Creating and managing parts information - HxGN EAM - 12.0.1 - Help - Hexagon

HxGN EAM Help

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English
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HxGN EAM
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HxGN EAM Version
12.0.1

Creating and managing parts information for a business has far-reaching effects. Once you include this information in the database, it is used time and time again by buyers, storeroom employees, planners, managers, and other individuals throughout the organization.

One of the primary considerations associated with creating and managing parts information is choosing and establishing your pricing method for parts. The system enables you to set up and initialize stock using different price types and pricing methods. Average price reflects a calculated average of part prices throughout the life cycle of the part. Last price is the last price paid for a part in purchasing. Standard price is a periodically adjusted fixed price that is usually taken from the supplier’s catalog. You can enter the initial prices; however, the system readjusts these prices as the part begins to record transactions. Base price is the default price used for purchasing if the part is not listed in the supplier’s catalog. It is also the price used for work orders, stock issues, and direct purchases that involve the part. Base price is always average price, last price, or standard price depending on the value set for the price type.

The system also enables you to set up and initialize stock using the last in first out (LIFO) and first in first out (FIFO) inventory valuation methods. LIFO and FIFO are both time-based price types. FIFO inventory pricing mandates that you consume the materials purchased first before using the most recently purchased materials. LIFO pricing mandates that you consume the most recently purchased materials before using the materials that were purchased first. Class codes, categories, units of measure, suppliers, and other information must be defined before adding parts information to the database.