Item Master

Items are the materials which are bought and sold. Those are the base components of your purchase and sales cycles.   They can be either products or services.

Items are identifiable in numerous ways (e.g. manufacturer serial numbers, graphical images, brand names, etc.) to facilitate proper tracking. Simply put, Item is the heart of the entire inventory system.

Through this master option, you can keep track of stock of items, sold items, its cost and stock value.

Item Master Creation

This allows you to create practically unlimited number of items.

For Item Master creation, Item code and Name should be specified. The chart of item is selected automatically and the item category for the selected chart is chosen.

These are already entered in the system while configuring the Administration module. Based on the item category code, the item code may be generated automatically or entered manually.

The indicator for the same will be displayed on the left side of item name field. (AN- Automatic Numbering, MN – Manual Numbering).

In case of auto numbering for item code, directly enter the item name, long name and short name. Select the Group code under which the particular item code is grouped.  Enter the Name, Short Name and Long Name (Full Name) of the item in the respective name Fields and it will be used in all documents and reports.   Select the Item Type under which the particular item is classified. We have a fixed list of Item Types which includes Raw Material, Finished Goods etc. We must select suitable Item Type based on the given item’s specifications. Enter the Purchase rate or the Sale rate of the item, if it is empty, the rate will be taken for the particular item at the time of Material Inward. The default purchase and sales rate can be entered up to four decimal points.
You may create the Items with parent and child relation. If the given item is a sub item, then Is This Sub item option should be Yes and select its own parent. In the corresponding parent item, Sub item tab- ‘Item Has Any child option should be Yes.

The Unit of Measurement is basically used to maintain and transact your inventory. For e.g., If you are in the business of selling electrical machinery, you can maintain the UOM for that item as NOS. Select the unit of measurement for purchase and stock, it can be same or different as required.

Packing provides handling convenience as well as protection. Select the default Pack code for the item. The brand code can be selected from the list. The Part number or Drawing Number and catalogue Number can be maintained for the item.
The conversion value can be entered for consumption purpose. The default conversion value is always one. This value can be fixed based on the purchase and stock maintenance. If the given item is revised from another item, then those revised details must be entered including original item.
Account codes like Purchase, sales etc can be given to post the accounts to the specified account heads on transaction automatically. Select maintain stock option, if the stock for the item is to be maintained. Packing details required option can be selected based on the requirement.
If the items need to be maintained batch wise, select the Batch Stock option to Yes. If unique batch needed, select the Unique Batch Stock option to Yes. In this option each item maintained with unique batch Number. It keeps track of the stock / sales / purchase of goods batch wise and production can also be done in batches. For example, items belonging to the category of fan would have batch ‘chassis number’. If the item is of a perishable one or with short shelf life, then its expiry date is necessary, for that select the Expiry option.
GoodBooks provides for various stock valuation methods like First In First Out, Last In First Out etc. Select the Product Type i.e. purchased or manufactured. Various inspection types are available based on which the transactions are posted to the inventory system. For the inspection type ‘lab’, the quality factors which are already defined are necessary.
The Excise panel is applicable only for companies which are covered under the Excise Act. The user can specify whether a particular product is excitable, the excise tariff % and the Excise register details.
Item Master provides the user the facility to create the Items with its Size as well as color. These options are mainly used for the reporting purpose e.g. Stock Report of particular size, color etc. Item master also has the facility to enter the details for yarn and fabric based items. Process Stock required option is another facility to maintain the stock, based on the item along with the particular process.
Any discount offered for the item will be entered in the item master along with information like maximum discount percentage. Sales allowed option is used to restrict the item to sale. Free Applicable option is used to mention that, the item is free with another item. Maximum Retail Price (MRP) and Price Category also used in fixing the sales or purchase rate.
Item Category and sub category are used for item searching and grouping purposes. It also provides a better classification and analysis of item information. Every item is assigned to a category and subcategory for easy retrieval of information. When you classify an item under a category all the properties of the category are applicable to the item. Item Master has facility to specify tax type along with its tax table reference.