Tigerpaw University

Course No. INVMGR01 - Managing Inventory

What you will learn - and why

Students learn how to set up inventory items, purchase and receive inventory, and perform inventory transfers. This in-depth course covers taking a physical inventory, bar coding, relieving inventory through the invoice posting process, and maintaining customer inventory history. Emphasis is placed on how inventory movement affects the accounting interface.

This course is required for anyone responsible for maintaining inventory including the purchasing, receiving, updating, and filling of inventory items.

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Lecture Titles - Class 1

  • Setting up system options for inventory
  • Creating master table entries - vendors, manufacturers, locations
  • Understanding the accounting setup for an inventory item
  • Understanding the 'price book item type' field
  • Setting up the price book
  • Understanding how to define and create price book inventory items
  • Understanding and using seven levels of pricing
  • Understanding the repair price level
  • Using multiple vendors
  • Understanding stock versus non-stock inventory
  • Establishing a default labor item
  • Adjusting counts
  • Establishing maintenance price and warranty information
  • Defining purchasing information (receiving location, case quantities) 
  • Understanding inventory detail (on-hand, on-order, reserved)
  • Adjusting pricing information
  • Importing a price list

Assignment: Using the sample database, create multiple inventory items, import a price list, and enter all available detail fields for one inventory record.

Lecture Titles - Class 2

  • Understanding assemblies and kits
  • Understanding serialization of items and bar coding
  • Implications of changing the serialized check box
  • Searching by serial number, reviewing serial number history
  • Preparing purchase orders (ordering, receiving, posting to inventory, debit memos)
  • Using Smart Order for automatic creation of purchase orders
  • Using hot Items for important inventory
  • Using a picture file for an inventory item
  • Flagging inactive items in inventory

Assignment: Using the sample database, create a few assemblies, add serial numbers to an inventory item, create a purchase order, order items, receive items, and port to inventory. Use the Smart Order function.

Lecture Titles - Class 3

  • Filling a work order or a service order from inventory
  • Relieving inventory through the posting of an invoice
  • Understanding how to add items to customer inventory
  • Exchanging a new item for one in customer inventory
  • Using the price book list view
  • Using the purchase order list view
  • Using the transfer list view
  • Using the received items list view
  • Understanding multiple inventory locations and the transfer function

Assignment: Using the sample database, create a quote and turn the quote into a work order. Create a second quote and turn it into a service order. Fill these orders, create invoices and post the invoices to update customer inventory and relieve your inventory. Perform exchanges and transfers. Review the various list views.

Lecture Titles - Class 4

  • Getting the initial counts of inventory into the system using a purchase order
  • Preparing for your first physical inventory
  • Printing the physical inventory worksheet
  • Taking a physical inventory count while suspending all filling and receiving
  • Entering the physical inventory counts and exceptions
  • Making adjustments to physical inventory counts
  • Posting a new physical inventory count update
  • Understanding the reports available for inventory control

Assignment: Using the sample database, perform a physical inventory by following the required steps.

 

  

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