Inventory Terms and Information

QuickEasy BOS has implemented a scalable inventory system. As the system is developed, or features are requested, the Inventory module will be expanded to provide more complex inventory management tools.

The inventory system relies on Entities, Items, and Transactions to work. This page explains the terminology, how everything fits together, and the related settings.

Inventory Terms 

These terms align with common ERP and inventory management terminology. 

Term	Description
Bin	A subdivision within an inventory location (e.g. a shelf or container). Not currently implemented but might be implemented in the future.
Cycle Count	A periodic physical count of a subset of inventory to verify stock accuracy to comply with best practice for auditing purposes. May trigger the need for Stock Adjustments.
Inventory	The total collection of goods, materials, or products a business holds for sale, use, or production. Includes all items that represent tangible objects and are stored at physical locations.
Inventory Location	The location where the stock is stored, managed, or tracked from. Locations are created as a specific type of Entity, and may be nested (e.g. Factory (location) can be nested under Printing Dept. (department)).
Inventory Valuation	The monetary value of inventory. Relevant for financial reporting. Multiplies the Quantity on Hand by the stock item’s Unit Price. The Unit Price is calculated using methods such as FIFO, LIFO, or Average Cost.
Issue	The process of removing stock from an inventory location, typically for sale, use, or transfer. Decreases Quantity on Hand. Logged as a transaction.
Multi-Location Inventory	A system where stock is distributed and tracked across multiple inventory locations. In QuickEasy BOS, multiple inventory locations are managed as follows: A Location Entity can be created for each location. Stock Movement Transactions can be created to record moving stock from one location to another. The Locations are selected on the transactions when stock is issued, received, or returned.
Quantity on Hand	The current quantity of a Stock Item that is available at a specific Inventory Location. Represents a core metric that is tracked per location in the stock table.
Receive	The process of adding stock to an inventory location, typically from a supplier or production. Increases Quantity on Hand. Recorded as a transaction.
Reorder Point	The stock level at which more stock must be ordered to avoid running out of stock. Generally triggered when stock levels fall below the Minimum Quantity on Hand.
Safety Stock	Extra stock held to mitigate the risk of stockouts due to demand variability or supply delays. Should be considered when setting the Minimum Quantity on Hand.
Stock	The quantity of a specific item or product available at a given location at a specific point in time. Is a subset of inventory. Stock is linked to a Location which is set up as an Entity.
Stock Adjustments	A manual change to the Quantity on Hand to correct discrepancies (e.g. theft, damage, miscount). Recorded as a transaction with a reason code.
Stock Item	An individual product, material or stockkeeping unit that is tracked within the inventory system. The item is included in a product table in a stock table.
Stock Keeping Unit (SKU)	A unique identifier for each distinct stock item (e.g. differentiates on attributes such as size and colour).  Links the stock item to a product catalogue.
Stock Level	The measured quantity of a stock item at a location. Often include minimum and maximum thresholds. Used to manage stock ordering.
Stock Movement	The transfer (addition or removal) of a stock item within or between inventory locations. Tracked in a transactions table.
Stockout	When the Quantity on Hand of a stock item reaches zero at a location. To be avoided through proper inventory management.
Warehouse	An Inventory Location that is used to store large quantities of stock. Currently, QuickEasy BOS does not distinguish between the types of locations. They are all treated as warehouses.

Stock vs Inventory 

Stock	Inventory
A specific tangible item at an identifiable location.(e.g. 50 Widgets at Warehouse A)	Broad concept, representing the entire system or collection of goods. (e.g. 1000 Widgets and Gadgets across all warehouses)

Stock Item vs Stock Keeping Unit (SKU) 

Stock Item	SKU
The physical object being tracked.	The digital identifier for that item in QuickEasy BOS.

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Settings  

The following settings affect how inventory is handled. With the exception of the decimal quantities, all the other settings must be set before a transaction will update Inventory. If a setting is changed, QuickEasy BOS must be restarted to update the transaction columns and fields.

Setting	Navigation	Description
Inventory > Decimals in Stock Quantities	Main Menu > Setup > Settings	Allows users to select 0 to 4 decimal places.
Locations	Main Menu > Entities	Allows users to create entities of the type Location for each of their Inventory Locations.
Transaction Settings	Main Menu > Setup > Transaction Types > Edit Transaction Type > Settings (tab)	Allows users to select a default Inventory Location.  Allows users to select what Resolve (e.g. produce, issue, receive) should take place.
Transaction Statuses	Main Menu > Setup > Transaction Types > Edit Transaction Type > Status (tab)	The Inventory column must be checked for at least one status.
Items	Main Menu > Setup > Items	In the item header, either Fixed or All Locations must be selected from the dropdown list next to Inventory.

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Inventory Reporting Table 

• Inventory values are not stored, they are retrieved from an Inventory Reporting Table when required.
• Inventory Values are added to an Inventory Report if the following conditions are met:
  • Transaction Header:
    • The Header must have a Status for which the checkbox in the Inventory column is checked (i.e. an Inventory Status).
    • The Transaction must not be in the Recycle Bin.
  • Transaction Item
    • Location must have a value (i.e. a Location must have been selected.)
    • The selected Location (Entity) must be in an Active Status.
    • The Resolve option must be one of these: Issue, Receive, Reserve, On Order, Adjust.

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Database Functions 

• InvSelectLocationQty
• InvSelectItemQty

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