Using Stock Items (SKUs)

There is both a physical and an accounting perspective to SKUs.

If you keep any level of inventory you need joined up visibility of both perspectives to manage your stock accurately and efficiently.

Joined up, real-world model

SKUs are represented as Stock Items in the system. These Stock items are joined up models of the physical and accounting perspectives of an SKU. This is the optimal strategy for:

  • 100% accurate stock tracking
  • a high degree of process automation

Physical

You can use the warehouse management system (WMS) to model SKUs as instances.

For example, Instances with a quantity of 1 can be tracked by serial number, and instances with a quantity greater than 1 can be tracked as Lots.

Instances can store detail about themselves, i.e. Location, Purchased from, Sold to, Warranty, Service history, etc.

Because instances enable you to create a real-world representation of a physical SKU, you can track stock to the level of granularity you require to achieve the best possible optimization of your inventory management.

See ‘Warehouse management system 101: Part 1 – Fundamentals’

Accounting

The system’s accounting functions enable you to track the costs, sales, and value of your stock assets. The system uses the average cost method to track the cost of goods.

The system automatically keeps track of all stock ‘adjustments’ so it can dynamically calculate the stock’s value.

When you purchase stock, the system increases the stock value. When you sell the stock, the system automatically recalculates the value based upon the unit costs.

See ‘Using Accounting’

Customizable Instances and Item Masters

You can adapt instances to fit exactly with the business needs, and go further to increase the detail and value of your insight of SKU lifecycles.

You can add custom fields and functionality to Item masters to store more data, and do more with it.

Categories and Attributes

You can create and assign Categories i.e. Brand, Style, Genre, Product Line, etc, and Attributes i.e. dimension, color, capacity, volume, etc to Items.

Location

You can track the entire physical journey of every instance of stock from intake to being received by a Customer.

The Stock manager tracks the Item’s journey through the Document workflows i.e.

  • Purchase Order > Item Receipt > Purchase Invoice,
  • Sales Order > Shipment > Sales Invoice > Delivery note,
  • Transfer between Customers. 

See Using the Stock Manager

The WMS (warehouse management system) tracks the physical journey of the stock i.e. Goods In > Location > Pick > Pack > Staging > Skid/Pallet

Status and Availability

You can create and assign Categories i.e. Brand, Style, Genre, Product Line, etc, and Attributes i.e. dimension, color, capacity, volume, etc to Items.

Lot Tracking

From the Lot List, you can view which Purchase Orders the Lots were received from and drill down on each Lot to view which Sales Orders the Items from the Lot were sold on, and therefore which customers Lots were sold to. You can also track Lot activity on RMAs.

Preferred Supplier

You can assign multiple preferred Suppliers to an Item, together with their respective minimum order quantity, lead times and last cost.

Stock Item: Reference

Sales | Prices tab

Item Code A unique alphanumeric identifier
Sales Description
Matrix Parent Select an Item (see ‘is Matrix’)
Barcode For barcode readers. i.e. Item part # or UPC code. This will be printed on Order, pick, pack and ship documents.
Serial Number Don’t use, check out the Warehouse Management System (WMS)
Item is Active Is available for use on a new Document
Item is Sold Is available for use on a Sales Document
Is Matrix Check and save to make this ‘Matrix master
Commodity Code Google commodity code for your respective country
Lot Number not in use
Pricing details
Unit Price The base selling price
Sales Units The sales unit of measure i.e. ‘each’ – see ‘Unit of Measure relationships’
Item Tax The Item is taxable
Foreign Price The default price commensurate with the customer’s default currency. In other words, if your base currency is USD and your customer pays you in CAD, then this is a fixed price for this Item in CAD.
Selling Information
Free text area If you enter information here, and ‘i’ will appear on the Line Item when you add this Item to a Sales Document. Links and text allowed
Related website I.e. a product page on your website
Cross | upsell information
Free text area If you enter information here, and ‘i’ will appear on the Line Item when you add this Item to a Sales Document. Links and text allowed
Size and Weight
Dimension Units i.e inches, centimetres etc
Height
Width
Length
Weight Units i.e lbs, kg, etc
Weight
Volume Units i.e. lb/ft³ etc
Volume
Shipping Information
Item is drop shipped Not in use
Pack separately Info only
Weigh before shipping Info only
Number of units per box Info only
Shipping instructions Info only

Purchasing | Costs tab

Item is Purchased Item can be sued on Purchase Documents
Default Order Type Standard, Drop Shipped or Special Order
Costing details
Unit Cost The latest purchase cost as manually entered by you.
Purchase Units See ‘Units of Measure’
Item Tax Tax code relating to Item or Item Tax option id. (USA only) taxable or not
Foreign Cost The default price commensurate with the Supplier’s default currency. i.e. if your base currency is USD and your Supplier invoices you in CAD, then this is a fixed price for this Item in CAD.
Preferred Suppliers
The information in the list is used by these automations: On Sales Order, Create Dropship Purchase Order, Create Special Order. On Purchase Order Generator, ‘by Item’ and ‘by Order.’
Supplier
Item Code The Supplier’s SKU / Item code.
Description
Unit Cost The latest cost you manually added here
Stock The current stock level for this Item
Minimum Order Quantity Used for information and by the Purchase Order generator.
Average Lead Time (days)
Use on Docs Available for use on Purchase Orders
Default The default used by the automations.
Purchasing Information
Free text area If you enter information here, and ‘i’ will appear on the Line Item when you add this Item to a Purchasing Document. Links and text allowed
Related Website i.e the Supplier’s product page
Reorder Level
Size and Weight
Dimension Units i.e inches, centimeters etc
Height
Width
Length
Weight Units i.e lbs, kg etc
Weight
Volume Units i.e. lb/ft³ etc
Volume
Delivery Information
Free text area Text and Links allowed.

Stock tab

Current status and availability
On Hand The total quantity you currently have in your warehouse, regardless of whether it is available for use or sale. It includes unallocated as well as allocated stock. You can allocate stock for: Assembly or disassembly.
Initial Valuation The opening balance in the Stock Asset account for this Item. Only visible on the initial creation of the Item.
On Sales Orders (Allocated) The quantity of this Item allocated to Sales Orders.
Free Stock Available for allocation i.e. on hand stock minus allocated stock
On WMS Kits (WMSI) The quantity of Items assigned to Kits.
Quarantined (WMSI) Quantity of Items in stock, but not available for allocation or assignment.
Average Cost The average value of a stock over an accounting period.
On Sales Orders (Not Allocated)
Shortfall The qty required to fulfill open orders.
On Purchase Orders The qty of this Item on Purchase Orders with a Document Status of ‘Open’ or Partially Received.
Stock Status by Site
Site by site view of the current status and availability of this Item.
Units of measure relationships See Using Units of Measure
Stock Units i.e. Each, Case etc
1 Purchase Unit = i.e. 10
1 Sales Unit = i.e 1
Permit fractional Stock Units Express the above as floating point numbers e.g. 1.30
Multi-packs See Using Multipacks
Multipack name (WMSI) Enter a descriptive name i.e. Six pack
Barcode (WMSI) The barcode for the ‘six pack’
Stock Units (WMSI) The quantity of SKUs in the pack e.g. 6
Stock take information
Location Info only
Last Stock Take Info only
Units counted Info only
Stock Locations by Site
Site
Location
Description
Pick Order See WMS documentation
Put Order See WMS documentation

Classification tab

Categories
Category A top-level key i.e. Manufacturer
Attributes
Name I.e. the product color
Value I.e. red, amber, green
Auto description Used by Matrix Items
Class
Item Class Classification for the item when it is put on the Line item, and used in the general ledger.

Images tab

Image 1, Image 2, Image 3, Image 4 Placeholder for an uploaded images

Accounting tab

Income where the income is posted on the general ledger (profit & loss)
Cost Of Goods Sold (COGS) where the cost is posted on the general ledger (profit & loss)
Stock Asset Where the asset value is posted on general ledger (balance sheet)

E-commerce tab

Customer Portal
Available in Portal Cart Will display this Item in the TAP (Trade Acceleration Portal)
Shopping Cart Information
Cart Mapping The cart it’s used on
Utility Fields
Price Impact Contact support.

Custom fields tab

Stock Item: Actions

Action Description
Retire The Item will no longer appear in the look-ups. Unchecks the Active box.
Show WMS Stock Show SKU qty and location
Find On Sales Orders (Allocated): List Documents with this Item

On Sales Orders (Not Allocated): List Sales Order Documents with this Item where stock is not allocated.

On Purchase Orders (Not Received): List PO Documents with this Item that are not yet received.

On Purchase Orders (Not Billed): List PO Documents with this Item that are not yet billed.
Actions New Stock Adjustment: See Using Stock Adjustments

New Stock Transfer: See Using Stock Transfers

Show History: Shows the audit trail of the Item.
Delete

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