Creating a Standard Item

Creating a Standard Item

Overview

In iVendNext, a Standard Item is the most basic type of item you can create. It represents a standalone item without any variations in attributes such as size, color, batch, or serial number. This article provides a step-by-step guide to creating a standard item in iVendNext.



Prerequisites

Before creating a standard item, ensure that the following are set up in iVendNext:


  1. Item Group: Categorize your items for better organization.

  2. Warehouse: Define where the item will be stored.

  3. Unit of Measure (UOM): Specify how the item will be measured (e.g., pieces, liters, kilograms).



Step-by-Step Guide to Creating a Standard Item

Step 1: Access the Retail Module

  1. Log in to your iVendNext account.

  2. Navigate to the Retail Module from the main dashboard.


Step 2: Navigate to the Item List View Screen

  1. In the Retail Module, go to Stock > Items and Pricing > Item List.

  2. Click on the Add Item button to create a new item.


Step 3: Fill in the Basic Details

  1. Item Code: Enter a unique code for the item. This is a mandatory field and helps in identifying the item in the system.

  2. Item Name: Enter the name of the item. The name will auto-fill with the same value as the item code if left blank.

  3. Item Group: Select the appropriate item group from the dropdown menu. If you haven’t created an item group yet, you can create one by clicking on the Create New Item Group option.

  4. Default Unit of Measure (UOM): Select the unit of measure for the item (e.g., pieces, liters, kilograms). This is mandatory for inventory tracking.


Step 4: Configure Inventory Settings

  1. Opening Stock: Enter the initial quantity of the item available in your warehouse.

  2. Valuation Rate: Specify the cost at which the inventory is valued. This is important for accounting purposes.

  3. Standard Selling Rate: Enter the price at which the item will be sold to customers.

  4. Standard Buying Rate: Enter the price at which the item is purchased from suppliers.


Step 5: Save the Item

  1. Once all the required fields are filled in, click the Save button to create the item.

  2. The item will now be available in your item list and can be used in sales, purchases, and inventory transactions.



Key Fields and Settings Explained

1. Item Code and Name

  • Item Code: A unique identifier for the item. It is mandatory and helps in quick identification.

  • Item Name: The name of the item as it will appear in sales and inventory reports.


2. Item Group

  • Item Group: Categorizes items for better organization and reporting. For example, you can group items by type (e.g., electronics, apparel) or usage (e.g., raw materials, finished goods).


3. Default Unit of Measure (UOM)

  • UOM: Specifies how the item is measured (e.g., pieces, liters, kilograms). This is mandatory for inventory tracking.


4. Opening Stock

  • Opening Stock: The initial quantity of the item available in your warehouse. This is important for accurate inventory tracking.


5. Valuation Rate

  • Valuation Rate: The cost at which the inventory is valued in your accounting records. This is crucial for financial reporting.


6. Standard Selling and Buying Rates

  • Standard Selling Rate: The price at which the item is sold to customers.

  • Standard Buying Rate: The price at which the item is purchased from suppliers.



Important Points to Remember

  1. Procurement Before Sale: You must procure the item (i.e., add it to your inventory) before it can be sold at the Point of Sale (POS).

  2. Price Lists: The default price list for buying and selling items can be configured in the Buying and Selling Settings.

  3. Valuation Methods: iVendNext supports different valuation methods like FIFO (First In, First Out) and Moving Average. Choose the method that best suits your business needs.

  4. Stock Management: Ensure that the Maintain Stock option is enabled if you want to track the inventory of the item.



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