Creating a Standard Item

Creating a Standard Item

Introduction

In iVendNext, a Standard Item is the most basic type of product or service you can create. It represents a single product without any variations, such as a specific brand of bottled water or a particular model of a smartphone. Standard items are ideal for products that do not require tracking by size, color, batch, or serial number.



This article provides a step-by-step guide to creating a standard item in iVendNext, along with key fields and settings you need to configure for effective inventory and sales management.



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.



Conclusion

Creating a standard item in iVendNext is a straightforward process that involves filling in key details like item code, name, group, and unit of measure. By following the steps outlined in this article, you can efficiently set up standard items for your retail business, ensuring accurate inventory tracking and seamless sales operations.



    • Related Articles

    • Creating and Managing Item Prices

      Overview Item Prices are a critical component of iVendNext, enabling businesses to define and manage the buying and selling rates of items. Whether you’re setting up prices for different regions, currencies, or customer groups, Item Prices provide ...

    • Item Codification

      Introduction Item codification is a critical aspect of inventory management, especially for businesses with a large number of products. In iVendNext, item codification helps streamline operations, reduce errors, and improve efficiency. This article ...

    • Creating and Managing Bundle Items

      Overview Bundle Items are an essential feature in iVendNext that allow retailers to manage and track products in groups or batches rather than individually. This is particularly useful for products that are sold as a set or require batch tracking, ...

    • Creating and Managing Batch Numbers

      Introduction Batch numbers are essential for tracking groups of items that share the same attributes, such as manufacturing date, expiry date, or production run. In industries like pharmaceuticals, food, and chemicals, Batch Number Management is ...

    • Creating and Managing Serial Numbers

      Introduction Serial numbers are essential for tracking individual units of high-value items, such as electronics, machinery, or equipment. In iVendNext, Serial Number Management allows businesses to assign unique identifiers to each unit, enabling ...