Inventory Overview

Before the Inventory process can begin in Advantage Inventory, both inventory specific and non-inventory tables must be set up.  

Inventory Management is designed to aid warehouse personnel in effectively processing stock requisitions and managing reasonable inventory levels.  The Procurement and Inventory Control Subsystems are integrated in order to minimize inventory investments by basing purchasing decisions on inventory usage history.  

Stock Items can either be issued out of the warehouse directly or indirectly.  In the direct method, a user physically goes to the warehouse to get the item, and an Over-the-Counter (OC) transaction is used to record the request and issuing of goods all in one step.  In the indirect method, the user does not go to the warehouse, but instead requests an item from a remote location.  In this case a Stock Requisition transaction (SRQ) or Stock Requisition for External Customers (SRQE) transaction is used.  The warehouse manager can then create pick tickets to have items bundled and sent to the requestor.  The Stock Issue Confirmation (CI) transaction or Stock Issue Confirmation for External Customers (CIE) transaction records the issue of those goods and posts the accounting elements based on the purchasing method specified on the stock requisition transaction.  If the Ship To field is a warehouse location, when submitting a Pick and Issue (PI) transaction, the system will automatically create the required Stock Transfer Issue (TI) transaction. If the Ship To field is not equal to a Warehouse location: when submitting the Pick and Issue (PI) transaction, the system will automatically create a Confirmation Issue (CI) transaction.

Items that have been purchased with the Over-the-Counter or Stock Requisition transaction can be returned to the warehouse using the Stock Return (SN) transaction.  Items that have been purchased with the Stock Requisition for External Customers (SRQE) transaction can be returned to the warehouse using the Stock Return for External Customers (SNE) transaction.  The Stock Return transactions allow the user to record the number of goods returned to the warehouse from where they were issued.  

The Receivable for Inventory (REI) transaction allows you to enter a transaction to record money owed as a result of goods or services provided, overpayment to a vendor, or anticipated receipt of unearned revenue.  It results in the generation of an Invoice or Statement to bill customers.

Advantage Inventory allows a manager to transfer stock between two distinct warehouses.  When multiple warehouses carry the same stock item(s) and one warehouse has a surplus while another is in demand of that item, the two warehouses can transfer the stock item(s).  The Stock Transfer Issue (TI) transaction allows you to record the number of goods being transferred to another warehouse.  The Issuing Warehouse, with the surplus, enters the Stock Transfer Issue (TI) transaction to initiate the transfer of the items. A Stock Transfer Issue (TI) transaction will be generated if the Stock Request (SRQ) line being picked via the Pick and Issue (PI) transaction contains  a Ship To of a warehouse location.

A Confirmation Issue (CI) transaction will be generated if the Stock Request (SRQ) line being picked via the Pick and Issue (PI) transaction does not contains a Ship To of a warehouse location.

The Inventory Adjustment (IA) transaction provides the ability to manually adjust inventory levels. The Inventory Adjustment (IA) transactions are also generated during the Physical Inventory Reconciliation process to facilitate and record reconciliation of on-hand quantities with actual quantities. The Inventory module tracks the movement of inventory throughout the chain of events. The Inventory Correction (IC) transaction provides the ability to adjust all inventory quantities that do not impact the On-Hand Quantity.

One of the key elements to Inventory is maintaining the appropriate stock levels.  Physical Inventory Freeze allows stock items to be counted so that discrepancies between the recorded and actual on hand quantities can be accounted for.  When discrepancies are discovered, Inventory Reconciliation process creates Inventory Adjustment transactions to account for the change in On Hand Quantity, as well as any change in a Stock Items cost.

Advantage Inventory provides the warehouse manager access to on-hand, reserved, released, backordered, on order, currently requested, and in transfer quantities.  Inventory also provides the capability to calculate lead times, forecast demands, calculate reorder levels, and service backorders.