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Inventory Essentials

The Inventory Module is where all inventory and stock are tracked and managed by the warehouse personnel or anyone who is in charge of the company's assets. Stock can be viewed and managed from the warehouse-level and the inventory-level.

Terminologies

  • Stock item -  is any item that is being stored physically and the quantity is being tracked.
  • Non-Stock - is any item that the quantity doesn't need to be tracked.
  • Item Matrix/Matrix Group - or Matrix Item is any item with varying attributes.
  • Service - is any service provided to the customer.
  • Kit - is any item that has more than one component and is sold as a collection or package.
  • Bundle - is any item with  fixed group of components with the quantity held together.
  • Assembly  - is any item that is assembled from components and sold as a complete unit.
  • Electronic Download - An item that you can download from the internet.
  • Gift Certificate - is any item that is exchangeable for a specified cash value.
  • Gift Card - is any item that is rechargeable and is exchangeable for a specified cash value.
  • Location - refers to the store or warehouse where items are stored.
  • Zone - refers to an area within the location.
  • Bin Location - refers to the bin or container for stored items.
  • Item Class Template - A list of default values for new items e.g. item type, category etc.
  • Item GL Class Template - A list of default account codes for posting transactions.
  • Stock Adjustment - A process that adds to or deducts from the stock quantity.
  • Stock Transfer  - A process that transfers stock from one location to another.
  • Internal Movement - A process that transfers stock from one zone to another.
  • Stock Take - Also referred to as physical inventory.

Features

With the Inventory Management tools of the Inventory Module, you can:

  • Get  360-Degree view of the inventory information and transaction history.
  • View item location and availability across all warehouses.
  • Create stock, non-stock, service and electronic download items.
  • Create multi-component items - kit, bundle and assembly (BOM).
  • Create multi-attribute items - matrix items.
  • Create gift card / gift certificate items.
  • Assign accessory and attribute items.
  • Add supplier-specific or customer-specific item number and descriptions.
  • Assign different unit measures - e.g. EACH, DOZEN, CASE and set up custom pricing for each.
  • Assign bin location number for easier lookup.
  • Assign preferred put away and pick location in the warehouse or store.

With the Stock Management tools of the Inventory Module, you can:

  • Allocate the in-stock quantities to customer order.
  • Reserve incoming inventory to customer orders.
  • Set up standard, average, FIFO, LIFO and landed costs.
  • Set up multi-currency pricing, price lists with quantity discounts, promotional pricing etc.
  • Stock take routine by location or store. Stock takes can be done on location, item and stock cycle day basis.
  • Perform in or out stock adjustments.
  • Transfer inventory between warehouse or store or move inventory from one area within the warehouse or store to another.

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