Company Settings - Inventory Counts Options
Overview - Inventory Counts Tab:
The Inventory Counts Tab in Company Settings includes the options that can be enabled or disabled for Inventory Counts. There are several different ways to implement the way you count inventory. An example of the Inventory Counts Tab in Company Settings is shown below:
Inventory Counts - Settings:
Valuation Method: COGS-Well provides an option to use Weighted Average or Effective Cost for determining the cost utilized to calculate the value of an item that is counted when you take an inventory. Summary explanations of each valuation method are below and if you would like more detail, please see this FAQ article on Valuation and Costing Methods.
Effective Cost: Effective Cost utilizes the cost from your last purchase of an Inventory Item to value the total quantity of that item. For example, if you had 3 boxes of carrots as an ending inventory count, and if the most current purchase of carrots was for 2 boxes at $10.00 per box, then the ending inventory value for carrots would be $30.00 (3 boxes times $10.00 per box). Notice that all 3 boxes are valued at the cost per case of the most recent purchase.
Weighted Average Cost: Weighted Average Cost uses your starting Item count and value, then adds the quantity and cost of the purchases since your last inventory count, to determine the price to utilize to value your ending Item count. If you had 3 boxes of carrots valued at $10.00 per case at the start of the period, and if you bought 2 more boxes during the period at $10.50 per box, then the weighted average cost per box for the ending inventory of carrots will be $10.20.
Hide Items Created After the Count Date: If a new Item that you count is added to your database after an inventory count has already been entered, then the default is for that item not to show up if you view the count entry or run an extension report. Uncheck this box if you want Items created after the count date to be included.
Require Inventory Group: You can set up an Inventory Group and assign Inventory Items to this group. If you would like to require a User who is entering an inventory count to first select an Inventory Group, you can check this box.
Default Production Group: Use the drop-down if you would like to select a default Inventory Group for count entry. A User can select a different Group than the Default Group when they enter production.
Disable Use of Storage Locations: COGS-Well defaults to assuming that your Site(s) will want to utilize Storage Locations when they enter Inventory Counts. Therefore, there are several features related to setting up and maintaining Storage Locations that can be disabled if you do not plan to use Storage Locations.
If you do not count inventory using Storage Locations, the counts can be entered by Inventory Category.
Default to Count Items by Location: If you plan to always (or usually) count your Inventory Items by Storage Location, then by putting a checkmark in this box, the Inventory Count Worksheet and Count Entry function will default to enter counts by Storage Location.
Default to Count Items by Location Sequence: If you plan to always (or usually) count your Inventory Items by Storage Location and you checked the box for default to count items by location, then the option to also default to count items by storage location sequence can also be selected.
Show Previous Count Quantities: You can include the counted quantities for items from the previous inventory count on the Count Worksheet and the Count Entry Display if you check this box.
Allow Copying of Previous Counts: If you have a certain category of Items where the quantity on hand does not change enough to warrant counting these items every time you take inventory, then put a checkmark in this box to create an option for copying a previous inventory count for a category of Items into a new count.
An example of Items that might fit this feature is paper supplies that typically have the same count on hand at any given time, and/or the value is never very significant. More information on this function is available via this link: Enter Inventory Counts.
Hide Costs on Inventory Counts: If you do not want the Users who are counting or entering your inventory counts to see the cost of your items, then you should check this box.
Hide Counts Before a Closed Inventory Count: COGS-Well provides a "Close Inventory" feature in Inventory>Entry>Close Inventory. This feature makes an Inventory Count Entry uneditable. Checking this box will not display Count transactions before a Closed Inventory Count on the Enter Counts transaction displays. Please click this link for more information on Close Inventory.
Show Most Recent Combined Item Child: If you have set up Combined Items that are flagged to be counted, then selecting this option will show only the most recently received Inventory Item that is assigned to a Combined item on the Inventory Count Worksheet and the Inventory Count Entry.
Inventory Counts - Standard Display Options:
As a default, COGS-Well displays multiple columns on the Inventory Count Entry display to provide added information about each Item being counted. To save real estate on a smaller display such as a tablet, or to remove information from view, columns can be controlled using these settings.
There are options for your Standard Display and for a Tablet. The Standard Display Options column is on the right side of the Inventory Counts Tab. An example is shown below:
The "hide" options will eliminate a column that will otherwise be displayed (or be available for a User to select to display). Hiding a column not only makes information unavailable - it also provides more real estate on the display for the columns you do not hide.
If you plan to have your Users count using a tablet, it will make sense to hide all but the most important columns. If you would like more information on counting inventory on a tablet, please view this Help Article on Entering Counts on a Tablet.
Save or Exit:
Select save to save any additions or changes. Select exit to exit the function.