To modify the description of the item and inventory information:To update a materials item:
Select the material item to be updated.
Click Update. The Material tab of the Update Material Item window is displayed.
To modify the description of the item and inventory information:
The Description, Part Number, Manufacturer and Size fields can only be modified in the Setup or Enterprise level Master Material list.
If applicable, you can enter the Grid location and Low and High Order points for your location.
Tip: The grid location will print on the tech instructions document if you require a pick slip function.
The quantity information shows the number of items In Stock, on Purchase Orders, on Back Order, and on open Work Orders. Quantity Available is the in stock quantity minus the on open work order quantity as these items are spoken for but not relieved from inventory until the invoice is posted.
There is a calculation of the quantity to reorder next time the item is ordered. These are calculated off of your low and high order levels.
Save your Material card to reflect any changes in low and high order calculations.
To modify buy and sell pricing information for this item at your location:
Select the Pricing Tab.
The Unit Conversion Formula and Sell Fractional Quantities can only be edited in the Master Materials list through the Set Up or Enterprise Manager.
Enter your location Base Buy Price for this material item.
Under Sell Prices, modify 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. For more information see tip below.
Choose the applicable Sell Price Maintenance method from the drop-down list.
Select Maintain All Sell Price Data Manually For this Item if you want to manually update buy and sell prices for this item.
Select Update Base Buy & MSRP When Purchasing And Auto Recalc Sell Prices to have you prices updated as you receive orders for this material item.
Select Update Base Buy & MSRP With Master Catalog Changes And Auto Recalc Sell Prices to have the base buy prices synchronize with the master catalog materials list but maintain unique selling levels at the location.
Select Lock all Sell Price Data To Master Catalog Sell Price Data to have the base buy pricing and sell levels synchronized with the master catalog materials list.
Click Recalc to recalculate the changes you have just applied.
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 supplier, warranty and consignment information:
Select the Properties tab.
Select a Vendor from the list that you most frequently source this material item from. This will facilitate creating purchase orders by supplier.
If applicable, select the Maintain Warranty Records check box. 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.
If applicable, check the Sell on Consignment box, choose the Supplier the material item is on consignment with and add any required Notes regarding the consignment inventory.
Note: To change an item to consignment, it must have zero quantity on hand and not be on a purchase order.
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 will not be required as the location's other charges defaults will suffice. However, if you sell non-taxable items you may exempt items as required.
To purchase more of this item from a supplier:
Click Purchase. The Purchase Materials for Inventory Restock window is displayed.
In the Purchase Qty field, type the number of units of the item to be purchased.
Choose the name of the supplier from the Supplier drop-down list.
Choose a purchase order number from the Purchase Order # drop-down list to add to an existing purchase order or use <New PO> to create a new one.
Click Add to Purchase Order to complete the transaction.
The Purchase order is now created in the Purchases Manager, awaiting placement with the supplier or receipt of the Purchase order.
To transfer more of this item from another location:
Click Transfer. The Transfer Materials for Inventory Restock window is displayed.
In the Transfer Qty field, type the number of units of the item to be transferred.
From the Location drop-down list, choose the name of the location to transfer from.
Choose a transfer order number from the Transfer Order # drop-down list to add to an existing transfer order or select <New TR> to create a new one.
Click Add to Transfer Order to complete the transaction.
The Transfer order is now created in the Purchases Manager, awaiting placement with the location or receipt of the Transfer order.
To record that this item has been received in a supplier shipment:
Click Receive. The Receive Materials to Inventory window is displayed.
Type the quantity received in the Received field.
Type the quantity being returned in the Returned field.
Enter the new MSRP if applicable.
Enter your Cost and Core (if applicable).
In the Supplier box, choose the supplier name from the drop-down list, and either enter the new invoice number in the SI field or choose an existing supplier invoice number from the drop-down list.
Click Add to Supplier Invoice to complete the transaction. This item is recorded as payable.
The item is added to the Supplier Invoice in the Purchases Manager for Accounts Payable reconciliation. If consignment inventory, a consignment slip is created instead.
To return this item to the supplier:
Click Return. The Move to Returned Goods Bin window is displayed.
Type the quantity being returned in the Returned field.
Click Move to Returned Goods Bin to complete the transaction.
This item is now listed under the supplier name in the Returned Goods Bin in the Purchases Manager, awaiting return to your supplier. If the item was a consignment item, a supplier invoice is generated to offset the credit created from the return.
Note: Because of FIFO, the software already knows the cost, core and the supplier for the items you are returning.
To recount the in-stock quantity:
Click Recount. The Recount Materials window is displayed.
Select the New In Stock Qty field, and type the new quantity.
Click Recalc to recalculate the other fields in the window and update inventory information.
Click Save to save the changes and close the window.
Important: If you recount an item that has a core value, make sure to specify the core cost amount.
Click Save to save changes and close the Update Material Item window.
Select the Activity tab to display inventory activity for the item. Inventory is tracked using the First In First Out (FIFO) method, to ensure a correct matching of changing buying and selling prices. The system keeps an audit trail on every material item. You can print the activity by clicking on the Print menu button.
