A template can be created where we can mention the default warranty for a particular Item and then the same template can be linked to Item Master Level. Once an item is Purchased from the Vendor, system should be able to create a Service Contract for the respective item with those default warranty period. along with its serial no details.
Now when the item is being sold to customer system should capture the sales date and add the warranty details for the customer as well.
This feature is there in other ERP's.