Other small business software products would be happy to just have the average costing method. With Sage 50 and Sage Simply Accounting, you would be happy to see that on top of average costing, there is first-in, first-out (FIFO) and specific identification with serialized inventory. And on top of that is the not-so-familiar (or not accepted) method here in the Philippines, last-in, first-out (LIFO).
Assembly Feature in both Sage 50 U.S. and Sage Simply Accounting
To tell Sage 50 what items you want to use in an assembly, select the Bill of Materials tab in the Maintain Inventory Items window. (This tab is only available if an assembly item ID is selected.) Once you have transactions that use an assembly, such as purchases or sales invoices, you cannot change the components in the assembly. However, you can copy an assembly and modify the copy as a new assembly. Once you enter the components on the Bill of Materials tab and select Save, you need to “build” the assembly.
The cost of building the assembly is posted when you actually create quantities of an assembly item, using Build/UnBuild Assemblies from the Tasks menu.
Components of the Assembly
Item ID: You can enter a ? or click the right mouse button to select an existing inventory item from the look-up list.
Description: This is the short description of the inventory item. You cannot change this description once the assembly item is saved for the first time.
Quantity Needed: This is the amount of this item needed to build one assembly item.
Print Components on Invoice: Select this check box if you want all of the components of an assembly to print on quotes, sales orders, invoices, and credit memos. If this box is not selected, then only the assembly prints on invoices and on quotes, sales orders, invoices, and credit memos.
Add: Select this button to add an inventory item to the assembly. Note: You cannot modify the components of an assembly once you have purchased or sold the assembly.
Remove: Select this button to remove an inventory item from the assembly.
If you no longer want to use this specific assembly, you can unbuild it so there are no quantities of the assembly in stock. Then you can copy the assembly to a new one and modify the new assembly. You could then make the old assembly inactive (by selecting the inactive check box on General tab of Maintain Inventory Items) so you will be warned when selecting it for a transaction.
Serialized Inventory Sage 50 U.S. (Premium) and Sage Simply Accounting (Enterprise)
Serial numbers are often used as an added identification for big-ticket items like computers, electronics, automobiles, jewelry, and so on. In addition to being used for identification, serial numbers offer a way for you to keep detailed records about a specific item’s warranty and, if necessary, recall information.
In Sage 50, you can specify two types of serialized inventory: serialized stock items and serialized assemblies. These items are set up in the Maintain Inventory Items window and use the specific unit costing method. Additional options are available for serialized inventory items and can be accessed by selecting the Serial Numbers tab.
On the Serial Numbers tab, you can set up warranty information, view all of the serial numbers created for the item, including the status of the serial number and warranty, and search for a specific serial number (useful when the item has a significant number of serial numbers).
Note: Once a serialized inventory item is set up, you’ll be able to enter and select serial numbers for the item on various task windows in Sage 50. Serial numbers are alphanumeric and can be up to 30 characters long.
When working with serial numbers, there are three types of transactions that you will encounter: transactions that initially add items to your inventory (originating transactions), transactions that return previously removed items back to your inventory (intermediary transactions), and transactions that remove items from your inventory (ending transactions). These transactions include: Sales/Invoicing, Receipts, Credit Memos, Purchases/Receive Inventory, Payments, Vendor Credit Memos, Inventory Adjustments, Assemblies, and Beginning Balances.