EBMS Support Center > Webinars >
Inventory Webinar
Online EBMS Training Event, Recorded March 26th, 2020.
This webinar includes setting inventory Min/Max levels, using Track Counts to manage inventory, and using Multiple Price Levels.
Positions that may find this session helpful include: inventory managers, purchasers, sales managers, new employees.
Skill Level: Intermediate
Q&A Recorded:
What do I do if I only want to filter down for a subset of items within a folder?
Filter Down can be limited in a sub-folder by Manufacturer, but depending on what makes up your subset you may be able to do an Advanced Query. (Learn More)
How do I look at what type of inventory method I'm using?
EBMS has two settings Perpetual and Periodic. You can set one of these under Inventory->Options->General. It is highly reccomended to leave it set to Perpetual. (Learn More)
What do you mean when you reference FIFO?
EBMS inventory calculations are based on First In First Out (FIFO) with the exception of Purchase Methods which can directly link to the sale and the purchase. EBMS keeps track in the database of actual purchases of inventory, then as its sold the sale links to an actual purchase to determine what gets costed to the P&L Statement. (Learn More about Purchase Methods.)
Would you be able to explain the function of Inventory Variance?
The EBMS Cost of Goods Sold (COGS) section contains the total purchases for the given period. The Inventory Variance reflects the Inventory Value change. This value adjusts the purchase totals to calculate the Cost of Goods Sold. The Cost of Goods Sold balance should be your purchases, etc plus or minus your Inventory Variance account balance.
Note that the Inventory Variance value is negative when the Inventory Value is increased. A positive Inventory Variance indicates a reduction in inventory since the Cost of Goods Sold value is greater than the amount of product purchased (Purchase Account GL balance) for the given period.
In purchasing, how do you process it with dropship vendors?
This setting is either found under the Inventory Item > Count tab or set under the Sales Order> Purchase Method column.
1. Enter the Purchase Method of Dropped Ship from your Sales Order if the item isn't automatically set to that.
2. Create Purchase Order directly from the sales order.
This will cause the cost on the Purchase Order to be linked directly to the item on the Sales Order.
Can you explain the term "Filter Down"?
In EBMS inventory, Products are arranged in folders. Each folder doubles as both a way to file inventory into the folder and as a way to set defaults on all the items contained in the folder based on a template. If you right click on the folder and select Edit Defaults you can set almost any of the values you want to pre-populate on a new Inventory Item. So when you create a new item these values are pre-filled. If you want to also change these values on existing items you just right click on on the value and select Filter Down. Make sure you check the button to Check this box to Change Existing Data so existing values change to match your folder defaults. Careful! When you Filter Down you will make changes to the entire contents of a folder so make sure the change is really what you wish to do! ( Learn More)
What is the advantage to using the inventory variance?
This can be used as a separate tool to be able to see the following:
Note that the Inventory Variance value is negative when the inventory value is increased.
A positive Inventory Variance indicates a reduction in inventory since the Cost of Goods Sold value is greater than the amount of product purchased (Purchase Account GL balance) for the given period.
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The Eagle Support Team
support@eaglebusinesssoftware.com
717-442-3247 x2