Click the List box button in this field to specify a default status for the inventory items to which you will assign this inventory type.  The inventory type can either be Active or Inactive.

Enter in this field, the default shipping weight for inventory items of this type.  The inventory item’s shipping weight can be used by the system, in conjunction with freight codes that apply freight charges by weight.  Leave this field blank if you want to apply freight charges based on something other than shipping weight.

Click the spinner button beside this field to choose the default decimal places (0-4) that the system will use in quantity values for inventory items of this type.  The default value comes from the General tab of the IC Module Setup function. If you enter a number of decimal places other than zero, the decimal point and the decimal places will decrease the space for the whole number portion of the quantity.

Click the List box button and choose the cost method that you want to use in valuing inventory items of this type.  The cost method specified in the IC Module Setup function is the default for new inventory type records. Change the cost method, if necessary.  If the IC module is not activated, users can only use Average for the cost method. If the Activate IFRS Features checkbox is marked in Company Setup, the LIFO cost method will be unavailable.

This read-only field shows the item's unit cost as recorded in the system.

Enter in this field the default standard cost to be applied to inventory items of this type. The standard cost will be used as a basis in updating other costs and prices for this item through the Inventory Cost Update and Inventory Price Update functions of the Inventory Control module. It is also the cost that is used when receiving items through warehouse transfers and recording finished jobs when the Inventory Control and Manufacturing modules are activated, respectively.

Enter in the field the estimated default cost of one returned unit from customers that will be added back to inventory. The default per unit cost can be overwritten at the time of the specific return if you determine a more appropriate or accurate cost.  This is often hard to do, especially if much time has elapsed, if the original cost was set using LIFO, FIFO or Specific ID, or if the returned units are to be devalued due to their used condition. However, if their condition approximates that of new units, you may want to use the current (weighted) Average Cost per unit as the return cost.  You can update the Return Cost on a regular basis to reflect current costs.

Mark this checkbox if you want to configure AccountMate to use the specific cost as follows:

▪Average Cost

▪Last Received Cost

Enter in this field, the basic price that you will quote to sell a unit of an inventory item of this type.  The unit price may contain zero up to four decimal places.

Enter in this field, the default maximum sales discount rate that you can offer for inventory items of this type.

Enter in this field, the applicable commission code if you want to grant commission to sales people on sale of inventory items of this type.

Enter in this field, the value that you will charge the customer when an inventory item of this type is returned for repair. This field does not accept a negative value and is enabled only if you have installed and activated the Return Authorization module. The value you enter in this field will be used in RMA transactions in calculating the repair charges if the return code includes a repair action.

This field will be enabled only if you install and activate the Return Authorization module. Enter in this field the default minimum restocking amount to be used in the RMA transaction involving inventory items of this type if restocking charges are allowed.

This field will be enabled only if you install and activate the Return Authorization module. Enter in this field, the default percentage rate that will be applied to the RMA transaction involving inventory items of this type if restocking charges are allowed for the returned items. The system will apply the restocking rate to the total extended price of the returned items to compute for the restocking charge.

Mark the Amortize checkbox to configure the system to mark this setting by default in the inventory item records assigned with this inventory type code; otherwise, leave the checkbox unmarked. Note that marking this checkbox will activate the succeeding settings in this area.

Click the List box button beside the Method field, and choose between the following amortization options:

Straight-line

Choose this option to configure AccountMate to amortize in equal amounts over a period of time the inventory item assigned with this type.

Specific

Choose this option to configure AccountMate to amortize based upon specific user-defined parameters the inventory item assigned with this type.

Accept or amend the default amortization frequency by clicking the List box beside the Amortization Frequency field and choose one of the following options:

•Weekly

•Monthly

•Bimonthly

•Quarterly

•Semi-Annually

•Annually

Enter in the No. of Cycles field the number of times you allow users to amortize. You may enter a number from 1 through 9999.

Mark this checkbox  if you want the system to require usage of serial numbers for each unit of this inventory item. This checkbox is automatically marked and disabled if the item cost method selected is Specific ID.

This checkbox is enabled only if the Use Serial # checkbox above is marked. Mark this option if you want the system to require usage of serial numbers for the units of an inventory item of this type for tracking purposes.

This checkbox is enabled only if the Use Serial # option above is marked. Mark this checkbox if you want to enable printing of serial numbers on the sales invoice; otherwise, leave it unmarked.

Mark this option box if you want the system to require usage of lot numbers for the units of an inventory item of this type for tracking purposes.

Mark this option box if you want to print lot numbers on sales invoices when units of the inventory item of this type are being billed to your customers. This field is accessible only when you mark the Use Lot # option box.

Mark this checkbox if you want to define the lot item's shelf life. Once this checkbox is marked, be sure to specify the lot item's shelf life in the fields below.

Enter in this field the amount of time (in days) a lot-controlled item must be sold before it expires. This field is enabled after marking the Check Minimum Shelf Life checkbox.

Enter in this field the amount of time (in days) a lot-controlled item may be held in inventory before it expires. This field is enabled after marking the Check Minimum Shelf Life checkbox.

Mark this option box if you want inventory items of this type to be tagged as kit inventory items; otherwise, leave it blank.

Mark this option box if you want the system to require that kit inventory items be built before shipping to customers; otherwise, leave it blank. This field is accessible only when you have activated the Kit Item option.

This option is accessible only if you put a check mark in the Kit Item field. Mark this option box if you want inventory items of this type to require assignment of kit numbers that you can use for tracking purposes; otherwise, leave it blank.

Mark this option box if you want to print kit numbers on sales invoices when units of the inventory item of this type are being billed to your customers. This option is accessible only if you mark the Kit Item option box above.

Mark this checkbox if you want to customize the kit formula for kit items of this type during creation of sales orders. This checkbox is enabled if the Kit Item checkbox is marked.

Mark the Use Specification checkbox if you want to mark by default the Use Specification option in the inventory item record assigned this type. The Specification area is enabled only if you have activated the Item Specification module.

Mark this checkbox to automatically update the on-hand quantity of this inventory item when you create a transaction that increases or decreases its on-hand quantity. This option is inaccessible and unmarked if you created a kit item not requiring prebuild. This option is recommended for physical inventory items for automatic updating of on-hand quantities. For a serialized item (i.e., the Specific ID cost method is assigned), it is required to update the on-hand quantity; thus, this checkbox is automatically marked and inaccessible.

Activate this checkbox if you want the system to verify whether the available quantity sufficiently covers the quantity ordered by or invoiced to customers for the inventory items of this type. If the available quantity is less than the ordered quantity, the system will display a warning message informing you that the inventory item has insufficient quantity. You may suppress this feature if the inventory item is not carried in stock and is obtained only as needed. This checkbox is unmarked and inaccessible if you unmarked the Update On-hand checkbox or created a kit inventory item not requiring prebuild.

Mark this checkbox to allow transactions that result in negative on-hand quantity of the inventory items to which this type is applied.

Mark this checkbox if you want to allow entry of negative prices when entering sales order and other sales transactions for inventory items assigned this type. This allows you to enter line item adjustments to the price of the inventory item on sales orders and other documents (e.g. when the inventory item is on sale at an extra 20% discount to all customers).

Mark this checkbox if you will allow entering a negative quantity for inventory items assigned this inventory type on sales invoices and sales returns recorded through the Accounts Receivable module.  You cannot enter a negative quantity on a sales order, sales quote or purchase order.  This option is inaccessible if you select the Specific ID or Average with SN cost method and/or if you activate the Lot Control and/or Kit Item options in this tab.  You can use this feature to record allowances, exchanges or adjustments.  Though you cannot enter a negative price, a negative number of units multiplied by a positive price will equal a negative sales value.

This checkbox is enabled if the Return Authorization module is installed and activated. Mark this checkbox to allow discarding of returned inventory items of this type. If you deactivate this option, you cannot select a return code that includes a Discard Action for this item in the RMA or RTV transaction.

This checkbox is enabled if the Return Authorization module is installed and activated. Mark this checkbox to allow repairs of returned inventory items of this type. If you do not use this option, you cannot select a return code that includes a Repair Action for this item in the RMA or RTV transaction.

Mark this checkbox if you want inventory items of this type to be taxable when sold; otherwise, leave this checkbox blank.  If you activate this option, the tax rate applied to this inventory item will depend on the tax code assigned to the customer’s address to where it will be shipped.  

For companies with Canada country tax, mark this checkbox if you want to apply goods and services tax (GST) to the inventory item; otherwise, leave this unmarked. The default setting comes from the inventory type code entered in the Inventory Type field. You may mark or unmark this checkbox anytime.

For companies with Canada country tax, mark this checkbox if you want to apply provincial sales tax (PST) to the inventory item; otherwise, leave this checkbox unmarked. The default setting comes from the inventory type code entered in the Inventory Type field. You may mark or unmark this checkbox anytime.

Mark this option box if you want the system to allow you to overwrite the description of inventory items of this type when creating purchase orders, sales orders, sales quotes and sales invoices; otherwise, leave it blank. Overwriting a description allows you to customize the description; however, this lessens control over its accuracy.

Mark this option box if you want to overwrite the price of inventory items of this type when creating sales invoices, sales quotes and sales orders; otherwise, leave it blank. Overwriting prices allows you to be competitive in adjusting prices for particular customers, but weakens control over when, for whom and by how much, prices are changed.

Mark this option box if you want to overwrite the discount percentage rate of an inventory item of this type when creating sales invoices, sales quotes and sales orders; otherwise, leave it blank. Overwriting discount rates allows you to be competitive in adjusting discounts for particular customers at particular times, but weakens control over when, for whom and by how much, discounts are changed.

Mark this checkbox if you want to adjust the tax status when creating sales invoices, quotes and orders of inventory items of this type; otherwise, leave it blank. Overwriting the inventory item’s tax status allows you to adjust its taxability on sales invoices and sales orders to meet certain conditions.

Mark this option box if you want to overwrite the shipping weight of inventory items of this type when creating sales invoices, sales quotes and sales orders; otherwise, leave it blank. Overwriting the inventory item’s shipping weight on sales invoices and sales orders allows you to correct the weight when packaging combinations of inventory items or using different packaging materials that add to the item weight.

Mark this option box if you want to overwrite the revenue code of the inventory item of this type when creating sales invoices, sales quotes and sales orders; otherwise, leave it blank. Overwriting revenue codes allows you to apply the revenue to more appropriate accounts when necessary, but lessens your control over the accuracy of those choices. The code you enter in this field applies a set of default revenue and cost of sales accounts to the inventory item to which this type is assigned.

Mark this checkbox if you want to amend the commission code when you create sales order or sales invoices for inventory items of this type.