Inventory

Inventories fall into clear categories particular to the business and should be set up before creating new products. For example, a restaurant factory might have categories for drinks, burgers, sandwiches, etc. These are referred to as stock categories and are expected to be defined by the business. The name of the category can be altered at any time but not the code.

The word Inventory is referred to as "stock", "products", or "item" interchangeable.

Inventory Management Features:

• Products sold will decrease the stock on hand from the location specified when sold

• Inventory credited using the credit note creation process in the accounting software or refund process in the POS will increase the stock held at the location selected in the credit note.

• Inventory quantity adjustments are possible also transfers between locations.

• Multiple stock quantities can be maintained for an unlimited number of locations.

• Automatic back-ordering. Sales orders yet to be delivered can be automatically back-ordered at the time of invoicing or the balance of the order canceled as appropriate.

• Dummy stock items can be invoiced or sold but with no inventory movement.

• Assembled and manufactured products require the Bill or Assembled to be set up. Go to Inventory App in the cloud account and on the left menu select the make/assemble option.

• Inventory can be set to maintain serial numbers

• Inventory can be set to maintain batch numbers

Valuation

Inventories can be valued at either standard cost (manually maintained costs) or weighted average cost (automatically maintained).