This Help File Page was last Modified on 03/03/2018
•Information previously entered using the setup wizard of the Inventory Tracking and Job Costing System may also be reset within this Inventory Options tab.
•To access the User Options Form
a)From the Backstage Menu System Select Maintenance and Choose General and Click User Options or,
b)From the Quick Access Menu, Select Maintenance and Choose User Options.
✓This will open the User Options Form
User Options - Company tab - Company Settings bar
b.Confirm Negative Inventory - By default, the ConfirmNegativeInventory option is set to False ("F")
i.When the ConfirmNegativeInventory option is set to True ("T"), if an Inventory item is used in the Job Costing Form's Inventory tab, entered in the Inventory\Materials tab of a Work Order, added to an Invoice, or included as a Proposal Item on a Proposal - and the addition of that Inventory item would result in a negative Quantity on Hand value for that Inventory item, a Pop-Up Warning Message will be displayed.
ii.To turn off this Pop-Up Warning Message feature again, set the ConfirmNegativeInventory option to False ("F").
d.Average Cost Inventory - By default AverageCostInventory is set to False ("F").
i.If AverageCostInventory is set to True ("T"), Inventory Valuation will be based on the Average Cost paid for an Inventory Item versus whatever the currently set Inventory Valuation Method is.
II.Inventory Options tab - Click the Inventory Options tab and identify the Inventory Valuation Method and other information as requested below:
❖Review the Inventory Valuation Methods chapter first.
User Options Form - Inventory Options tab
•Inventory Valuation Methods - a brief review:
b)Average Cost Inventory - Another approach to Inventory Valuation is to use the Average Inventory Cost for the Value that is used in the associated General Ledger System transactions.
▪This Inventory Valuation Method will establish and maintain the Value of the Inventory by Averaging the Cost of that Inventory so that all Price (cost) changes of an Inventory Item are taken into consideration whenever the Value of that Inventory Item is reported.
User Options - Company tab - Company Settings dialog - Average Cost Inventory option
a)It will convert the Inventory Valuation to the Average Cost paid for an Inventory Item,
b)If LIFO (Last In/First Out) was the previously selected Inventory Valuation Method, it will be turned off automatically.
c)LIFO (Recommended) - Used to initiate the Last In - First Out Inventory Valuation Method.
User Options Form - Inventory Options tab - LIFO Checked
1.Review the Inventory Valuation Options chapter for detailed information for all of the available Inventory Valuation Methods.
2.Review the Understanding how Inventory Values & Counts are Calculated chapter for more information if you are (or will be) using the STARK 35 General Ledger System.
❑Inventory Option entries:
•Inventory Tracking section - Rules to be followed by the Inventory Tracking System:
✓Original Price - The Inventory Items are Valued based on the Price that was entered for each Inventory Item in the Sale-Purchase Items Form when they were defined. This is the old default Inventory Valuation Method.
▪However, from an accounting standpoint, you may want to alter this default behavior by having that Price Value reset (in the COGS Value filed), based on the most recent Cost recorded on an Invoice for the Purchase of this Inventory Item.
oThis automatic reset process that is based on the most recent price paid, is called Last In-First Out, or LIFO for short.
oCheck the LIFO box to initiate this Inventory Valuation Method.
▪BUT, If you choose to use the Average Cost Inventory, and you should, set the AverageCostInventory option to True ("T") in the Company Settings dialog
✓Default Parts Code - Use the Drop-Down Selection List to Choose the default Parts code (which for simplicity should be PARTS).
➢Note: Create a generic Sale-Purchase Item named Parts assigning it the code Parts in the Sale Purchase Items Form.
✓Default Warehouse - The default is the predefined Default Warehouse.
▪Use the Drop-Down Selection List to Choose a different Warehouse Name, if desired.
✓Default Job Cost Invoice Code - No longer required (Legacy System Setting see Legacy Job Costing).
•Click the OK button to save this Inventory Options information.
❖Job Costing section - FOR JOB BEGUN PRIOR TO VERSION 5.1.31.X ONLY - The Rules for the Legacy Job Costing portion of this system may not be changed.
➢Note: If Legacy Job Costing records exist within the MKMSdefault database, the following fields will be displayed, but may not be modified, otherwise, these fields will not be displayed at all.
▪Last Job No. - No longer Used - This was a Legacy Job Costing function where the next Job Number to be assigned could be specified by entering the Last Job Number that was used (or what you wanted to represent as that last number thereby identifying what the next number should be).
▪Labor Rates: - No longer Used - This was a Legacy Job Costing function where the Labor Rates defined below would represent the Hourly Rate that is Invoiced to a Subscriber - with those Labor Rates being calculated based on the set of Technician Skills that would be required to complete a specific type of Job Task assignment.
oStandard Labor Rate - The minimum labor rate that will be charged.
oPro. Labor Rate #1 - The second level Professional level labor rate that will be charged.
oPro. Labor Rate #3 - The highest level Professional labor rate that will be charged.
•Go to Job Types chapter.