Inventory control

Stock moves when the document posts, and the cost of what you sold is worked out at the same moment — there is no separate stock ledger to reconcile.

  • Parts, services and labour, each linked to its own inventory, income, expense and tax accounts.
  • Make and model fields, and a part number the way you write it.
  • On hand, on order, committed and available, per warehouse.
  • Several warehouses, with transfers between them and stock adjustments.
  • Cost of goods sold calculated on every sale.
  • Sell price, list price, last cost and average cost held per part.
  • Customer and vendor price matrices, including price breaks by quantity.
  • Discount by parts group for a whole class of items.
  • Reorder level and lead time, feeding a what-to-order report.
  • Serial numbers recorded on the way in and the way out.
  • Bin location per part, printed on the pick list.
  • Group parts into partsgroups for reporting and pricing.
  • Attach an image and a long description to a part.
  • Obsolete a part without losing its history.
  • Import the catalogue from CSV, and export it the same way.
  • Stock status, inventory value and sales-by-part reports.

Where to find it Goods & Services › Add Part  ·  Goods & Services › Add Service  ·  Goods & Services › Reports  ·  Goods & Services › Stock Assembly  ·  Logistics › Merchandise  ·  System › Warehouses

Adding a part

  1. Open Goods & Services › Add Part. Number, description and group; the number can be left blank to be assigned.
  2. Set the inventory, income and COGS accounts (the defaults are filled in) and tick the taxes the part attracts.
  3. Enter sell price, list price and last cost; the markup is calculated. Unit, weight, reorder point (ROP) and bin location are optional but feed the reports and pick lists.
  4. Tick Check Inventory to have invoices refuse a quantity that is not on hand.
  5. Lower down, the vendor section holds each supplier’s own part number, cost, currency and lead time; the customer section holds price breaks by customer or price group, with a quantity break and a validity period.
  6. Save. A Service is the same record without stock fields; a Labour/Overhead item is a service used on assemblies.
A part record showing its accounts, vendor and pricing
A part: its inventory, income and COGS accounts, taxes, reorder point and prices.
The vendor and customer pricing sections of a part record
Lower down: the vendor’s number, cost and lead time, and the customer price matrix.
A service record
A service: no stock behind it, but the same accounts and taxes.

Stock on hand and what to order

  1. Goods & Services › Reports › Parts is the stock report: tick Qty, ROP, Bin and Warehouse for stock status, or Sell Price, List Price, Last Cost and Markup for a price list.
  2. The status filter narrows to parts On Hand, Short (below reorder point) or Obsolete; tick the document types to see each part’s movements by invoice and order.
  3. Logistics › Reports › Requirements works out what to order: on hand, less what sales orders need, plus what is already on purchase order, against the reorder point.
  4. Logistics › Merchandise › Transfer moves stock between warehouses; Stock Assembly builds assemblies from their components.
The parts report screen with filters, document types and column tick boxes
The parts report builder.
Parts report with quantities, sell price and last cost
The catalogue with live on-hand quantities, sell price and last cost; a quantity at or below its reorder point shows in colour.
Parts report showing group, bin, quantity, reorder point and warehouse
The same report with stock columns: bin, quantity, reorder point and warehouse.
Requirements report with on hand, reorder point, sales orders, purchase orders and required quantity
Requirements: what to buy, from on hand, reorder point, open sales orders and open purchase orders.
The warehouse transfer screen
Transfer: pick a warehouse and the parts to move.
Warehouse list
As many warehouses as you keep stock in.
Parts report showing sell price, list price, last cost, markup and currency
And again as a price list — you choose the columns.

How cost of goods sold is worked out

  1. Buying 10 units at 400 posts Inventory 4,000 / AP 4,000. Selling 2 at 500 posts AR 1,000 / Sales 1,000 and COGS 800 / Inventory 800. Gross profit on the sale: 200.
  2. Cost is taken first-in, first-out: if 5 more arrive at 430, sales keep costing at 400 until the first 10 are gone, then at 430. Average cost on the part record is informational.
  3. You can sell what has not been bought yet — goods received before the vendor invoice. On-hand goes negative and no COGS posts; when the purchase is recorded, COGS for those oversold units is posted then.
  4. Editing and reposting an old sales invoice disturbs the FIFO layers and the COGS after it. Prefer a credit invoice and a fresh invoice (Audit Control can enforce this); if it has already happened, System › Maintenance › Repost Invoices recalculates COGS from a date you give.
  5. To see the ledger rows behind any invoice, type its number into the reference field of General Ledger › Reports.
  6. Group parts into groups for reporting and the till, and into price groups for customer pricing. Once a part has been sold, leave its tax accounts alone.
The repost invoices maintenance screen
Maintenance › Repost Invoices: recalculate COGS from a date.

More screens

An assembly record scrolled to its bill of material
An assembly and the five parts it is built from, costed line by line.

From the blog

Assemblies, BOM and kits →

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