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One of the biggest factors in cash flow management is the effective management of inventory levels because inventory is one of the largest investments a company makes. A good software solution needs to provide you with up to date information on what’s in stock, where it’s located, how much of it you sell, and when you will run out. Without this information you run the risk of stock outs and overstocks which in turn can produce inferior customer service and reduced profitability due to lost sales and high carrying costs.

The Fitrix ERP Inventory and Replenishment modules provide you with the tools to effectively manage your inventory. Your on hand quantities are updated when the purchase order is received. During order entry you can see what is on hand, what is allocated to customer orders and the order detail, what is on backorder and the order detail, and what is due to be received and the estimated receipt date. The replenishment module tracks what is being sold and how much needs to be ordered and when to avoid overstock and stock out situations. Also included is extensive reporting capabilities, maintenance programs for physical counts and adjustments, and the ability to maintain inventory in multiple distribution centers.

Features/Function Highlights (Standard Inventory Control)

  • Modular Integration - Direct integration with Fitrix Replenishment, Purchasing, and General Ledger
  • Item Code Unit Of Measure - Automatically converts prices and quantities among purchasing, stocking, and selling units
  • Item Classification - Assign an item class code to each item for reporting purposes or to group for special pricing discounts
  • Incremental Units - For items that you must sell or purchase in increments of 2 or more, set the incremental quantity so that purchases orders and customer orders must have quantities in these increments
  • Serial and lot number tracking
  • Cost Method - Cost method can be set to average, FIFO, or LIFO
  • Transaction History - Ability to see per item the sales and purchasing history online for each month with drilldown to document detail
  • Item Status - Ability to drill down from the quantity on hand to see: Quantity allocated to customer orders with order detail, Quantity on back order with order detail, Outstanding purchase orders and the estimated receipt date with PO detail
  • Multiple warehouses - A separate inventory for each item can be maintained at any number of geographical locations
  • Warehouse Transfers - A picking ticket is created for transfers between distribution centers, freight can be added to the transaction prior to posting so that the receiving center receives the items at a landed cost, and the option to fulfill customer backorders in the receiving center
  • Physical Count - Inventory can be easily counted and adjusted. Count sheets are printed, variances, are entered, a variance report lists quantity and valuation differences, and the post program updates the quantity on hand and General Ledger

Reporting

Reports available include:

  • Stock List Report
  • Stock Status Report
  • Physical Inventory Reports ( count sheets and variance report)
  • Price/Cost List
  • Reorder Advice
  • I/C Journal By GL Account Number
  • Purchase/Sales History
  • Cost Valuation
  • Inventory Status

Features/Function Highlights (w/ Replenishment)

  • Modular Integration - Direct integration with Fitrix Inventory Control, Order Entry, and Purchasing
  • Tailored Usage Tracking - Usage is tracked whenever an item is sold or transferred to another distribution center. Sales outside the norm like a monthly special to reduce inventory can be excluded from the usage number so as not to inflate them. You define how often this usage should be captured and inserted into the usage tables and how many periods of usage you want to use to calculate your average usage
  • Replenishment Calculations - Once you have run the Create Usage program to insert the most recent period’s activity into the usage tables, you are now ready to run the Create Replenishment Calculations program. This calculation process takes the updated usage numbers and applies formulas to it you have previously defined that determine what your Suggested Order Quantity is. These formulas use predefined and user defined variables such as quantity already on hand, quantity on order, average lead time, next replenishment cycle date, safety factor , and carrying and replacement costs
  • Generate Buy Recommendations and Purchase Orders - This process takes the calculated Suggested Order Quantity and creates a buy recommendation to each of your vendors. You can then take these recommended quantities and automatically roll them up to meet any minimum purchase target level you may have with your vendor to receive monetary rewards such as discounts or prepaid shipping. The final step in the replenishment process is to then run the program that automatically creates a purchase order to each vendor
  • Exception Processing - The Expedite Report can be set up to run automatically on a nightly or weekly basis. This report helps identify items in between replenishment review dates that need to be ordered because the quantity on hand has fallen below the reorder point. The reorder point is the quantity you never want to fall below or you may experience stock outages
  • What If Screen - Allows you to see the affect a large customer order or a new customer will have on your inventory in future periods based on average monthly usage and purchase orders coming in so that you can plan your purchases accordingly

Reporting

Reports available include:

  • Usage Summary
  • Replenishment Calculations
  • Buy Recommendations
  • Create PO From Recommendations
  • Expedite Report
  • Warehouse Buy Comparison Report
  • Warehouse Reallocation Report

Other Applications

The following applications are designed to work hand-in-hand with Inventory Control:

"Inventory Control" is part of the Fitrix ERP line of products, developed by Fourth Generation Software Solutions.

Related Products

The following software product lines are also offered by Fourth Generation Software Solutions: