Welcome to inventory management with Stock&Buy 🙂
This targeted FAQ will help you get started with the jargon we use in Stock&Buy.
1. What is a Product?
2. What is a Variant?
3. What is an Option?
4. What is an Bundle?
5. What is Total stock?
6. What is Allocated stock?
7. What is Stock on hand?
8. What is the MAC?
10. What is the Purchase price?
11. What is the Wholesale price?
12. What is the Retail price?
13. Can I attach pictures to a product?
14. Can I delete a product?
15. Can I assign a supplier to a product?
16. Can I adjust my inventory?
- What is a Product?
Your inventory is made up of products. This is basically what you sell (shirts, jeans, watches, computers, ect..). Click on the Products tab in the Main menu on the left to get started with products. You can both add new ones directly or import through CSV or one of your stores (Shopify, WooCommerce, etc…).
- What is a Variant?
A Product is made of variants. The product can be the T-Shirt. The variant is a Blue, XXL T-shirt. Your clients search for a product, then pick a specific variant to purchase.
- What is an Option?
Options are what make the variations. Options are things like, Color, Material, Size, Weight.
- What is a Bundle?
If you purchase raw material and combine them to make new products, bundling is for you. This is also known as kitting.
- What is Total stock?
Your total stock refers to all the products and variants you currently have in stock.
- What is Allocated stock?
Allocated stock is inventory that is associated with a sales order that is either allocated or invoiced. The allocated stock does not affect your total stock. When the sales order is shipped the allocated stock is deduced from the total stock.
- What is Stock on hand?
This is the difference between Total stock and allocated stock (i.e Stock on hand = Total stock – allocated stock). It refers to all the products and variants that can be sold in your inventory.
- What is the MAC?
The moving average cost (MAC) aims are re-calculating the average cost of stocks items after every inventory movement. This gives you a good benchmark for choosing your sales prices. Five things will trigger a new MAC calculation:
- Initial cost (when adding a product, we assign the cost to the MAC)
- Stock adjustement
- Manual edits of the MAC
- Manual edits of the total stock
- Purchase orders
- What is the Purchase price?
The price that you pay your supplier to acquire their goods. When you select a product in the purchase order, we automatically set the cost using the “Purchase price”.
- What is the Wholesale price?
The price you sell your goods to wholesale customers. If you set your customer business type to Wholesale, this price will be automatically selected. Make sure this price is higher than the MAC to make a profit.
- What is the Retail price?
The price you sell your goods to retail customers. If you set your customer business type to Retail, this price will be automatically selected. Make sure this price is higher than the MAC to make a profit.
- Can I attach pictures to a product?
You can attach as many pictures as you want to any product.
- Can I delete a product?
Yes, this is supported. However make sure you have no pending orders on the product.
- Can I assign a supplier to a product?
This can be done when you add a product, or later on when you are editing your products.
- Can I adjust my inventory?
If you make a mistake, you can all always go back and fix it. You can either add or remove inventory, and assign a reason for doing so. If for example you break something, you can go to your inventory and enter a stock adjustment to reflect the damaged stock item.