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- #MICROSOFT DYNAMICS FOR MANUFACTURING SERIAL NUMBER#
- #MICROSOFT DYNAMICS FOR MANUFACTURING ARCHIVE#
- #MICROSOFT DYNAMICS FOR MANUFACTURING SOFTWARE#
#MICROSOFT DYNAMICS FOR MANUFACTURING SERIAL NUMBER#
FIFO: In Dynamics NAV, FIFO means that the items taken out stock for production or sales shipments will be taken out in the order of first received, first out and are costed with the actual cost of procurement for that FIFO layer (there are specific exceptions to this costing method if you are using lot or serial number tracking, but they are beyond the scope of this discussion). While the ultimate choice of which costing method to use should be left to your company’s financial management team and CPA, I can offer the following thoughts: Microsoft Dynamics NAV gives us the choice of FIFO, LIFO, Average, Standard, and Specific costing methods. Also, cost accountants are, at times, responsible of informing management with the future cost of items. There are no GAAP rules for managerial accounting, so a company’s cost accounting should be tailored to provide management with the information they need. As for managerial accounting, cost accountants are responsible for providing “actionable information” to the management team so that management can make necessary adjustments to improve a company’s financial performance. In large part, “Cost Accounting” should be considered “Managerial Accounting,” not “Financial Accounting.” The exception to this is that cost accountants are responsible for providing and being able to validate the value of inventory items on the balance sheet. From a management perspective, you have access to all the data to create whatever reports and analytics you want and need, without the worry of the system clearing it after two or three years.I am often asked by manufacturers, “Which costing method should we ue in our Microsoft Dynamics NAV system?” Before addressing the question, let’s set the stage with some important definitions. This ties into compliance reporting, defect reporting, traceability reporting and ultimately the valuation of your business. The power of historical information in this industry is enormous. The modern architecture of Microsoft Dynamics is not built to be period driven, which allows the storage of necessary data for as many years as you need it. The ability to store seven years of information within your ERP is valuable. When that information is archived you’ll have to create an external solution to track patient information or who end consumer was.
#MICROSOFT DYNAMICS FOR MANUFACTURING ARCHIVE#
A lot of older systems are batch process-driven systems, which means you run a process at the end of the year to clear out the year’s history or move to archive tables. The FDA might require you to keep seven years of history.
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In addition to core financials, Microsoft Dynamics for Medical Device Manufacturing covers the major functions needed to set you up for success in the medical technology industry. We’re your true partner, and continually strive to connect you with the right technology, team members and resources within our community to achieve success. As your company grows from startup to pre-market, and then marketable to acquisition or next generation we’re there to advise you at each stage. Our attentive team guides you throughout the process from planning to set up to support, ensuring you use only the features you need – when you need them. Choosing the right partner and the right business technology in an ERP or CRM solution can be a key factor in the ultimate success and valuation of your business. We’ve worked to anticipate and solve these problems for our clients through Microsoft Dynamics business solutions. Whether it’s engineering, quality management or traceability and auditing, our team is steeped in manufacturing experience and we know first-hand the challenges facing your firm.
#MICROSOFT DYNAMICS FOR MANUFACTURING SOFTWARE#
Stoneridge Software is based in Minnesota, at the heart of the med-tech industry and we understand the nuances of your industry.
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Choose a solution that grows with you, from start-up to validation to next generation.įrom startup to next generation your medical device manufacturing firm has particular needs.