Webinar – Stock and Inventory

Our webinar on Stock and Inventory is accessible below, with all information from the presentation included in this article.

Please see below for the webinar recording, or continue as follows for a brief outline of the webinar content from 08-05-14 on Stock & Inventory. We recommend using the full screen video control to view this

recording.

Note: Follow the below steps to make your tabs look the same as the tabs in the webinar. If you are using an Administrator Role then you will already be using the Classic Interface and do not need to perform the below steps.

1. Click Home.

2. Click Set Preferences.

3. Click Appearance

4. Check Use Classic Interface.

5. Click Save.

 

 

 
Basic Record Management
•Views
•Sub items  (parent / child items)
–Used for grouping and searching
•Item type filter
•Enable Features turns features on and off.
–(Setup > Company > Enable Features)
–Tip: don’t enable features you don’t require until you need them.
–Tip: Units of Measure are not required if you never split the pack.
•Accounting Preferences gives you setup options and defaults for inventory.
–(Setup > Accounting > Accounting Preferences )
•Available stock = On hand (or shelf) less committed (reserved)
 
Assembly, Kits or Item Groups
  Assembly Kit Item Group
Example Something you manufacture Computer package eg hard drive, keyboard, screen, mouse Template for new customers
Stock on Hand Yes No No
Requires Building Yes No No
Sales Reporting level Assembly Kit Component
Sell Price Yes Yes Sum of the component sell prices
Can be purchased Yes as finished good (if enabled) No purchase individual components Yes adds components to purchase order
Can be edited on a Sales Transaction No No Yes
Show components on sales transactions Not typically Available Available
 
Mass Updates
•Lists > Mass Updates > Update (Sell) Prices
•Lists > Mass Updates > Mass Update > Items > Update Purchase Prices from Most Recent Purchase Price
–Only available for local currency.  Use Excel & CSV updates to update the foreign purchase price.
•Lists > Mass Updates > Mass Update > General Updates > Items > Item Type (general item record updates).  Tip: check the mass updates tab first to see if the field you want to update is available before setting your criteria.
•Tip: open the mass update in a new tab so you can check the progress while working on other things.
 
Customer Price Lists
•Transactions > Customers > Generate Price Lists / Individual Price Lists
•Generate for one customer or many.
•Choose the items / range of items
•You can add data to the report but not change the sort order.
•Formats include Emailed PDF or Excel and printed PDF
•Tip: use the customise button on the screen to add filters.
 
Predicting Stock Requirements
JCurve Pro can predict the stock requirements for you. Setup > Accounting > Inventory Management Preferences
–Turn the auto calculate on and off via Mass Update
–Re-order points and Preferred stock levels can be set by CSV Import or Mass update (not multi location)
 
Field Name Manual Calculate Auto Calculate
Auto calculateRe-Order Point No Yes
Re-Order Point 1   or min stock level System Generated
Auto calculatePreferred Stock Level No Yes
Preferred Stock Level 0   or max stock level System Generated
Tip: you need at least 6 months worth of sales history to get valid results.  
Automated Purchasing
•Transaction > Inventory > Order Items
•Auto generates purchase orders based on your current stock requirements.
•Requires values in the following fields
–Re-Order Point   =   Minimum stock level
–Preferred Stock Level  =  Maximum stock level
•Settings for stock not kept on hand
–Re-Order Point   =  1   (one or more on back order)
–Preferred Stock Level  =  0   (only order the back ordered qty)
•Tip: if you are not using multiple locations use mass update to set your defaults.  Lists > Mass Updates > Mass Updates > General > Items
 
Other Ways to Automate Purchasing
•Items entered on sales order can be automatically copied to a new Purchase Order upon order approval.
•Drop Shipment: stock goes directly from your supplier to your customer
•Special Order: stock comes to your warehouse but is linked to the sales order even if there are other older orders waiting for stock. Use for customised stock.
•Item Setup Requirements: the item must have a preferred vendor and a purchase price (can be $0).  Choose if the sales order description should be copied to the PO description.
•Vendor and cost price can be changed on the sales order or purchase order (if you show the cost fields).
•Tip: if you need to record serial numbers use special order instead of drop shipment.
 
Inventory Reports
Report Menu Name Use
Inventory Inventory Profitability Shows qtys and $ for costs and sales.
Inventory Current Inventory Status Shows available, committed, on order, on hand etc for each location
Inventory Physical Inventory Worksheet Stock count sheets
Inventory Inventory Valuation The value of stock at a point in time.
Inventory Inventory Revenue Shows sales revenue without costs.
Inventory Inventory Back Orders Shows back ordered items by item.  Check this report after you have ordered items to see if any were missed.
Inventory Inventory Activity Detail Shows all the transactions for an item.  Customise and tick the running balance option to see the historical qty on hand.
Inventory Items Pending Fulfillment Shows items ready for fulfillment by item.
Inventory Inventory Turnover Shows the turnover rate and average days on hand for the period reported on.Inventory Turnover Rate =Cost of Sales / Average Inventory ValueAverage Inventory Value =[SUM (on hand value on the last day of each month) / # of months in period]
 
Reporting by Item Class
•Setup Requirements
1.Enable Classes
•Setup > Company > Enable Classes
2.Create the classes & sub classes
•Setup > Company > Class > New (button at bottom right)
3.Attach the class to the item
•Lists > Accounting > Items > Edit Items
4.Show the class field on the item line.
•Customise the form; on the screen fields untick class on the main tab then re-tick it on the columns tab.
•Standard Reporting
–Use the columns filter to select class and click refresh.
•Custom Reporting
–Customise then add the class field as the left most column and click group.
–Tip: You can customise the report to sort & group by class or use the more link to filter by location
 
Other Reports Menu
Reports >
•Order Management
•Sales Orders
•Sales
•Purchases
•Saved Reports
•Saved Searches
 
Credit Memos that Don't Change Stock Levels
•Transactions > Customers > Issue Credit Memos
1.Select the customer
2.Add the item and change the quantity to zero
3.Change the unit price and amount to the credit amount
4.Save
 
•Using the credit button on a invoice or cash sale automatically creates and applies the reversing credit.
•Doesn’t work for a lot or serial tracked items.  Instead return the goods and then re-invoice.
•Tip: if you are using serial or lot tracked items make sure you turn on Advanced Bin / Inventory Numbers Management in Enable Features which simplifies picking serial and lot numbers.
 
Vendor Bill Variances
•There are 3 variance types:
1.Price Variance
2.Exchange Rate Variance
3.Quantity Variance
 
•A variance occurs when there are differences between the item receipt and the PO Bill.
•If you want the item to use the actual cost, you would need to go back and edit the item receipt or the purchase order.
•Tip: Purchase Order History Report shows the difference between the receipt and the bill.
 
•For example I buy 1 unit for $10 but the bill is for $12.
–Purchase Order is for $10
–Item Receipt for $10
Dr   Stock  $10 Cr  Inventory Received not Billed  $10
–Bill Purchase Order for $12
Dr  Inventory Received not Billed  $12 Cr  Accounts Payable  $12
•A balance of $2 remains in the Inventory Received Not Billed a/c
 
Post Vendor Bill Variances
•Each month you will need to Post the Vendor Bill Variances
Transactions > Purchases > Post Vendor Bill Variances
•Tip: Use three separate variance accounts to identify where the variances are coming from
–Setup > Accounting > Accounting Preferences > Items Tab > Default GL Variance Accounts
•Tip: Purchase Order History Report provides a break down of the balance in the Inventory Received not Billed Account
 
Negative Inventory
•Use the “Stock Out” view and sort by quantity on hand
•Review Negative stock
–Transactions > Inventory > Review Negative Inventory
–End of Month Processes include reviewing Negative Stock
•Avoiding Negative Stock
–Use Sales Orders to identify the available stock.
–Setup > Accounting > Accounting Preferences > Order Management tab – set Fulfil Based on Commitment  = Limit to Committed to prevent over fulfilment.
–Don’t build assemblies or enter invoices / cash sales if there is a stock shortage.
–Use Re-allocate Items to free up committed stock.
•Correcting Negative Stock
–Transactions > Inventory > Inventory Adjustment
 
Managing Stock Picking
•Trans > Management > Print Cheques and Forms > Print Picking Tickets
•Tip: Create a shortcut to Print Picking Tickets using the star button!
•Use the filter to identify complete v’s incomplete shipment
–Partially Fulfilled   > ships what is available today
–Respect Ship Complete  > ships once that order is complete
–Completely Fulfilled  > ships only orders that are complete
•Incomplete shipments can be managed or prevented via:
–Marking a customer or sales order (shipping tab) as Ship Complete.
–Mark the sales order line as complete quantity in the committed column
–Selecting the correct filter in print picking tickets (don’t print picking tickets from the sales order screen)
•Customise the picking ticket page to add other filters eg customers on hold.
 
What Next?
•Review your settings in Setup > Accounting > Accounting Preferences
•Disable any features you are using to unclutter and simplify menus and screens
•Review any negative stock and correct the quantities
•Setup your re-order points and preferred stock levels for Automated Purchasing (Order Items) even if just to identify shortages
•Use Mass Updates (General) to update your items with the settings we have discussed today.
•If you are not already using Print Picking Tickets page to identify stock for picking you need review the filters, add a shortcut and start immediately!
•Speak to the JCurve Customer Care or Professional Services teams to discuss your business requirements
 
 
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