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Creating an Open To Buy Plan
Access the Open To Buy module on the Purchasing tab of the navigator.
Click the Insert Record button or press <F4> on the keyboard.
The 'Open To Buy' dialog opens.
Click OK to save header information and exit the 'Open To Buy' dialog.
Fill in the following fields:
Plan: Enter a name for your Open To Buy plan
Start Date and End Date: Select the range of periods or sales months your plan will cover. The plan must include at least two months.
Begin Inv: Enter what you think the beginning inventory will be for the
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plan’s DCC(s) at the start of the first sales month of your plan. Use round dollar amounts (i.e., 3600, not 3599.85).
DCC: Use the ellipsis button
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to select the department, department/class, or department/class/category for the items in your plan. You may select multiple DCCs.
Cost or Retail: Select whether your plan will use cost or retail values. You cannot change this parameter once the plan is created.
Add New: The
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‘Add New’ checkbox is checked by default. If you uncheck the box, you will have an opportunity to copy a plan from any existing plan.
Copy From: This field only displays if you uncheck the
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‘Add New’ checkbox. If you wish to create your new plan based on an existing plan, use the ellipsis button
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to select the plan you wish to copy to the new plan. Copying from a plan will copy all the details of the plan so you do not have to enter all the numbers again.
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Click OK to save header information and exit the 'Open To Buy' dialog.
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The new plan displays.
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The following information is contained in the header. Enter or change information in the fields that are editable.
Plan Name: Displays the name that was entered in the 'Open To Buy' dialog. You can change the plan name until you post the original plan.
Start and End Dates: Displays the dates that were entered in the 'Open To Buy'
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dialog.
DCC: Displays the DCC(s) that were entered in the 'Open To Buy' dialog. Please note that if there is more than one DCC selected you will see 'Multiple DCCs' in this field instead of a list of DCC codes.
Locations: Displays the locations for which the plan will apply. You may add and remove locations using the New (Insert) button and the Delete
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button.
Turns/Margins: Once the original plan has been posted and at least one revision has been created you can use the combo box to select which plan you want to use for calculating the turns and margins that display in the plan header (e.g., original plan, first revision).
Desired Turns and Desired Margin: Enter the desired turns and margin for the plan. This field is FYI only.
Actual Turns and Margins: These fields display the actual turns and margins that were achieved during the plan's timeframe.
Budget Turns: As you enter values in the Budget line for each month, a budgeted inventory turnover ratio displays, based on the budget numbers you entered in the selected plan.
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The following information is in the detail grid. Enter appropriate values in the lines where the Type Description shows 'Budget'.
Type Description: Shows a Budget and an Actual line. The Budget lines are where you enter values for sales, purchases, and adjustments, either in the original plan or in revisions. The Actual lines display the actual values for each month, which largely come from the stock ledger table. They begin to display once stock ledger entries begin to be made for the month and the Stock Ledger Daily Update has been run.
NOTE: The Budget line is only editable for future months. If a plan is created that begins in the current month, the Budget line will not be editable.
Date: Displays the month/year for the line in the grid.
Begin Inv: The Budget line displays the projected beginning inventory value for the month/year. For the first month of the plan, the beginning inventory is the amount entered when the plan record was created. After the first month the beginning inventory is equal to the ending inventory for the month before. When stock ledger entries are created for the month, the Actual line displays the actual stock ledger Beginning Inventory for the month.
Sales: Enter your projected sales amount for the month in the Budget line. As sales are posted for a month, the Actual line displays the actual sales figures for that month. The sales value is calculated from Sales minus Sales Returns that are stored in the stock ledger for the month.
Purchases: Enter your projected purchases amount for the month in the Budget line. When stock ledger entries are created for the month, the Actual line displays the actual purchases for the month. The Purchases value is calculated from the Purchases, Purchase Accruals, Returns and Return Accruals that are stored in the stock ledger for the month.
NOTE: If the budgeted amounts for sales or purchases will be the same
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or very close to the same for multiple months in your plan, you can fill out the top Budget line of the group of months that should have the same amount, then right-click in that month's Sales or Purchases field and select
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'Fill Remaining'.
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This puts the value you had entered on the Budget line where you right- clicked into the Budget lines for each month below that line. For instance, if the value you enter in the third month is the one you want copied into
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the remaining rows, right-click on the Sales or Purchases field on the third line, then select 'Fill Remaining'. You can then change any values that should be different from what was filled in by the system.
On Order: This is a calculated field in the Actual line that displays the total value of all proposed and open POs for the DCC(s) included in the OTB plan which have not yet been received or cancelled. The field is zeroed out when the sales month has been closed. PrismCore uses the ETA (Estimated Time of Arrival) field in the PO header to determine the month in the OTB plan to which the on order quantities will be written. The ETA date defaults to one month from the PO create date, and must be changed to the correct estimated arrival date in order for the OTB plan to be accurately updated. Outstanding on order quantities from POs that do not have an ETA date (ones created prior to version 1.6.0.0 of PrismCore) display in the first month of the plan.
NOTE: If the ETA is entered on a PO for a month on the plan that is already closed, the actual line will still be updated for that month.
Received: As merchandise in the OTB plan's DCC(s) is received, its value moves from the On Order column in the month for which it was ordered to the Received column in the month in which it was received.
Adjustments: Enter any projected stock adjustment amounts for the month in the Budget line. When stock ledger entries are created for the month, the Actual line displays any stock adjustment amounts that were done in the month with the following reasons: Count Adjustment, Store Use, Damaged, Donation, Other and Theft. On the stock ledger spreadsheet this would be the equivalent of Count Adjustments, Store Use and Other Adjustments.
Ending Inventory: The ending inventory amount for one month carries over as the beginning inventory amount for the next budget month. In the Budget line, this field displays the amount of inventory you should have at the end of the month. In the Actual line, the true ending inventory is only calculated when the sales month is closed (although it shows values throughout the month). For both lines it is calculated as follows:
Beginning Inventory
-- Sales
+ Purchases
+ Adjustments
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____________________________
Ending Inventory
Open to Buy: In the Budget line, the Open to Buy field displays the amount entered as budgeted purchases. In the Actual line, Open to Buy is calculated by subtracting the actual ending inventory from the budgeted ending inventory.
Viewing Open To Buy Detail Information
The amounts for Sales, Purchases and Adjustments that show in the Actual plan lines of an Open To Buy plan are calculated from data that comes from various fields in the stock ledger. In addition, the On Order amount is calculated from outstanding on order amounts of merchandise in the DCCs that make up the plan.
If you would like to see the details of how those values are being calculated, you can right-click the appropriate line in the detail grid and select one of the following options:
Open to Buy Detail: When you right-click any line in the OTB detail grid, this option displays a dialog that shows the Sales, Sales Returns, Purchases, Purchase Returns, Purchase Accruals, Return Accruals and Adjustments for that were used to calculate the Open to Buy amounts. It only displays the detailed information for closed sales months, even though values show in the Actual line of the current sales month in the plan's detail grid.
PO Detail: When you right-click an individual line of the detail grid, this option displays a dialog detailing the amount still on order (i.e., proposed or actual order quantities that have not yet been received or cancelled) on each PO whose ETA falls in or prior to the selected month. It also shows amounts received on POs during the month, regardless of the ETA on the PO. The amounts display at cost or retail, depending on how you selected to create the plan. Once the sales month has been closed, the PO detail for that month will no longer show any PO information.
Post an Open To Buy Plan
Once you complete your original plan, it must be posted. Posting an OTB plan locks in your original plan's numbers and allows actual values to be written to it. Once posted, the original plan cannot be edited. However, you can make any number of revisions to the original plan after it is posted.
To post an OTB plan:
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Click the Options button
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(hammer), then select 'Post Plan' from the menu.
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A confirmation dialog appears. Click 'Yes' to confirm that you want to post the plan.
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Edit an Open To Buy Plan
As time passes and circumstances in your store change, you may need to change your plan to more accurately reflect your goals. Once you have posted your original OTB plan, you cannot change it. However, you can create and edit one or more revisions to the original plan. You can then choose to use values from the original plan or from one of the revisions to determine how the OTB quantity is calculated in the Purchase Orders module and to calculate the turns and margins information displayed in the header of the OTB plan record.
To create a revision to an OTB plan:
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Click the Options button
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(hammer), then select 'Edit Revision' from the menu.
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In the Edit Revisions dialog that opens, click 'Add' to add a new revision. The name of the revision appears on the left as 'New Revision'.
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If you want a different name for the revision, type the new name into the field on the left. If you later decide to rename the revision, select 'Edit Revisions' and click the
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'Rename' button to rename the revision. When you are ready to update the revision, click 'Close'.
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The new revision shows at the bottom of the module as another tab. It displays the values that were entered in the original plan. You can then enter the revised values into the revision.
Revisions are not posted, so you can change your projected amounts for future sales months at any time or create further revisions to an original plan in order to preserve your first revised numbers. By default, any new revisions display the values from the original plan.
When you add a new revision, you may wish to start with the values from a previous revision instead of from the original plan. In that case, use the 'Copy From Revision' combo box in the
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'Edit Revisions' dialog to select the revision whose values you wish to copy into the new revision.
Once you have posted an OTB plan, a wire frame called 'PO Check Against' appears in the plan's header. This allows you to choose whether you want to have the buyer's warning in the Purchase Orders module calculate the open to buy quantity based on the values in the original plan or based on one of the plan's revisions. To select the version of the plan to be used for this PO check, select the desired plan from the combo box in the 'PO Check Against' wire frame.
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You can also choose to display turns and margins information for the original plan or for any of its revisions. To select which values display on the screen in the Open To Buy module, select the desired plan from the combo box in the Turns/Margins wire frame in the header.
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Calculate Totals for an Open To Buy Plan
The values in the fields in the Actual lines of an Open To Buy plan are updated each time the Stock Ledger Daily Update program is run, which is usually part of your system's nightly scheduled tasks. Occasionally the values that appear in an OTB plan can get out of sync with the values that show in the stock ledger for the DCCs defined for the plan. For instance, this can happen if you delete POs with an ETA that falls within a month in a plan.
If the numbers look like they are incorrect after the daily update has been run in WPAdmin, you can recalculate totals for the OTB plan using the 'Calculate Totals' option under the Options hammer.
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To recalculate OTB plan totals:
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Click the Options button, then select 'Calculate Totals' from the menu.
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The calculation process runs and appropriate values are replaced in the detail grid of the plan.
NOTE: There is no dialog or message that displays when you run this option. The values are simply recalculated.
Open To Buy Reports
The Open To Buy module has one report that allows you to print an Open To Buy plan in its entirely or to print only selected months from the plan.
Open To Buy - prints a listing of OTB information for selected months from the OTB plan or for all months. It is simply a printed version of what displays in the OTB detail grids for the selected OTB plan. It prints each version of the plan (i.e., the original plan and all revisions) on a separate page. The parameters for this report are the plan name, a 'From' date, a 'To' date, a
'Use Date' checkbox, and an 'Include List of DCCs Chosen' checkbox.
To print an Open To Buy report:
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Access the Open To Buy module.
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Click 'Reports' on the Menu bar.
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Select the Open To Buy report.
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A 'Report Parameters' dialog opens. Enter the parameters for printing the report:
Open To Buy
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> Select the OTB plan you wish to print.
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> If you wish to print information for only some months in the plan, select a 'From' date in the first month you wish to print.
> If you wish to print all months in the OTB plan, you do not need to select a date.
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If you wish to print information for only some months in the plan, select a 'To'
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date in the first month you wish to print.
> If you wish to print all months in the OTB
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plan, you do not need to select a date.
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> If you wish to print information for only some months in the plan, check the 'Use Date' checkbox and enter appropriate 'From' and 'To' dates.
> If you wish to print all months in the OTB plan, do not check the box.
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If you wish the report to show a list of the DCCs included in the plan, check the
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'Include List of DCCs Chosen' checkbox.
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Click OK to generate the report.
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A new window opens, displaying the report on the screen. Click the Print button at the top of the window to print the report.
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A 'Print' dialog opens. In the Print Range frame, select whether to print all pages or only selected pages (enter the selected page numbers), the number of copies, and whether to collate multiple copies. When the parameters are set correctly, click OK.
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When the report has printed, close the report window using the Close button in the upper right corner.