Dallas, TX – INVEX, the cloud-based metal industry ERP software for metal service centers and metal distribution announces a vessel management system to track material in transit to the final destination. The INVEX function handles the inbound material and any transfers between the point of ownership and the final destination.
INVEX is a premium metal-centric ERP system that provides out of the box solutions to metal service centers and metal business distributors. The INVEX web-based platform comes fully integrated with metal-specific e-commerce functions and can be implemented at a steel service center quickly with few if any, modifications.
Tracking Material in Transit
INVEX provides the ability to handle various mill purchase and transfer cases to accommodate cases where the service center takes ownership of the material prior to the final destination. This accommodates the voyage of material through one or multiple transit points from the point of ownership to the final destination(s) and can include one or more PO items and one or more vendors. This could also be based on INCO terms of trade.
- Inventory is recognized at the point of ownership
- Material and other vendor costs are accrued as incurred (as opposed to only at the final destination)
- Enables vendor invoices to be posted before the material arrives at the final destination
- The status of voyage can be viewed
- Tracks both the Vendor PO Item due date the mill is responsible for having the material ready as well as the estimated delivery date to the final destination.
- The service center takes ownership of the material at the mill or any point in the transit route
- These points in the transit route include the Port, Ship/Barge, Trans-loader yard, etc.
- Could be in transit to a terminal or port to then be shipped via barge to the warehouse
- Can include multiple terminals/ports before receipt at the destination warehouse
- The destination warehouse can be a company warehouse, 3rd party storage, or outside processor
- Flexible to handle various business cases to ensure proper PO costing.
- General Ledger inventory control account reflects the point of ownership
- Freight costs are recorded for each leg of the inbound material
- Costs such as Ocean Freight, Freight Insurance, and Stevedoring can be added for any ‘leg’
- Additional costs can be accounted for in the landed cost of material
- Reconciliation records (accruals) are created for each cost and vendor as incurred
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