Costing Methods (continued)
Serial Number Costing
Serial Number costing allows your company to track an inventory part by serial number from the time it is received on a Purchase Order to the time it is issued to a Job or Service Ticket. Serialized parts are valued at the receipt cost from a Purchase Order or if manually added to a warehouse, the User sets the value of the serialized part. Serialized parts will hold the same inventory value as they are transferred from warehouse to warehouse. The value of a single serialized part may be manually adjusted by using the Edit Serial Part from the Part Explorer record.
When using Serialized Parts in SedonaOffice, some functions that are available to regular inventory parts are no longer available. These functionality changes are listed below.
The Warehouse Stock Adjustment option is not available. If serialized parts need to be added or removed from a warehouse, this is accomplished by using sub-menu options from the Serial Number tree option; Edit Serial Part and Remove Serial Part within the Parts Explorer.
·The Edit Serial Part option allows a User to modify a serial number, lot number or value of the part.
·The Remove Serial Part option allows the User to delete a serialized part from stock.
Serialized Parts are not included in Physical Inventories. Your company should plan for periodic counting of Serialized Parts; any discrepancies found would be handled by using the Remove Serial Part or Add Serial Part options from the Parts Explorer to increase or decrease on hand quantities.
Receiving a Direct Expense Purchase Order. If a Purchase Order contains a serialized part and the Direct Expense option is selected for the receipt, the Receipt must be linked to a Job or a Service Ticket number.
If your company currently has parts in stock that you want to begin tracking by serial number, you must first make a stock adjustment to remove all on-hand quantities from inventory, and then add the parts back into inventory with unique serial numbers.
When performing these stock adjustments, the application requires a Cost of Goods Sold G/L account number for the debit side of the adjustment transaction. You may want to create a new G/L account number for this purpose; once all parts have been adjusted back into inventory with serial numbers, this account should have a balance of zero.
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