Item Tracking Codes : Lot No. Info. Must Exist

Hi everyone,

I am trying to setup Item Tracking Codes(Lot No.)…
There is a field I am wondering about…It is Lot No. Info. Must Exist…It can be Inbound or Outbound

I can’t understand what does that mean…and what is its impact in the Inventory Setup…
I’ve already read the Nav help but didn’t understand much…

A check mark on inbound document indicates that lot numbers on inbound document lines must have an information record in the Lot No. Information Card.

A check mark on outbound document indicates that lot numbers on outbound document lines must have an information record in the Lot No. Information Card.

What is the order of of setting up lot tracking. I find a Trac 01 code then we have PS 001 - PS 999 set up as the range for Lot no. I want to have different Lot ranges depending on the product group and to help identify the vendor which I am receiving inventory for. I use Lot assignments for picking inventory which may not be on a FIFO basis.

Is there any good Navision documentation for this process under NAV 2013?

Thanks