Introduction
Welcome to another practical guide on how to get the most out of your Empress system. Today, we’ll be focusing on a key feature: Inventory Settings. This feature allows you to customize your inventory system to fit your specific business needs. It’s a powerful tool that can help streamline your inventory management, making it more efficient and precise.
Getting Started
To start personalizing your inventory settings, you first need to access this feature. It’s simple - just go to Setup > Settings on your Empress dashboard. From there, click on the Inventory tab.
Personalizing Your Settings
Empress offers several customizable settings that control how your inventory operates. Let’s take a closer look at each of these settings:
Valuation Method
This is a key setting that influences your stock valuation. Empress lets you choose between two methods: FIFO (First In, First Out) or Moving Average. The valuation rate that shows up in your Stock Ledger or the Stock Balance report is calculated based on your chosen method.
Default Location
This setting allows you to set a default location that is used whenever an inventory transaction detail is formed.
Stock In Hand Account
Here, you can establish the default Stock In Hand Account. This account is automatically debited whenever stock is received.
Stock Received But Not Billed Account
This is the default account that is debited when making a Purchase Invoice for a tracked item, and credited when a Purchase Receipt is created.
Cost Of Goods Sold Account
This is the account that gets debited each time a Shipment is made.
Enable Barcodes
This feature lets you assign barcodes to items, and introduces a barcode input in forms (like Sales Invoice and Shipment) where items are recorded.
Enable Batches
By activating this setting, you can start using Batches. This also enables the Batch entry type, which can be accessed using the Quick Search.
Enable Serial Numbers
This feature allows the use of Serial Numbers. This also activates the Serial Number entry type, which can be accessed using the Quick Search.
Enable UOM Conversion
This feature allows the setting of multiple Units of Measure (UOM) for an item. When making an entry that involves the Item, one of the other UOMs can be selected to list its quantity.
Enable Stock Returns
This feature allows you to create Purchase Receipt and Shipment Returns against the original Purchase Receipts or Shipments.
Conclusion
In conclusion, the Inventory Settings in Empress offer a robust and flexible way to manage your inventory. By personalizing these settings, you can effectively manage and control your inventory in a way that aligns with your specific business needs and processes. For further assistance, please refer to our comprehensive help center or reach out to our dedicated support team.