Inventory Management

January 31, 2016

The MorStock® Inventory Management (IM) module allows you to accurately maintain items and their relevant information, such as costs, prices, units of measure, quantities, and so on.  Complete audit trails are provided as well as optional posting to General Ledger.  General Ledger interaction is automatic and the GL posting tables provide great flexibility.  All information is traceable through Inventory Management because all transactions produce a printed audit trail.  Instructional prompts, default values, and online help promote both operator efficiency and comfort in using the system.
MorStock is designed to conform to the principles of inventory management discussed in Gordon Graham’s book, Distribution Inventory Management for the 1990s (1987 edition).  Gordon Graham is widely recognized as an expert throughout the distribution industry.  For over 20 years he has designed, installed, and managed inventory control systems.  We strongly recommend that you review Gordon Graham’s book to gain a full understanding and appreciation of MorStock Inventory Management.

Major Features

The following are just a few of the major features of Inventory Management.

  • Multiple warehouses – allows using branch or satellite warehouses if desired. Costing, except for manual costing, is by warehouse to allow freight to be factored into incoming costs.
  • Multiple units of measure – each item can have different units of measure, and from these, the default stocking, pricing, costing, selling and buying units of measure are established.
  • Multiple vendors per item – items can have both primary and secondary vendors. Automated restocking—automatic restocking based on current replenishment information is central to proper inventory management.
  • Line-buying – allows review and restocking of vendor product lines enabling quantity discounts.
  • Item interchange – allows entering another reference number (customer or vendor item number) at any item entry field and interchanging it with your item number automatically.

Many options are available so you can tailor the application to your business.

A few of these are worth noting:

  • Price level – up to nine price levels by item and unit of measure may be maintained in addition to standard price.
  • Quantity Price Breaks – quantity price breaks and commission percentages can be set up for each item and warehouse, as well as contract prices.
  • Fractional inventory – fractional inventory may be supported up to four decimal places.
  • Price/cost mask – prices and costs may be stored at three decimal places. Serial/lot inventory—the system supports use of both serial and lot items if they are so designated.
  • Costing method – standard costing may be maintained by manual, last, weighted average, LIFO, or FIFO.