell Price. To establish a selling price from cost it is calculated using the following formula: Selling Price = Cost / (1- (Margin/100)). Using a $100 cost and 50% margin my selling price would be $100 / (1- (50/100)) = $100 / .50 = $200. This is the industry accepted standard and is what is used to calculate profit on an income statement by your accountant.

List Minus - Is a percentage calculated from MSRP and has no relation to cost price. If the MSRP is $150 and I apply a list minus 50% the selling price would be $150 - 50% = $75.

To modify default warranty, catalog, and consignment information:

Select the Properties tab.
If applicable, select the Maintain Warranty Records check box, then choose a vendor from the Vendor drop-down list. Enter the warranty duration in months. Type a free-form description of the warranty coverage in the Coverage box. This warranty information is transferred automatically to invoice history on the vehicle file card when a warranted item is sold.
Click the Enable Online Catalog box if this item will be using the extra information provided by the online catalog service.
The software provides an online catalog service that can extend your inventory beyond the basic inventory features. The online catalog provides additional information about material items such as: images, technical information, features, and benefits. It is primarily intended to be used as a sales tool. A good example would be the ability to aid the sales staff when selling tires. Common things they would need to know is the UTQG and the features and benefits of the tire.
ID: Click the Enable Online Catalog box if this item will be using the extra information provided by the online catalog service.
The software provides an online catalog service that can extend your inventory beyond the basic inventory features. The online catalog provides additional information about material items such as: images, technical information, features, and benefits. It is primarily intended to be used as a sales tool. A good example would be the ability to aid the sales staff when selling tires. Common things they would need to know is the UTQG and the features and benefits of the tire.
ID: Not normally required. This field is only to be used if your part number does not match the manufacturer's part number and you wish to link the item to another item's catalog profile. You will require the GUID from the admin database of the item you wish to link to and insert it in the ID field.
If applicable across all locations, check Sell On Consignment.

To modify taxes and other charges that apply to this item:

Select the Other Charges tab.
Select the check boxes for all taxes or other types of charges that apply.

Tip: In most cases this is not necessary as each location's tax configuration will filter out unwanted taxes.

Click Save to save changes and close the window.