Lot numbers are assigned to a particular quantity, batch or grouping of a manufactured product in order to give traceability from raw material to consumption. In AccountingSuite, lots are recorded on the item receipt for purchased goods and assigned on Assembly builds for manufactured products. In contrast to a Serial number, a single lot number can refer to many of the product to which it is assigned.
Setting up an Item to Use Lots #
As a first step, enable Lots and serial numbers in the Inventory settings. Once enabled, the items in your inventory that will use lots will need to be setup.
- Navigate to Inventory / Items and double click the item.
- On the lots/serials numbers drop down, choose lots.
- Click the Lots Tab.
- Pick a Lots type. You can use Lot Number / Expiration or create a Characteristic.
- If you choose Lot Number / Expiration, choose how you’d like them to be presented in the software. Choices are: Lot number, Expiration Date, Lot number + expiration date or expiration date + lot number. You may create lots at this time for existing inventory by clicking the Lots link at the top.
- If you choose Characteristic, create the characteristics
Accounting #
Since the Lots Adjustment is for management accounting purposes only, it does not generate any postings in the General Journal.