Inventory and Product Mgt: Difference between revisions

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===Standard Material Cost Per Unit and Decimal Precision (Standard Cost)===
Highnix ERP, starting from the Plus tier and higher, offers an advanced Inventory and Product Management system that empowers your business with precise control and streamlined operations. Our robust features cater to diverse inventory needs and are designed to enhance efficiency.
[[#std_cost|Tag:#std_cost]]


The "Standard Material Cost Per Unit" or "Standard Cost" field in your system is designed to provide you with precise control over the display and recording of material costs. It adheres to the decimal places preference you have set. Below are key points regarding its behavior:
1. Multiple Inventory Locations: Highnix ERP supports the management of multiple inventory locations. This feature allows you to organize and track inventory across various warehouses or storage facilities with ease.


# '''Decimal Places Preference''': The standard material cost per unit is influenced by the decimal places preference you have configured in your system Preference settings. This preference determines the level of decimal precision displayed throughout the application.
2. Standard Cost Maintenance: Our system automatically maintains the standard cost of products using the "Weighted Average" method. This ensures that your cost calculations remain accurate and up-to-date.
# '''Retaining Precision''': If a standard cost was originally recorded with more decimal places than specified in your preference, the system retains the original level of precision. For instance, if your preference is set to 2 decimal places, but a product price was initially calculated with 6 decimal places (e.g., 12.678912), it will be recorded as such. Subsequently, when you access the standard cost, it will display the full decimal value (12.678912), even though your preference is set to 2 decimal places.
# '''User-Initiated Changes''': Users have the flexibility to manually adjust the decimal places for the price. If a user changes the price to a lower decimal places value, for instance, 12.6789, the system will capture the new price with the reduced precision (12.6789). However, if the user attempts to revert to the original precision of 6 decimal places (12.678912), the system will not automatically restore it.
# '''Permanent Changes''': Further changes made by the user will be recorded according to the new precision setting. For instance, if the user subsequently changes the price to 12.68, it will be stored with 2 decimal places. Unless the preference is adjusted to a higher decimal places setting, the recorded precision will remain at 2 decimal places (e.g., 12.68).


Understanding and managing the decimal precision in the "Standard Material Cost Per Unit" field ensures accurate representation and control of costs in your system. Make sure to adjust your preferences as needed to match your reporting and recording requirements.
3. Option for Negative Inventory: Highnix ERP provides the flexibility to enable or disable negative inventory. This option allows you to control inventory levels based on your business requirements.
 
4. Standard Cost Adjustment: Adjusting standard costs is a breeze with our system. You can easily make necessary cost adjustments to reflect changes in your inventory values.
 
5. Inventory Transfers: Effortlessly transfer inventory from one location to another within your organization. Our system simplifies the process, ensuring accurate tracking and accountability.
 
6. Batch Number and Expiry Date Management: Highnix ERP takes care of your perishable products with precision. Our system allows for batch numbering and offers two levels of expiry date management—one for shelf life and another for product life. This enables you to efficiently manage and track products with expiration concerns.
 
Highnix ERP's Inventory and Product Management capabilities are designed to optimize your inventory processes, minimize costs, and ensure product quality. Whether you're dealing with multiple locations, perishable goods, or complex cost structures, our system provides the tools you need for effective management and control.


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Revision as of 18:51, 27 September 2023


Highnix ERP, starting from the Plus tier and higher, offers an advanced Inventory and Product Management system that empowers your business with precise control and streamlined operations. Our robust features cater to diverse inventory needs and are designed to enhance efficiency.

1. Multiple Inventory Locations: Highnix ERP supports the management of multiple inventory locations. This feature allows you to organize and track inventory across various warehouses or storage facilities with ease.

2. Standard Cost Maintenance: Our system automatically maintains the standard cost of products using the "Weighted Average" method. This ensures that your cost calculations remain accurate and up-to-date.

3. Option for Negative Inventory: Highnix ERP provides the flexibility to enable or disable negative inventory. This option allows you to control inventory levels based on your business requirements.

4. Standard Cost Adjustment: Adjusting standard costs is a breeze with our system. You can easily make necessary cost adjustments to reflect changes in your inventory values.

5. Inventory Transfers: Effortlessly transfer inventory from one location to another within your organization. Our system simplifies the process, ensuring accurate tracking and accountability.

6. Batch Number and Expiry Date Management: Highnix ERP takes care of your perishable products with precision. Our system allows for batch numbering and offers two levels of expiry date management—one for shelf life and another for product life. This enables you to efficiently manage and track products with expiration concerns.

Highnix ERP's Inventory and Product Management capabilities are designed to optimize your inventory processes, minimize costs, and ensure product quality. Whether you're dealing with multiple locations, perishable goods, or complex cost structures, our system provides the tools you need for effective management and control.

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