SedonaSetup Application Inventory Setup Tables/Options
Inventory Setup Field Definitions
Inventory Processing
Asset Account – The default inventory Asset Account (G/L Code) used for the Inventory system. Once Stock Tracking is activated, each Warehouse may be assigned a different Inventory Asset Account. If Stock Tracking is not activated, this Account Code will be used as the Inventory Asset for all inventory transactions.
Default COGS – This COGS account is used when inventory parts are sold on a miscellaneous invoice.
Invoice Item – The Invoice Item code that will be used when invoicing parts on a miscellaneous or job invoice. The selected Invoice Item must be defined as an IP item type. This will determine which income account will be used when recording a parts sale to the general ledger.
Purchase Price Variance Account – This account is used when there is a variance between the received cost of a part and the amount entered on the A/P bill for the parts receipt.
Use Material Handler for Warehouse Security – If this option is selected, you will must use the Material Handler setup table to define which warehouses employees will have access to when working with Purchase Orders. If this option is not selected, any employee creating a Purchase Order may select any warehouse on the warehouse list.
Standard Costing
Allow Standard Costing on Part Costs – Two inventory costing methods are available in SedonaOffice; average costing and standard costing. The system default is to use the average costing method. If your company will be using the standard costing method, you must select this checkbox to activate the standard costing method. It is highly recommended that the Standard Costing method be implemented.
Use Standard Cost on Direct Expense – You have the option of using the part standard cost or the actual cost of the parts entered on the purchase order. Only select this checkbox if your company wants to apply the part standard cost to all direct expensed parts purchase orders.