Maintaining proper inventory control can be a challenge for any business. Tracking item quantities is hard enough, but maintaining accurate inventory valuations compounds the challenge.
To be efficient, your inventory system should automatically record inventory movement as related transactions like purchase receipts and customer invoices are processed. And to improve organizational communication, inventory transactions should be updated in real time.
Additionally you will want an easy way to execute physical counts in order to true-up inventory records. Cycle counting is often the most efficient way to do this. You can also plan your cycle counting to focus on inventory groups that represent the most value in your inventory or represent the most active items in your inventory.
Many businesses also want to capture costs related to bringing inventory to their warehouses. A good landed costs system can help you do this. Landed costs functionality will allow you to adjust the value of your inventory to recognize specific related costs, e.g. freight, insurance, special handling, and tariffs, duties, etc.
Tracking serial numbers and lot numbers is critical for many businesses. The ability to trace specific items or groups of items from receipt into your organization, combination into finished goods, and eventual sale to customers is a key requirement for businesses complying to FDA or other governmental regulations.
Dynamics GP includes a tightly integrated inventory system efficiently and effectively allows you to track quantities and maintain accurate inventory valuations.
Check out this video that focuses on the Inventory Control module in Dynamics GP.