Microsoft Dynamics GP Manufacturing: Costing and Inventory Control
Part 1 of 5 in a Microsoft GP Manufacturing Series from DFC Consultants
The New Year is approaching. It’s time to start evaluating your processes to ensure you are confident and in control of your costing and inventory. Are you confident your inventory is accurate? What about costing methods; are they set according to your business requirements? You might think because you have some complex ways of doing things that there isn’t software that can meet your requirements. That is not always the case.
Microsoft Dynamics GP Manufacturing allows you greater control of your inventory both from a costing and a quantity control perspective.
- You have the ability to designate your inventory items as Actual Cost (perpetual), Standard Cost (periodic) or Average Cost. Each with Last In First Out (LIFO) or First In First Out (FIFO) options.
- Individual items, whether purchased or produced, can be set to be either Lot Tracked, Serial Number Tracked, or not tracked at all.
- Each item can be designated as a Made item, a Bought item or an item that you can either buy or make, depending on your manufacturing constraints at a given point in time.
If the item is a Made item, you can further designate whether that particular item is to be Made to Stock, Made to Order – Manual (which requires intervention at the time the sales order is taken) or Made to Order – Silent (which requires no intervention at the time the sales order is taken but system level defaults are used).
These options give you timely, detailed and accurate tracking of production costs and inventory. The Manufacturing series of modules in Microsoft Dynamics GP can help you improve efficiency, cut costs and improved profitability.
If you want further insight into how Microsoft Dynamics GP Manufacturing can help you improve your Manufacturing Resource Planning (MRP), contact us here.
By Allen Phillips and Terry Borchardt, consultants at Minnesota and North Dakota Microsoft Dynamics GP manufacturing partner, DFC.