INVENTORY AND ORDER MANAGEMENT SIMPLIFIED

YOUR E-COMMERCE BUSINESS CENTRALIZED

June 10th, 2016 By Tamoh

Periodic stock-take and inventory discrepancies

Stock-take and bulk inventory reconciliation allows you to make sure you have track of the right inventory value and numbers.

Mistakes will happen, and you will end with different numbers. The physical inventory will have certain numbers, and your inventory tracking software will report different numbers. This is why you need to perform stock-take(s) and fix the discrepancies when needed.

Business owners will physically go around their shops and warehouses and count all their products. When completed, they will compare the numbers they collected against the numbers they have in their inventory tracking software. If the numbers differ, they will enter an adjustment, or as described in this article, they will perform a bulk adjustment for all products.

It is very important to do this on a periodic basis, this will enable you to reduce the gap between the physical inventory, and what is inside Stock&Buy.

How to do a stock-take inside Stock&Buy

  • Go to Products under the INVENTORY section
  • On left hand side click on “Stock take”
  • The first page will allow you to download your current inventory.
  • Download the file and open it in Excel or Numbers
  • Make the needed changes (explained below) and upload the file again.
  • Stock&Buy will automatically create the necessary adjustments for both quantities, MAC, and purchase prices.

 

Stock-take format and inventory reconciliation

The file is a simple csv file, that contains the information as shown in the picture below:

Stocktake for inventory reconciliation

  1. Product name: your product name, please don’t update, this is just for reference.
  2. SKU: stock keeping unit for each variant. Please make sure those are unique, and that you don’t modify them in the file you just downloaded. If you do, items won’t be updated when you upload the file again.
  3. CurrentCost: the MAC for a single unit for this variant. You don’t need to update this, it is here just for your reference.
  4. CurrentPurchasePrice: the price you pay for your products (per unit). This is also just for reference, please don’t modify.
  5. CurrentQuantity: This is the current inventory that Stock&Buy knows about. This is the key number to compare to your physical inventory. Again, please don’t modify this, this is just for comparaison.
  6. ActualCost: please update this if you want to enter a new MAC for your products (per unit). Leave empty if the CurrentCost is correct.
  7. ActualPurchasePrice: If you want to bulk edit the purchase price for this product, please update, otherwise leave it empty.
  8. ActualQuantity: After you physically check your inventory, and if it differs from the CurrentQuantity, please update this value. Let’s say if the CurrentQuantity is 7, and you found 5, please enter 5 in the ActualQuantity. In the background, we will automatically create an adjustment when you upload the file again.

That’s it, very simple. When you do all the necessary updates in the csv file, go to the next page on the wizard, and upload the modified file.

As a side note, this feature can be used for exporting all your current inventory, make offline sales, and upload the file again when you are done. Stock&Buy will automatically create the inventory adjustments needed in case you would like to sync the changes to your accounting services such as Xero. And if you have connected stores (Shopify, WooCommerce, ect…), they will automatically receive the new adjusted quantities.

Ditch the spreadsheets, paper based and manual book keeping of your orders and inventory