What Is Item Master Data?

Business item

What Is Item Master Data?

If you want your business to realize the full potential of its products, it is vital that your data is clean and accurate. This applies to your accounting, sales and inventory management processes. At a more operational level, item master data is used to make day-to-day decisions about reordering from suppliers, maintaining stock levels when and where needed, diagnosing unexpected events or patterns in sales or manufacturing and for performing financial analyses that help you track trends and improve decision-making.사업아이템

Item master data comes in different forms, depending on the needs of your business and what kind of information you need to collect. It can be as simple as a few key pieces of data, or as complicated as a database that provides detailed information about the product’s inputs and outputs. In general, it should cover a number of items that are critical to your operations, including the item name, description, physical parameters and costing information. Then it may include additional fields that are more specific to your company or product, as determined by senior business leaders.

You can set up the defaults for the basic item master data settings and then create individual master records for each product you want to manage. Using standard templates for these records can greatly reduce the amount of work you have to do and help ensure that the resulting data is as clean and accurate as possible.

For example, the unit of measure tab contains a variety of fields that let you specify how to handle an item for reordering, sales reporting and inventory processing. You can also use the charts in this tab to get a visual representation of your inventory data.

The sales data tab contains a number of additional fields that you can use to define how to handle an item for calculating pricing and forming schedule lines. For instance, you can indicate whether the item is a text or value item and whether it should be included in delivery groups. You can also choose a valuation method and a billing block, which helps the system to determine how much to charge for the product.

Another important field in this tab is the sales document item field, which you can use to control functions for specific kinds of business transactions. If you select the checkbox for a value or text item, for instance, then the system will automatically copy the item into a sales document. The system also uses this information to determine the weight and volume calculations for these items, as well as if they should be included in delivery groups.

The system uses the sales document item to determine a number of other functions as well, such as the business area for expense and revenue postings. For customer/vendor and bank items, the business area is either derived from the account assignment object posted in Cost Accounting or, for sales documents with down payments, the offsetting posting. You cannot change the business area of a sales document item after the fact.솔솥