Inventory

Settings

General Settings

Navigation: Main Menu > Setup > Settings > General (tab).

•   Items Settings

User Settings

Navigation: Main Menu > Setup > Settings > Users (tab)

ℹ️ Also see the Mobile App for inventory options.

• Inventory > View Inventory from all Locations: Checkbox. If checked inventory from all locations can be viewed.

• Items & Inventory > Dependencies Actions - Access Allowed: Checkbox. If checked access is allowed.

• Items & Inventory > Inventory - Access Allowed: Checkboxes for users to allocate access to the following inventory reports (views):

  • Default

  • Transactions

  • Stock Check

  • Batch Items

  • Serial Numbers

  • Accounting

  • Replenishment

  • Over/Under

  • Ageing

  • Setup

• Items & Inventory > Item Summary - Access Allowed: Options are None, User, Administrator. An Administrator can use the context menu options.

• Items & Inventory - Items - Access Allowed:  Options are None, User, Administrator. An Administrator can use the context menu options.

• Items & Inventory - Items - Access Allowed to Tabs: Checkboxes for users to allocate access to the following items tabs:

  • Image & Specs

  • Units

  • Costing & Pricing

  • Inventory

  • Estimating

  • Event

  • Accounting

  • Price History

  • Costing

  • Attachments

  • Dependencies

• Items - Delete Allowed: A checkbox. If checked the user can delete items.

• Items & Inventory > Pricing - Access Allowed: Checkboxes for users to view the following pricing reports:

  • Supplier Prices

  • Selling Prices

  • Inventory Prices

  • Service Prices

• Items & Inventory > Set Costing Status - Access Allowed: Checkbox. If checked access is allowed.

• Items & Inventory > Stock Check - Access Allowed: Options are:

  • None: No access to the Stock Checks.

  • Full control: Full control to create, edit, and delete Stock Checks.

  • Enter count only: Has access to view and enter quantities.

Transaction Settings

Navigation: Main Menu > Setup > Settings > Transactions (tab)

The following settings can be added to Transaction Types (e.g. Work Orders):

• Inventory > Default Inventory Location Transaction Estimates

• Inventory > Default Inventory Location Transactions

• Periodic Ledger > Transaction used to Decrease Inventory

• Periodic Ledger > Transaction used to Increase Inventory

• Tracker > Module: Issue Inventory (Select the Issue Transaction)

• Tracker > Module: Receive Inventory (Select the Receive Transaction)

• Transactions > Add to Inventory Replenishment Actions (Produce)

• Transactions > Work Orders (INV) (PO-INV) > Add to Inventory Replenishment Actions (Purchase) 

Inventory Locations 

1. Items are marked as inventory items by selecting Fixed Locations or All Locations on their headers. If Fixed Location is selected, a location must be entered on the item's Inventory tab.

2. Inventory Locations can be created from Item List Views: Menu (button) > Edit Inventory Locations.

3. Inventory Locations can be allocated to Customers or Suppliers by right-clicking a location and selecting Edit Location on the context menu. 

Inventory Items

Locations can be explicitly added to an Item, or they can automatically be added when the Item is linked to a valid Location on an Inventory Transaction. 

When a Location is created, the following happens:

• An Inventory Location record is inserted and linked to the selected Item.

• A Stock Check record is created and linked to the new Location. The Stock Check is dated for the previous day.

Inventory Transactions

The following rules are applied when selecting a Location on a Transaction Item:

1. The Location must be allowed for the Transaction Type and Item (Category) which are linked to the Location. 

2. In a Customer Transaction, the Location must be linked to the Transaction Customer or not linked to a customer. The same applies to Supplier Transactions.

3. If the Location is not linked to the Item, it will be added.

When a new Location is automatically added, the Stock Unit Price is set according to the following rules:

1. Select the first price from another Location linked to the Item.

2. Select the first Cost Price linked to the Item with a matching Unit.  If the price is in Foreign currency, the price is converted to Local Currency.

3. Select the first Supplier Price linked to the Item.

How Transactions Update Inventory

ℹ️ Reserve and Order transactions are temporary transactions which manage the Resolve of orders. They are assigned Quantities only.

▶ All these transactions create a cascading record in the STOCKTRANS table which is used to calculate the Stock Quantities and Values.

1. Order: A Purchase or Work Order is created to Order inventory.

2. Reserve: A Sales or Work Order is created to Reserve inventory.

3. Receive: A Goods Received, Goods Returned, Sales Return, or Transfer Receive is created to receive goods.

4. Issue: A Goods Issued, Purchase Return or Transfer Issue is created to issue goods.

5. Goods Received: Inventory that was purchased has been received. Provision is made to include the Landing Costs, for purposes of calculating inventory prices when the weighted-average cost method is used.

6. Goods Issued: Inventory has been Issued when a product has been sold or when materials are used in production. 

7. Goods Returned:  Inventory can be returned by a customer, or from a Work Order where all the materials were not used. 

8. Transfer Issued: Issues inventory that must be moved from one Location to the next. This is an internal transfer of materials.

9. Transfer Received: Receives the inventory at the new Location. This is an internal transfer of materials.

How Inventory Quantities and Values are calculated

ℹ️ Inventory Quantities are not stored in the database, instead, they are calculated when they are required.

1. The Quantity in stock as at the Selected Date is calculated as follows:

   1. Get the Last Stock Check dated before the Selected Date.

   2. Get the Actual Quantity from the Last Stock Check.

   3. Add the sum of all the Receive transactions dated after the Last Stock Check but on or before the Selected Date.

   4. Deduct the sum of all the Issue transactions dated after the Last Stock Check and on or before the Selected Date.

2. The Value of Inventory is calculated as follows:

   1. Quantity of Stock on Hand multiplied by the Stock Price as at the Selected Date.

   2. The Stock Price is extracted from the Price History table.

3. The Available Quantity is calculated as follows:

   1. The Quantity in Stock less the Reserved quantity.

Managing Stock on Hand

1. The Replenishment function ensures that the optimum quantity of stock is kept on hand by helping organisations calculate the Minimum and Reorder Quantities.

   1. The settings can be found on Inventory (tab) of Materials.

   2. A Replenishment Report is included in the Inventory Reports.

2. The Stock Check function allows managers to control the stock on hand.

   1. Managers can print Stock Count Sheets for their staff to physically count the stock and fill in the Quantities.

   2. The Quantities from those sheets can be entered into BOS.

   3. The Counted and System Quantities will be compared, and any discrepancies will be highlighted.

Related Topics

• Reference: Item Creation and Editing

• Reference: Inventory Reports

• Tutorials: Item Creation and Editing

• Tutorials: Inventory Reports