Stocks
Stocks are products that are kept in storage for customers to purchase. Stock items can be categorized based on demand and availability. You can think of stock as a container holding products that are either used within our organization (converted into assets) or sold to customers. Items are added to the stock after purchase orders are issued. The purchase order must be paid before the items are added to the stock. You can generate an invoice for a stock item, and when the invoice is paid, the status of the item in the stock will change to "Sold.”
Stocks are goods kept in storage for customers to purchase. These items can be classified into various types based on demand and availability. Think of stock as a reservoir that holds products ready for internal use (to be converted into assets) or for selling to customers.
Items are added to the stock after purchase orders are issued, and only upon payment of the purchase order, they are included in the stocks
Here are the different statuses for items in the stock: - Inactive: The item is present in the stock but lacks a serial number, indicating it is not yet activated. - Active: These products have a serial number, are available in stock, and are ready to be converted into assets or sold and delivered to customers. - Out of Stock: Products that are marked as closed, sold, or not currently available for sale. - Ordered: This refers to products that are available but have already been reserved by customers. - Repair Needed: Products actively in stock, available for order, but require minor repair. Sold: Refers to items that have been sold after issuing invoices and receiving payment.
Stock dashboard explained:
- Marked 1: Displays different statuses of stock items. Click on each option (Eg: In Stock) to show all items under that specific status
- Marked 2: Shows a summary of active stocks
- Marked 3: shows a summary of Inactive stocks
- Marked 4: shows a summary of Out of Stock Orders.
- Marked 5: shows a summary of stocks that require repair.
Creating Stocks: - Navigate to Inventory - Select Stocks - Click the Add Stock button
Basic Information: - Enter the stock name (subject) - Status is auto-generated - Set Purchase Order date - Enter Due Date
- Select Project (if applicable)
- Select Opportunity (if applicable)
- Select Vendors
- Select Quotes (may be auto-generated)
- Select Invoice (may be auto-generated)
Items Details: - Select Tax Region - Select Tax mode - Select Currency - Select Product (*) - Enter Quantity - Enter selling Price - Add additional products from the Add Product button - Add additional products from the Add Product button
Totaling
- Enter Tax (if applicable)
- Observe total for Grand Total, Received and Balance.
Terms & conditions - Select specific Terms & Condition
Description: - Add description (if applicable) - Save the Stock entry.