Contrary to what a lot of people think MYOB AccountRight does actually have a perpetual Inventory Management system integrated into the product. So, AccountRight can track the Purchases, Goods Receipts, Stock Adjustments, Inventory Counting, Sale Orders, Invoicing life cycle and keep stock levels up to date during these transactions.
AccountRight can handle keeping track of costs for simple manufactured items via autobuild, purchasing and receiving raw materials and/or finished goods via goods receiving. The first thing in implementing better Inventory Management is to let MYOB AccountRight keep perpetual inventory for you.
Let's look at some examples ….
I manufacturer items that include various components in a recipe. How do I set this up in MYOB? …..
In MYOB AccountRight you will need to setup the item as I Sell and I Inventory. No need to set it up as I Buy as it will be manufactured when you do the AutoBuild Items transaction. i.e. when you ‘manufacture the item or actually physically built it’ you tell MYOB AccountRight via an AutoBuild items transaction how many you have built. This transaction in AccountRight will deduct the appropriate recipe amount (or BOM - Bill of Materials) from the components and add the qty built into the finished good item (what you have built). Costs will be apportioned from the costs of the components appropriately. Labour costs can also be incorporated as a component too although the labour product has to be a fictitious ‘I inventory’ product as autobuild components have to be inventory tracked.
The Sale orders of course are against the Finished Good item (final manufactured item) and therefore these are the items that can be ‘picked’ when fulfilling the order which will subsequently be invoiced. The RIC Group’s WMS system helps you automate this process after the items are scan picked. Our WMS will retrieve the sales order from MYOB AccountRight as an electronic picking slip on the PDA device, help the pickers to locate the stock showing a bin location and then the warehouse user will scan the item to ensure they are picking the right item. Once the warehouse user completes the order they click on complete and it will update the sales order to an invoice in MYOB AccountRight.
If your finished goods are effectively built on demand for each order then AccountRight has a feature which will prompt for the autobuild transaction for any finished goods that you do not have stock for. (This does mean though you cannot create the invoice automatically after the picking process if you use The RIC Groups WMS picking product)...
I receive items for sale from outside suppliers what should be the process?
It is best practice to enter future Purchase Orders into MYOB against the actual items being purchased. Then when the items arrive they can be entered as goods receipts with appropriate costs, matching the costs ordered against the supplier invoice to ensure accurate costs are maintained against an item which in turn will give you accurate cost of sales and hence margin reporting will help your inventory management by understanding the contribution of your various item sales to profit.
I want to utilise a scanning system to gain efficiency and accuracy for Receiving, Stocktaking and Stock Picking but am not sure how the barcoding will be used and stored within Account Right .
The RIC Groups WMS product (SBO4) is a well established and proven warehouse management Add on for AccountRight that facilitates Goods Receiving, Stocktaking and Scan Picking via a handheld PDA scanner.
Firstly of course the basis of scanning is that a predefined barcode (which could be the same as your Item Code) is used to identify uniquely each Item you have in the Item Card file.
This barcode is typically stored in one of the custom fields (1, 2 or 3). SBO4 even allows you to use more than one barcode against an item to handle different unit of measures such as when product comes in or is sold in a carton or outer box containing a number of the actual items inside.
Not all suppliers have barcodes on their products so how do i handle this?
The RIC Group has a product called Labels4 NT which works with MYOB Account Right . This product allows you to print labels for incoming Purchase Orders with one label for each item ordered (this can be altered if required). Therefore when products come in for a purchase order but do not have barcodes on them it’s easy to print off barcodes for the PO and stick barcodes on the products. Anything left over or if there are not enough will indicate an over or under supply so you can adjust the receipt accordingly.
Shelf labels are another way to help with the scan picking where you do not want to or cannot put barcode labels on each product. e.g. nuts and bolts etc.
Remember a barcode is just a string of characters or numbers that uniquely represent an item just like the item code itself.
Once you have your items setup as I inventory and I buy (unless they are manufactured via the auto build function) MYOB AccountRight will keep track of the inventory levels, including amounts on order and committed (via sales orders) to enable you to report on inventory sales with correct margins and manage inventory levels more accurately.
Coupled with The RIC Groups SBO4 WMS you can even track serial and batch numbers on the way out, truly a cost effective inventory system for the 21st century.
With a sophisticated API for MYOB AccountRight it allows our WMS to have clean and precise integration with MYOB and with the strong REST API it ensures strong data integrity.
Contact us on email@example.com for further information.