With the Mago4 Inventory module, you can manage and handle goods in storage in a rational and efficient way.
Mago4 – Inventory
Proper goods handling management is indispensable in a successful company. With the Inventory module, Mago4 provides you with many functions specifically designed for the inventory logistics.
ITEM CODE AND DESCRIPTION
You can include the Item Code and Item Description fields, 21 and 64 characters long, in the printout of your documents (e.g. order or delivery notes), adding if necessary any notes included in the items master data. This customization is possible thanks to reports that you can choose to create with Reporting Studio, the special report generator for Mago4.
Do you need to code both goods items and services? You can easily do this through the Goods option.
You can manually insert the item code or let Mago4 generate it with a convenient auto-numbering function.
If you no longer use a particular item, you can simply disable it without having to delete it.
You can set which items will be printed in the item sheet and valuation printouts. Mago4 can automatically tell you when and from which supplier the item was last purchased and when it was sold.
You can associate an image with each item. In this way, you can see it in the master data and in the Item Data panel of all inventory documents and entries, and you can also include it in printouts,
generating customized price lists.
If you want to create different versions of an item, with slight variations, you can duplicate it: this copy will generate other items with their own code.
From manufacturing entries it is possible to calculate the cost of picking. In the inventory entries, Mago4 can include the row costs, calculated on the basis of inventory settings.
With Mago4 you have utmost flexibility in setting prices and discounts. You can specify a Base Price and discount percentage, right in the Item master data. You can enter different types of prices and discounts to use in inventory entries or in sales documents according to your preferences.
You can also indicate whether or not the price of the item is tax included.
ITEMS GRAPHIC NAVIGATION
Mago4 Item Navigation allows you to simply and practically visualize the most significant data related to the item, such as available quantities, or quantities available in different storage areas, sales price lists, outstanding customer and supplier orders, and more.
Item Balance Navigation lets you check the balances of items by year, storage and lot, monitoring the most important tax aspects.
By using Smart Codes, you can set Mago4 so that it automatically constructs both the code and the description of an item, according to a series of settings freely defined to suit your company’s needs. In addition to creating code and description, this tool can include some information such as the unit of measure (basic and alternative), Tax code, commodity and homogeneous category.
PURCHASE AND SALES BARCODES
As you surely know, barcodes are popular among commercial items and ensure quick and accurate identification of items via an optic scanner.
You can choose whether to use the Purchase barcodes and enter them in the specific master data or define your own Barcodes to use in sales.
Moreover, your Mago4 can work with any Windows compatible barcode reader.
When dealing with several items with similar features, you can select one of the items rated as subtitute to the one already existing on the inventory entries or sales/purchase documents. With Mago4 Inventory you can freely define the equivalence between encoded items, allowing the proposition of an item instead of another one.
UNITS OF MEASURE
It is common to use given Units of Measure for item stock and different ones for sales and purchase documents.
Mago4 is ideal for managing these processes in a simple and practical way, because it allows you to:
- code a general Units of Measure;
- manage a ratio between generic Units of Measure;
- enter specific Units of Measure for a single item;
- calculate a quantity based on coefficients;
- manage a change in units of measure within inventory entries, recalculating prices and quantities.
BASE UNIT OF MEASURE AND GENERIC UNITS OF MEASURE
With Mago4 you select the most appropriate Unit of Measure for handling each item, indicating it on the row of each document without losing sight of the Base Unit of Measure, entered in the UoM field of the master data. You can enter a new general Unit of Measure specifying Code, Description, Symbol and any descriptive Notes.
Mago4 is able to automatically propose the Unit of Measure, consistent with the type of document, and can also make calculations for you. For example, if in your document you have a row with 500 grams of an item with the unit value of one euro, you just need to change the unit of measure into kilos and Mago4 recalculates the quantity as 0.50 and the unit value as 1,000.
By using Coefficients you can instead “teach” Mago4 how to calculate a quantity. For example, to calculate the quantity of an item managed in cubic meters, you can do the extended calculation of height by width by depth.
INVENTORY ENTRIES USE
Every time you retrieve an item in inventory entries, as well as in sales and purchase documents, Mago4 automatically proposes the Unit of Measure for loading and unloading, depending on the Inventory Reason set or the document type. You can always edit it by selecting another one.
To classify items according to your needs, you have three possible subdivisions: by Homogeneous Category, by Commodity Category and by Item Type.
One of the important features of these subdivisions is that you can also use them as filters to select items in many Mago4 procedures.
You can also manage Manufacturers and product categories, useful when you search for items in inventory entries and in sales and purchase documents.
In Commodity Categories, you can also enter a discount %, in addition to code, description and note fields.
INVENTORY QUANTITIES AND VALUES
With Mago4 Inventory module, you manage quantities and values at both the fiscal and single storage area level.
By consulting the Item Master Data and the other tools provided by Mago4, you always control the quantities available of each item (distinguishing between owned and available goods), the storage situation and the quantities ordered from suppliers and customers.
To get the inventory valuation, that can be made for the entire company or individual storage, Mago4 provides you with a variety of criteria.
Fiscal data is available in the Valuation tab in Item Master Data and Item Balance Navigation, useful to know the situation of each item. In this way, you manage on hand and book inventoryquantities Ordered to Suppliers and reserved by Customer Orders. In addition to these items data, with Mago4 you can manage additional item data during the year:
- Purchased represents the sum of all purchase entries net of any return to supplier.
- Product represents what has been manufactured within the company via the specific Mago4 manufacturing modules.
- Sold and Scraps represent the sum of the relevant fiscal year’s values. Sold is presented net of any returns from customer.
VALUES AND COSTS
Another fundamental aspect of Fiscal Data is inventory valuation.
The Initial Book Inventory Value refers to the value of the item, based on the valuation performed in the previous fiscal year or on Inventory Entries. Usually, Purchases Inventory update the value of the Last Cost. The Standard Cost represents instead a different valuation that may be attributed to the item. One of the valuation criteria you can use in Mago4 is the Average Cost.
LIFO AND FIFO
Other two valuation criteria you can use with Mago4 are LIFO and FIFO. Both are managed by yearly steps, without considering each individual entry, but comparing the final inventories of each year.
With a specific module you can also choose to make single step LIFO/FIFO valuations.
VALUATION TO COSTS
Mago4 provides you with a report that allows you to filter items by code, Item Type, Commodity Category or Homogeneous Category.
For each item you can see the book inventory quantity at the requested date and relative valuations according to the following criteria:
- Last Cost;
- Average Cost;
- Average weighted cost;
- Standard Cost;
Thanks to this feature you can gain a quick and effective comparison of
inventory valuation according to the criteria you choose.
VALUATION TO COSTS WITH SELECTION ON TYPE
For each item, you can see the book inventory quantity at the beginning of the year with relative valuation (value sited in the Fiscal Year Data tab of Items Master Data) and bok inventory at the requested date according to the selected method. The criteria that you can use in the valuation to date are the same as those for valuation to cost.
VALUATION BY LOT
Another important report you can use in Mago4 allows you to filter items by lot. In this way you can determine the cost of items according to the actual inventory cost. You can use this valuation in all Mago4 procedures.
The fiscal valuation can be made, depending on your needs, for the entire company or for an individual storage. With Mago4 you can manage multiple storages, without limitation of number.
You can enter any item into the desired storage both in inventory entries and in sales/purchase documents. In this way, it is easy to have complete and detailed information at any time, not only for owned and available goods (Item Master Data), but also concerning where they are located (Item Balance Navigation).
ITEM CUSTOMER-SUPPLIER DATA
Thanks to the entry of standard data, the Inventory module lets you apply special sales conditions for each customer and save prices and discounts provided by individual suppliers. You can also manually or automatically save the main information concerning the last sale/purchase or return for each individual customer/supplier.
With Mago4 you collect various types of information for each item concerning both individual customers as well as individual suppliers.
Thanks to this data, you can reserve special prices for your best customers, save supplier conditions and quickly find data (prices, discounts and quantity) of the last sale and last purchase.
You can enter a tab for each item and for each customer or supplier, but you can also let Mago4 automatically generate these tabs by entering an inventory entry or using sales and purchase invoices.
They will update the data of the last sale, last purchase or last return, if the Inventory Reason code foresees such action.
LAST SALE/ PURCHASE/ RETURN
Data concerning the last sale, last purchase and last return can be very important for your business. Thanks to these tabs you can quickly find out the price and discount used for the last sale to specific customers, how much they bought and with which document.
You can consult the same data on the supplier who sold the item. This tool is extremely useful in providing rapid responses to customers and in gathering all the necessary information to order goods from suppliers.
You can choose whether to store this data automatically from inventory entries or from sales/purchase documents.
Inventory reason codes are crucial, as they define the behavior of each entry.
Mago4 provides you with default reasons so you can correctly post the most common entries without the risk of error. The predefined reason codes cannot be changed, but you can use them as a template, copying them or creating new ones.
IMPORTING ITEM FILES
If you want to avoid manually entering items one by one in inventory entries, you can let Mago4 enter them using a text file that contains them.
This function is especially useful when the file is generated by a barcode reader.
AUTOMATIC ENTRY GENERATION
Mago4 can automatically generate inventory entries to move goods between two storages, so as to reconcile the resulting physical inventory quantity with the program data.
With Inventory Closing, using a specific option, you can choose whether or not to perform a valuation and, if so, you can set the most appropriate criteria.