Screen Layout of Class

Field Description of Class

Class Code:

(Type : Alphanumeric, Length : 5)

Denotes the Code of the Class.

While 'Adding' a new Class, enter the unique Code for the Class. This is the Code by which a Class will be referred through out IMMS. The system will ensure that a unique Code has been entered by the user.

In case of 'Edit' and 'View', the Class Code will be displayed automatically for the selected record. Code can NOT be changed.

Description:

(Type : Alphanumeric, Length : 100)

Denotes the Description of the Class.

While 'Adding' a new Class, enter the Description for the Class. This is the name by which a Class will be referred through out IMMS.

In case of 'Edit' and 'View', the Description will be displayed automatically for the selected Class Code. You can change it in 'Edit' mode.

Inventory Valuation Method

Denotes the Method that will be applied while calculating the value of the Inventory for Items belonging to this Class.

There are three Inventory Valuation Methods available in IMMS. The valuation method is applied after issues are done by stores.

While 'Adding' a new Class, specify its Valuation Method by selecting one of the following options. Once saved, this option cannot be changed for the current financial year at any given time.

FIFO:

(First In First Out)

As the name suggests, materials that have come first in the stores will be issued first. The valuation of inventory after issues for remaining material in stores is called FIFO inventory valuation method.

 

Example...

Suppose opening balance of Item 'xyz' in stores is zero.

 

First lot of 10 quantities of Item 'xyz' is received in stores at the rate of Rupees 10 per item on 1st April 2011.

 

Second lot of 10 quantities of item 'xyz' is received in stores at the rate of Rupees 15 per item on 5th May 2011.

 

Third lot of 10 quantities of item 'xyz' is received in stores at the rate of Rupees 20 per item on 8th June 2011.

 

Now if a company adopts the FIFO method and if there are 10 quantities of item 'xyz' to be issued to production department by stores then those items that arrived first in stores will be issued. Hence, those 10 item that were received on 1st April 2011 at Rupees 10 per item will be issued to production department from stores. Therefore, according to FIFO method, inventory valuation will be as follows -

 

Total inventory valuation as per FIFO will be (10X15) + (10X20) = Rupees 350.

 

Also for costing purpose, material cost in production will be (10X10) = Rupees 100.

 

Moving Average:

Materials in this case is issued from stores in a random fashion. Therefore it does not matter whether the material was received first or last, it is issued in any order. The valuation done for remaining material in store after issues is called Weighted Average method of inventory valuation.

 

At Actual:

Same material can be received in the store with different quantities of dimensions/Serial No/Batch No/Inward No/Heat No, at the same or different rate. Similarly while issuing, the quantity of the material for the specific dimension/Serial No/Batch No/Inward No/Heat No only will be issued. The valuation of inventory after issues for the remaining same material irrespective of its dimensions/Serial No/Batch No/Inward No/Heat No in stores is called At Cost (Actual) inventory valuation method.

Example...

Suppose opening balance of Item 'xyz' in stores is zero.

 

First 10 quantities of Item 'xyz' with Sr No = 1 is received in stores at the rate of Rupees 10 per item on 1st April 2011.

 

Second lot of 10 quantities of item 'xyz' with Sr No = 2 is received in stores at the rate of Rupees 15 per item on 5th May 2011.

 

Third lot of 10 quantities of item 'xyz' with Sr No = 3 is received in stores at the rate of Rupees 20 per item on 8th June 2011.

 

Now if 10 quantities of item 'xyz' with Sr No = 2 are issued to production department by stores than then according to At Cost (Actual) method, inventory valuation will be as follows -

 

Total inventory valuation will be (10X10) + (10X20) = Rupees 300.

In case of 'Edit' and 'View', Inventory Valuation Method of the selected Class will be displayed automatically. You can NOT change it in 'Edit' mode.

Nature of Item:

Denotes the Nature of all Items defined under this Class. Grouping of Items as per their nature provides various MIS related reports.

Nature of Items...

• Product
• Spare (Trading)
• BOM
• Service
• Capital Goods
• Consumables
• Tools
• Maintenance Parts
• Stationary Items
• Raw Material Scrap
• Miscellaneous

While 'Adding' a new Class, specify its Nature by selecting any one option from the provided popup.

In case of 'Edit' and 'View', Nature of Item will be displayed automatically for the selected Class. You can NOT change it in 'Edit' mode.

Is this Saleable Nature of Item?

Denotes whether the Items belonging to the selected Nature are saleable or not.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if the Items belonging to the selected Nature are saleable. If they are not saleable, keep the flag 'Off'.

Further please note that while defining Sales Items with reference to Internal Items through Sales Item Master: Product/Spare option of Sales Module, only those Internal Items will be available that have their Nature selected as Saleable.

In case of 'Edit' and 'View', status of this flag will be displayed automatically for the selected Class. You can NOT change it in 'Edit' mode.

Use Item Serial Number:

Denotes whether an Item belonging to this Class can be dispatched by its Serial Number or not.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if the Items belonging to this Class have to be dispatched by their Serial Numbers. Do not select this option if the Items do not have to be dispatched by their Serial Numbers.

In case of 'Edit' and 'View', the status of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Use Manufacturing Batch:

Denotes whether Manufacture Number should be entered for Items belonging to this Class or not.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if the Manufacture Numbers have to be entered for Items belonging to this Class at the time of stock transactions. Do not select this option if the Manufacture Number is not needed.

In case of 'Edit' and 'View', the status of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Use Inward Batch:

Denotes whether Inward Number should be entered for Items belonging to this Class or not.

There are cases when particular items are frequently purchased but at different rates. Such items can be assigned an Inward Number which actually specifies a particular rate at which the items were procured. IMMS allows to enter the Inward Number when such an item is received in the stock.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if the Inward Numbers have to be entered for Items belonging to this Class. Do not select this option if the Inward Number is not needed.

In case of 'Edit' and 'View', the status of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Indent Required?

This option allows to specify whether Item belonging to particular Class and Sub-Class requires Indent before raising Purchase Order for it or not. If this flag is set as 'Yes', Purchase Orders for an Item can be raised only against its Indent. If the flag is set as 'No', Purchase Orders can be raised directly.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if the Indents have to be raised for Items belonging to this Class. Do not select this option if the Indents are not required to be raised.

In case of 'Edit' and 'View', the status of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Use Heat No:

Denotes whether Heat Number should be entered for Items belonging to this Class or not.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if the Heat Number has to be entered for Items belonging to this Class at the time generating Goods Receipt Notes through Store & Inventory Module. Do not select this option if the Heat Number is not needed.

In case of 'Edit' and 'View', the status of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Use Shelf Life:

There may be some items which get expired after a period of time. Through this field, you can specify whether the particular Item gets expired or not.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if Items belonging to this Class have a shelf life. Do not select this option if the Items do not have any shelf life.

In case of 'Edit' and 'View', the status of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Use QC:

This field for each Class specifies whether Items belonging to it should go through the quality checks before reaching the stock or not. This allows integration with the Quality Control & Assurance Module of IMMS.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if Items belonging to this Class should undergo quality control checks. Do not select this option if the Items need not undergo quality control checks.

In case of 'Edit' and 'View', the status of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Items to be considered for Job Based MRP Run

Want to Dispatch Material Without Manufacturing?

This option will be displayed only when the flag 'Want to Dispatch Material Without Manufacturing' is set as 'On' through Sales Policy option. It allows to dispatch material without creating the Work Order.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if generating Work Orders is not required to dispatch Items belonging to this Class.

In case of 'Edit' and 'View', the status of this field will be shown as per the selected Class . You can change it in 'Edit' mode. Please note that even if one Item has been defined under the selected Class, the status of this flag cannot be changed.

Need Hardness Value?

Denotes whether Hardness Value is required for the selected Class or not.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if the Hardness Value has to be specified for Items belonging to the new Class. Otherwise keep it 'Off'.

Further please note that if the flag is set as 'On', IMMS will allow to enter the Hardess Value of Items belonging to the Class while defining them through Item Master Basic Detail - Entry option of Materials Module.

In case of 'Edit' and 'View', the value of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Need Purchase Specification Number?

Denotes whether Purchase Specification Number is required for the selected Class or not.

While 'Adding' a new Class, turn the flag 'On' by clicking on it if Purchase Specification Number has to be specified for Items belonging to the new Class. Otherwise keep it 'Off'.

Further please note that if the flag is set as 'On', IMMS will allow to enter the Purchase Specification Number for Items belonging to the Class while defining them through Item Master Basic Detail - Entry option of Materials Module.

In case of 'Edit' and 'View', the value of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

% of Excess Quantity at the time of GRN against PO Ordered Qty:

(Type : Numeric, Length : 2)

Some companies accept excess quantity of Items against Purchase Orders. Through this field, IMMS provides a facility to define what percentage of Items can be accepted in excess at the time of making a Goods Receipt Note.

Example...

Lets say excess percentage for items is 5%. Also suppose a particular vendor is given a purchase order of 100 quantity of items. Now at the time of generating Goods Receipt Note, the company will be allowed to accept up to 105 quantities of items and not more than that.

While 'Adding' a new Class, enter the excess value in percentage.

In case of 'Edit' and 'View', the value of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Lower Limit of Fast Moving Items:

(Type : Numeric, Length : 5)

IMMS provides complete flexibility in deciding limits for number of transactions to segregate fast moving items. These limits can be defined against each Class.

This value defines the minimum number of transactions up to which an Item belonging to a particular class will be considered as Fast Moving item.

While 'Adding' a new Class, enter the lower limit for fast moving transactions.

In case of 'Edit' and 'View', the value of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Lower Limit of Slow Moving Items:

(Type : Numeric, Length : 5)

IMMS provides complete flexibility in deciding limits for number of transactions to segregate slow moving items. These limits can be defined against each Class.

This value defines the minimum number of transactions up to which an Item belonging to a particular class will be considered as Slow Moving item.

Below the 'lower limit for Slow Moving goods' up to zero is considered as range for Non-moving items.

While 'Adding' a new Class, enter the lower limit for slow moving transactions.

In case of 'Edit' and 'View', the value of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Account Group Code:

Denotes the default IMMS Account Group for Items belonging to this Class.

While 'Adding' a new Class, click on the field to access a list of 'Asset' Account Groups and Sub Groups defined through Accounts Master Entry option of Finance Module. Select your desired Account Group or Sub Group from the list by clicking on it. Alternatively you can also enter the Account Group Code or Sub Group Code. Press <TAB>. The system will check whether the right Code has been entered or not.

In case of 'Edit' and 'View', the value of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Account Code:

Denotes the default IMMS Account for Items belonging to this Class.

While 'Adding' a new Class, click on the field to access a list of Accounts belonging to the selected Account Group or Sub Group defined through Accounts Master Entry option of Finance Module. Select your desired Account from the list by clicking on it. Alternatively you can also enter the Account Code. Press <TAB>. The system will check whether the right Code has been entered or not.

In case of 'Edit' and 'View', the value of this field will be shown as per the selected Class . You can change it in 'Edit' mode.

Buyer

Denotes the Buyers who are associated with the Class.

While 'Adding' a new Class, click on the field. A list of Buyers already defined under the selected Site through Buyer Master - Entry option will be displayed. Click on the small white box of the desired Buyer to select it. Click on it again to de-select. You can select multiple Buyers in the same fashion.

In case of 'Edit' and 'View', Buyers already associated with the currently selected Class will be displayed as selected. You can change it in 'Edit' mode.

Planner

Denotes the Planners who are associated with the Class.

While 'Adding' a new Class, click on the field. A list of Planners already defined under the selected Site through Planner Master - Entry option will be displayed. Click on the small white box of the desired Planner to select it. Click on it again to de-select. You can select multiple Planners in the same fashion.

In case of 'Edit' and 'View', Planners already associated with the currently selected Class will be displayed as selected. You can change it in 'Edit' mode.