Inventory Overview

Inventory Overview

Inventory

Anytime, anywhere inventory management in the cloud. Our advanced inventory system is capable of tracking multiple warehouses and comes complete with classes, projects, and user-defined, hierarchical location tracking that doesn’t stop at the warehouse. Set up warehouse sections, rows, bins – the power is in your hands.

Inventory works very closely with the Sales and Purchases modules to help you monitor inventory on a real-time basis. Inventory quantities are instantly updated when posting sales invoices, paying bills, recording credit memos, creating purchase returns, and making inventory adjustments, so much of this inventory management happens behind the scenes automatically. In addition, we’ve created a set of tools that may be used to help you monitor and manage your inventory daily.

Items

An item represents something that you can buy or sell (or both). An item can be a product or a service, and the attributes that will be assigned will differ depending on this distinction. Items can be in multiple locations, have more than one unit of measure, and can be part of another assembled item. Service items are used in the time-tracking module and can be added as hours, minutes, or a flat rate.




Locations

Locations are places where your inventory is stored. You can use locations to track your inventory at physical locations that are within your company or that belong to a vendor. When creating locations, think about all of the places your inventory items might be during the time that they are under your ownership. For each of these physical locations, you might want to create a location in CustomBooks™.



Assembly or the Bill of Materials

CustomBooks™ has Assembly/Bill of Materials (BOM) functionality commonly used in the manufacturing industry, among others. The Assembly/BOM feature allows users to list all the components, raw materials, services or labor, and sub-assemblies required to produce another item or the final product. In CustomBooks™, the Assembly/BOM feature plays a crucial role in inventory management, providing businesses with detailed insights into their manufacturing processes and associated costs.



Lots and Serial Numbers

Serial Numbers are unique identifiers for individual items, crucial for tracking inventory, warranties, and preventing fraud. In CustomBooks™, they are assigned upon receipt (Item Receipts/Bills) and tracked on dispatch (Shipments/Invoices).

Lot Numbers identify specific batches or groupings of products, enabling traceability from raw materials to consumption. Unlike serial numbers, a single lot number can apply to multiple items. In CustomBooks™, lots are recorded on item receipts for purchased goods and assigned during assembly builds for manufactured products.
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