Dynamics GP allows you to add inventory items to track physical items and non-stock items. Creating an item record for non-stock items is handy because you can:
- include an extended description
- add pricing schedules
- identify specific GL account numbers for transaction processing
If your tracking inventory quantities, you have 5 inventory valuation methods to choose from. You can have different inventory valuation methods in your inventory. It’s not a system-wide setting. These are the methods:
- Average Cost
- Actual Cost – FIFO
- Actual Cost – LIFO
- Standard Cost – FIFO
- Standard Cost – LIFO
You will want to take advantage of the Inventory Class ID. This makes it easier to group items for reporting, inquiry, and update.
Make sure you mark the items or the Inventory Class to “Maintain History”. Why this is not s default setting, I don’t know:
Here’s a quick video that shows this in action:
If you’re interested in trying out Dynamics GP, you can start a free trial here:
myGPcloud
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