MYOB Advanced – Inventory Lot and Expiry Date Tracking
Lot and expiry date tracking is the practice of tracking inventory lot codes and expiry dates of inventory items within your business. MYOB Advanced gives its users the ability to track inventory received and sold effectively. This article will show you how to enable and configure this feature.
Enabling the Lot Tracking Feature
To enable the lot tracking feature navigate to System Management > Licensing > Enable/Disable Features and enable ‘Lot and Serial Tracking’.
Configuring the Lot and Expiry Date Tracking
Inventory > Preferences > Lot/Serial Classes
When adding a new Lot/Serial Class select Tracking Method to ‘Track Lot Numbers’. To track the expiry dates check the ‘Track Expiration Date’ Checkbox and also select the Issue Method suitable (e.g. FIFO – First In, First Out). The example below has 2 separate classes in order to track items with (BATCHEXP) and without (BATCH) expiry dates.
Attaching a Lot/Serial Class to a Item Class / Inventory Item
Inventory > Preferences > Item Classes
Inventory > Profiles > Stock Items
A Lot/Serial Class can be defaulted by Item Class or by the Individual Stock Item by selecting the Lot/Serial Class directly in the Item Class or in the Stock Item.
Purchases > Transactions > Purchase Receipts
Inventory > Transactions > Receipts
When receiving in stock, the lot and expiry date details are entered into the system.
Processing a Shipment
Sales Orders > Transactions > Shipments
When a shipment is created the lot and expiry date will default based on the Issue Method chosen (FIFO). To change the lot number manually in the shipment, select the search button, it will show available stock and allow a different lot number to be chosen.
This is just one of the many amazing features within MYOB Advanced. Please reach out to speak to one of our consultants to learn more about lot/serial number tracking or about MYOB Advanced in general.