BizConnext › 360Connext › Features › Inventory
Inventory
Stock and cost that match the books
Moving average or FIFO, several warehouses, counts and transfers. Sales take stock out and post the cost of sales; receiving purchases adds it.
- Average / FIFO
- Warehouses
- Counts
- Transfers
- Stock card
Sound familiar?
- Stock on the shelf does not match the books
- No real cost for what you sold
- Big adjustments after the year-end count
Every sale, purchase, return and transfer records the movement; cost is computed in date order and posted.
Quantity and value of every item
On hand, unit cost and stock value by warehouse.
- Counts and adjustments with approval
- Transfers between warehouses
A stock card for every movement
In, out and returns with the cost after each.
- No backdating before the latest movement, so cost stays right
How it works
- 1Turn on inventory and pick a cost methodAverage or FIFO
- 2Enter opening stockQuantity and cost per item
- 3Sell and buy as usualStock and cost of sales follow
Questions
Several warehouses?
Yes, with transfers between them.
Do services need stock?
No, service items carry no stock.
Change the cost method later?
Until the first stock movement; after that it is locked so recorded costs stay consistent.
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