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Adding Items

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Item Master – Adding Items

 

Step 1, from the Item Master screen, click the New Item button to open the New Item screen.

 

Step 2, enter the appropriate values for the new item's data fields.  The following required fields must have values entered before adding the item:

    • Item Number
    • Item Description
    • Item Group
    • Default Location
    • Default Unit of Measure



First, let’s enter data into “Item Edit”.  Please note that an asterisk * after the field name denotes a required field when adding an item.

    1. Item Number*: The alphanumeric code used to uniquely identify the item, which will be shown in every related function once you save the item master.
    2. Item Description*: A simple description of the item. Will be shown into Item description column, next to Item Number, in Sales Order, Purchase Order, Quote or BOM, etc., once you select the item.
    3. Item Description (Long): A more detailed item description.
    4. Sales Order Description: The description of the item as it will appear on sales orders. It is default set as the same to item description.
    5. Sales Order Description (Long): A more detailed Sales Order description.
    6. Purchase Order Description: The description of the item as it will appear on purchase orders. It is default set as the same to item description.
    7. Purchase Order Description (Long): A more detailed Purchase Order description.
    8. Default Item Group*: The particular grouping with which the item is associated.  This field can be used to allow a sales rep to select items to be put on the sales order by this group.  Some companies use this field merely for sorting purposed on a report.
    9. Default Location*: The default location where the item is typically stored.  This is a lookup field and will search the location object.  This can be defined on the location object any way you’d like.  Some sample locations would be NJ-001, NJ-001 (for two different NJ locations), FG-HOU, FG-RM (finished goods in Houston, raw materials in Houston), Stockroom, Stockroom1, Stockroom2, SR1-A1-R1-T2 (for Stockroom 1, Aisle 1, Row 1, Tier 2), etc., etc.  Ascent performs no editing or validation upon creation of this field on the location object.
    10. Default vendor*: The vendor (account) who the item is typically ordered from. Once default vendor is set, it will be automatically selected by Master Planner as the vendor on Purchase Order and by Sales Purchase Planner as the vendor on the purchase order.
    11. Standard Lead Time for PO Receipt: The standard time it takes a purchase order to be completed, if the item is a Purchase Order line item. In another words, the total time, from when you send out a purchase order to you receive certain item in your location.
    12. Estimated Production Time: Days consumed for the item to be manufactured. It can be shown as two decimal places. If it takes a half day to manufacture one of these items, enter 0.5 here.
    13. Picture URL: the link of picture. You can add a picture of the item by pasting the URL of where the image is stored here to illustrate in the item master screen.  Some Ascent clients make use of it such that their sales reps or their warehouse pickers can compare the description of what is being requested to the actual image of the item.
    14. Image Height: The height of picture in pixels.
    15. Image Width: The width of picture in pixels.
    16. Alt Vendor Item ID: You can maintain a vendor part number in this field.  
    17. Allocated Quantity: The total required quantity of the item not shipped yet, across all locations.
    18. Product: Product is an object used in Ascent4Products or FinancialForce.   It should be equal to the item name.
    19. Cost Type:  The method used to determine the item's cost value. There are three options: Average Cost, Last Cost and Standard Cost. Values for Last Cost and Average Cost are automatically calculated. The detailed calculation formula and logic will be explained in the 21) Cost section. Standard Cost is the cost won’t be automatically updated upon purchasing activities.  
    20. Cost:  The cost of the item based on its cost type. There are two cost formats, two decimal or four decimal places (which would be represented by cost (4) in lieu of cost).

Average Cost: ​The formula for Average Cost is ((qty on hand * cost) + (qty received * PO line price)) / (qty on hand + qty received), where “qty received” is the qty on the latest received PO line, “qty on hand” and “cost” are the values before the latest receive PO transaction.

Last Cost: ​Last Cost is the purchasing price of the item on the latest received PO line.

Standard Cost: For purchased items, Standard Cost is manually entered, while for BOMs, it can be either manually entered or automatically rolled up by taking the costs from the components on the BOM, depending on if you turn on the custom setting “Do not update item Cost from BOM?” and “Update cost manually for BOMs” or not.

Please note that both Average Cost and Last Cost are updated right after a PO line with the item is received, every time. i.e. every time you receive a PO line, the Average Cost gets updated by the formula shown above, if the cost type is Average Cost.

    1. Last Purchase Price: The purchase price for the item that comes from the latest received purchase order line.
    2. Sales Price: The default price at which the item is sold. This is typically the list price.
    3. Wholesale Price: The wholesale price of the item.
    4. Quantity on Hand: Current quantity of the item in the system for all locations that are counted in inventory.
    5. Default Unit of Measure*: The default unit of measure for the item. This is not validated, and can be anything the user requires.
    6. Coverage Code: The inventory management method for which the quantity of this item will be maintained. There are three options, Min/Max, Requirement and Manual.  A detailed description of how these coverage codes are used is in the Master Planner section of the documentation.
    7. Minimum on Hand: The minimum on hand required for this item.  This is used by Master Planner for replenishment suggestions.
    8. Standard Order Quantity: The standard quantity ordered for the item. If the quantity on hand plus quantity on order (whether through PWO or PO) minus the requirements (whether through PWO or Sales Order) is less than the minimum on hand, Master Planner will recommend a Purchase Order with at least this standard order quantity. It could be more than standard order quantity, depending on how much you need.
    9. Item Type: Indicates whether the item is purchased (item) or manufactured (or kitted) (BOM).
    10. BOM Type: Indicates whether a BOM item is a phantom or non-phantom.  Valid values are “BOM-non Phantom” or “BOM-phantom”



Secondly, let’s see “Item Settings”.

 

1)  Serialized? If the item is serially controlled, check the box.

2)  Is Service? If the item is a service, instead of a tangible product, check the box.

3) Configurable.  If the item is associated with other items via configured item group, check the box.

4) Allow for Drop Ship. If the item can be shipped from vendor directly to customer, please check the box.

5) Not Counted in Inventory. If it is not necessary to count the item in inventory, or if the item is a service, please check the box.

6) Mac Address

7) Software Version

8) Software Key

9) Firmware Version

10) Hardware Version

From 6) to 10), all of these fields are references for the item. It can be attached to the serial number, if the item is serially controlled.

11) Not Available for Purchase. If the item cannot be purchased from vendors, please check the box.

12) Not Available for Sale.  If the item cannot be sold, please check the box.  

13) Not Available for Quote. If the item cannot be quoted, check the box.

 

Step 3.   Click the Save button to save the new item into Ascent.  Or, click the Save and New button to save the new item and be automatically directed to a blank New Item screen.

 

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