Inventory Management Software – MYOB Advanced Module

MYOB Advanced Inventory Management software provides real-time access to available inventory, inventory in transit, reorder quantities, and inventory costs so you can efficiently manage your distribution process to prioritise customer satisfaction and build profitable, sustainable systems.

Smarter inventory control starts advanced Supply Chain Management functionalities!

The cloud inventory management software is a key component of the MYOB Advanced Supply Chain Suite, it integrates seamlessly with

  • Financial Management Suite module
  • Order Management module
  • Purchasing Management module

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One Cloud-based Software, all of your Business

Simply, connect and scale further with MYOB Advanced. Discover how other businesses just like yours are leveraging the software.

  • One, integrated solution to run all your business
  • User-friendly, scalable and cost effective
  • Simplified pricing and enhanced functionalities
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General Ledger Software Module in MYOB Advanced

Features of the Inventory Management Software Module in MYOB Advanced

 

Multiple Valuation Methods
The MYOB Advanced Inventory software allows you to value inventory using standard cost, moving average, FIFO, and item-specific methods, select different valuation methods for each inventory item, and report up-to-date valuations with unique report and inquiry screens. With valuable information kept current and synchronised across systems in the cloud, you can make direct adjustments to cost and physical inventory count.

Multiple Warehouses
MYOB Advanced allows you to manage multiple warehouses with location-specific inventory quantities, allocations, and costs. For each warehouse, specify the access rights to determine who can access warehouse information and enter inventory transactions. Trace inventory valuation in the General Ledger, and assign multiple warehouses to specific inventory accounts.

Lot and serial numbering
MYOB Advanced Inventory management works with lot and serial numbering to track inventory. Lot and serial numbers can be assigned or entered manually when you receive, issue, or assemble inventory items. Serial numbers can be linked with item-specific valuation methods to account for the cost of inventory per lot or serial number. Inquiry screens and reports allow you to view the item’s history.

 

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More features of the Inventory Management software

 

Inventory Bin/Location Control: Create a physical and logical warehouse structure using inventory bins and location controls. For each warehouse location, specify types of items and transactions that are allowed, the picking priority, and the item cost. Report and inquiry screens show available inventory and allocation details for each location.

Inventory Subitems: With MYOB Advanced, separate items into sub-categories to track inventory characteristics such as size, color, and style. Associate separate cost and quality information with each subitem, and view inventory management software reports and inquiry screens to see detailed segment information, as well as aggregated inventory totals.

Expiration Dates: Assign an expiration date for each lot and serial number so expired items can be deducted from the available inventory. MYOB Advanced can automatically issue items with the earliest expiration date to minimize losses. Reports and inquiry screens allow you to monitor expiring items.

Negative Inventory: MYOB Advanced shows a negative inventory balance for an individual item or group of items. Over-issued items will use the most recent historical cost until the item is received. When received, the inventory management software will match receipt cost with issue cost and generate a cost adjustment for the difference. Negative quantities and values may apply to one site or location while aggregated inventory is positive. Notifications identify transactions that will result in negative inventory.

Multiple Inventory Accounts: Create multiple inventory accounts and subaccounts for different groups of items to maintain a detailed balance of your inventory on the General Ledger. Inventory account and subaccount codes can be derived from the warehouse or the inventory item. MYOB Advanced’s inventory management software adjusts so that when you change an inventory account, newly received inventory will be assigned to the new account, while issued inventory will be deducted from the old account until the inventory is depleted.

Transaction Reason Codes: Assign reason codes to inventory transactions so you can measure trends and identify problems or bottlenecks. Reason codes can be linked to both general ledger accounts and inventory levels for insightful financial and operational reporting. Subaccounts can be assigned automatically depending upon the type of operation, the warehouse, or the person who enters the transaction.

Two-Step Transfers: MYOB Advanced completes inventory transfers in two steps so you can track goods in transit between locations. The first step deducts inventory from the warehouse of origin and increases the Goods in Transit general ledger account. When goods are received, the “Goods in Transit” general ledger account is reduced and the destination site quantity and value is increased.

Inventory Allocation: MYOB Advanced maintains detailed cost allocation information for all inventory-related transactions. With the cloud, allocation information is constantly updated for all transactions, anticipated receipts, and anticipated issues. You can drill down to view allocation details and navigate to the original documents to identify the reasoning behind the allocations.

Physical Inventory: Using the physical inventory count features, you can organize your goods based on ABC codes and movement classes, and conduct regular, cyclic assessments of your inventory. Items included in the count are locked in inventory, and no operations that affect warehouse quantity are allowed. Once the count is completed, you can continue the operation and enter the count result later. Once the count results are entered, the system will generate the appropriate inventory adjustment based on historical snapshot.

Original Document Referencing: MYOB Advanced’s inventory management software provides a complete set of inquiry screens and auditing reports to help analyze stock and reconcile inventory balances. Most reports and inquiry screens allow you to drill down to the original transactions.

Inventory and Warehouse Security: User settings in MYOB Advanced let you control which users and roles can view and create transactions for inventory items and inventory warehouses in order to improve accuracy of data entry and simplify inventory control.

Audit Trail: MYOB Advanced’s inventory management software provides a complete audit trail of all inventory transactions; after a transaction is released it cannot be deleted. To correct mistakes, a transaction correction entry is the only way to reverse the incorrect entry. The system keeps details of all inventory transactions, including entries and modifications by user. The result is a simplified audit process, made clearer with notes, accurate information, and supporting documents attached directly to transactions.
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Check the other modules

Inventory Management
Purchase Order Management
Sales Order Management
Requisition Management

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RadcoflexCarl Roberts, Radcoflex International

We now have a solid platform to take us into the future and expand with our business.

Keune case-studyHans van der Velden, Keune Australia NZ

The support offered by the team was absolutely outstanding and we couldn’t be where we are right now without them. We would recommend Leverage Technologies 100%.

ERP Success storyChris Cole, Markris Foods

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