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.
Main Menu > Materials > Inventory
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:
To toggle between the four views click on the Menu button and select the desired view. See image right:
The Price Update View provides the functionality and actions to update Inventory Cost and Pricing.
Multiple Inventory Items can be selected as shown in the data grid above.
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.
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.
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.
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:
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.