Inventory

You will find that the Inventory module is a powerful report-type module that provides a global view of a company's stock holding. A record is displayed for each Inventory Item. eg. If an Item is kept in five locations, five records will be visible for that Item - one for each Location.

Note

Make sure to first set-up the following:

Inventory Data Grid

Navigation

Main Menu > Materials > Inventory

User Access

User Access must be set to Full control for Inventory functionality. To set User Access navigate to Main Menu > Setup > Staff > Edit > Settings > Materials & Inventory > Inventory - Access Allowed. See image below:

The Inventory data grid can be viewed in four different types of views:

  1. Default View
  2. Price Update View
  3. Stock Check View
  4. Transactions View

To toggle between the four views click on the Menu button and select the desired view. See image right:

1. Default View

  1. Data Filter - This allows you to filter records by Date, Customer, Category, Location and the Status of Items.
  2. Detail - Includes the Description of the Item, Code, Location and Unit of Measure. Additional fields can be added by using the Field Chooser.
  3. Current - This field displays the current Stock levels.
  4. Start - This field displays the Stock levels and Values as at the Start date (Set in the Data Filter).
  5. End - This field displays the Stock levels and Values as at the End date (Set in the Data Filter).
  6. Variance (End - Start) - This field displays the Variance in Qty and Value between End and Start date.
  7. Filter Row - This allows you to filter each column by a specific criteria. To make the Filter Row visible simply click on the Menu button and toggle Show Filter Row.

2. Price Update View

The Price Update View provides the functionality and actions to update Inventory Cost and Pricing.

  1. Set Stock Price = Last PO Price - This will set the Stock Price to the latest Purchase Order Price.
  2. Set Stock Price = Cost Price - This will set the Stock Price to be the same as Cost Price.
  3. Set Stock Price = Sell Price - This will set the Stock Price to be the same as Sell Price.
  4. Set Stock Price = Supplier Price - This will set the Stock Price to be the same as Supplier Price.

Multiple Inventory Items can be selected as shown in the data grid above.

3. Stock Check View

The Stock Check View includes the detail of the latest Stock Check before the End Date and linked to the Item as well as the discrepancy Gain / Loss on the Stock Check.

4. Transactions View

The Transactions View shows all the Transactions that updated the Inventory.

For Stock Checks, the User field displays the user who last updated the Stock Check.

Average Costing

The weighted average cost method uses the average cost of all the stock on hand. The unit cost is updated to the new average cost every time new stock is received at a different price.

Enable Function

Functionality to automatically update Stock Prices needs to be enabled.

Navigate to Main Menu > Setup > Settings & Defaults > Settings > Materials & Inventory > Enable 'Average Costing' on Inventory Items. See image below:

For this to work automatically, Inventory must be Received at the actual cost and Issued at the Weighted Average Cost.

Inventory Receive Transactions updates the Stock Price. Receive Transactions can be created in the following modules:

  • Materials Movement - Can be unlinked or linked to Work Orders and Purchase Orders.
  • Materials & Inventory - Receive Transactions can be created manually in the Transactions tab.

When a Receive Transaction is created, the Inventory Unit Price is updated and the price change is recorded in the Price History table which can be viewed in Materials & Inventory.

When a Receive Transactions is updated by changing the Qty, Unit or Unit Price, the Inventory Cost Price will be adjusted using the Old Unit Price in the Price History table.

If other Receive / Issue transactions have been made, changes to a Receive Transaction will no longer update the Inventory Price.