At the heart of Net•Yield is a sophisticated inventory control and management section.
There are many tools within the Inventory menu to assist in managing inventory.
Work orders are used to create one or more finished good items from the same raw material item. The Work Orders option allows for the creation and completion of work orders.The work order uses the manufacturing cost and other raw material or packaging components defined in the Bill of Material to determine which raw material can create which finished goods. Manufacturing cost standards can be added to the finished goods item in the Bill of Materials and applied to the finished goods items produced on the work order.
The inventory Transfer option provides the user with the ability to transfer product between the same or different inventory item codes and apply standard yields in the process. Planned transfers are used to stage an inventory transfer that will be completed at a later time. Additional charges, known as cost adjustments, can be added to the planned transfer to add costs to the inventory being transferred.
The Non-Owned Inventory options allows the Net•Yield user to induct inventory to be stored for the customer and also to release inventory in the existing item codes or customer specific item code.
The Lot Info option allows users to view and change item info lot attributes for an item or lot. It also allows users to enter the standard or default item info lot attributes that will automatically roll on to new lots when they are created.
Inventory Adjustments is a powerful option that allows you to make both quantity and value adjustments to inventory. Inventory adjustments are used to make corrections to physical inventory if there is no alternative way to make the necessary inventory changes.
The Inventory Reconciliation option allows the current on-hand balance to be reconciled against the actual physical counts/cycle counts for selected items or item groups of inventory.
The Cost of Goods Sold option is a process that applies the actual product cost to items on closed, uncosted work orders and shipped sales orders. Based on the costing method of the item, the inventory valuation is adjusted for the work orders that are costed and reduced by the cost assigned to the shipped sales orders. Accounting records are generated based on the cost of goods expense account and cost center and the inventory account and cost center (if using) defined in Sales Category and assigned to the item. Cost of Goods Sold generates a Cost of Goods Sold Batch reports which lists the lots used by the system to calculate the cost for the items and a list of the cost assigned to each sales order by item. It also includes the items and sales order in which a cost could not be assigned. The Close End of Day process will include two batch reports, the cost of goods batch and an Uncosted Items Batch report which list the items and sales order that could not be costed. The cost of goods sold batch can be reversed so that the cost assigned to a sales order line can be corrected and the cost of goods sold run again to re-cost the sales order line.
The standard planned transfer is used to create the batch formula or "recipe" that is used to create one finished good from many raw material components.
Using the options found in the Setup menu, users can set up many of the underlying elements of your inventory system, including country of origin labels (COOL), locations, and departments. Settings in Inventory Options control the behavior of many inventory control and purchase receiving functions.
A variety of inventory inquiries and reports can be generated within this section, providing important information regarding your inventory.