How to create a stock line item

About this task

This topic will instruct you how to create a stock line item.


Prerequisites

Ensure that you opened the stock list item screen.


Procedure

  1. Click the new record icon on the upper right of the screen.
  2. The stock line item detail layout opens.

    Populate the fields as follows:-
  3. In the Type drop-down field, (1) select the type of product applicable to the new stock line item.
  4. Populate, thekey attributes (2) fields for the stock list item.

    These will vary depending on the product type selected in step 3) The following table summarises these
    click to see table
  5. Populate the additional attributes (3) for the stock line item>
  6. Note that the SKU has been automatically populated.
  7. If you are aware of the Customer's SKU reference identifier for the item, populate this
  8. In the VAT Rate drop-down select the applicable rate for the stock line item.
    (VAT rates are maintained in system settings)
  9. Click the Department button, and then set the check boxes for the department(s) that will use this stock line item.

  10. If you are adding a stock line item for an intangible service (i.e. there is no physical element to the stock line item) then set the Service Item field check-box. Otherwise leave it clear.
    (Note: Stock items marked as intangible service, are not associated to physical warehouse locations when they are booked in)
  11. If you are adding a stock line item for a physical product, but you wish to suppress it from the stock list screen  (e.g, a replacement part for a machine), set the Non Stock List check-box. Again, otherwise leave clear.
  12. In the EAN13 Code field, you can enter the 12 digit International Article Number for the stock line item.
    (Note: As per the EAN syntax standards, the number you enter here must be 12 digits long.)
  13. In the EAN13 Price field you can enter the price for the stock line article
  14. The EAN13 Barcode field shows the barcode representation of the EAN13 Code,


  15. The Print button allows you to print out a label of the this barcode which you can physically attach to the product / product wrapping..
  16. If you want to maintain a minimum stock holding of the stock level item, populate this quantity in the Minimum field.


    Whilst it is not the remit of this help guide to prescribe how you should decide what a minimum stock level should be, a sensible strategy would be to identify two variables:-

    Consumption Rate: The average quantity of the item consumed daily.
    Delivery Days: The number of days between ordering and receiving the item.
    Minimum could then be calculated as (Consumption Rate * Delivery Days) + Consumption Rate

    The number entered here is used in the derivation of identifying stock shortfalls.
  17. It is worth noting that per SKU, the Current Storage Price is a calculated field which holds the current cost for storing this current balance of this SKU.
    It is calculated as the Quantity Available of the SKU multiplied by its Item Storage Price.
    Item Storage Price is defined per product type in system settings
    Customers can be charged for storing their items by using the Current Storage Price.


Next, the Supplier(s) of the stock line item need to be recorded

 

  1. Click to select the Suppliers tab
  2. Click the new record icon to select a supplier company.
    1. This will invoke the Find / Create New Company dialog box to allow you to set a supplier company.
    2. The functionality for selecting / creating a company is identical to that used when creating a contact so please see
      How to Create a New Contact for instructions
      .
  3. If there are multiple suppliers for this stock item, repeat step 10) until all suppliers have been recorded.

  4. Denote which of the suppliers added in step 10) is the Primary Supplier by clicking on the Make Primary Supplier button.



  5. The supplier actioned is step 12) is now labelled as Primary Supplier


    Notes
    a) There can only be one primary supplier per stock line item. You can amend the primary supplier by repeating step 12) for a different supplier. Doing so will demote any existing primary supplier to supplier, and update the actioned supplier to Primary Supplier.

    b) Primary Supplier is a field exposed on the Stock Items List form so can be used in finds / selecting found sets so should be set accordingly.


Next, optionally populate the Supplier SKU's or other attributes  for  the stock line item. It is valuable to record this as this may be quoted with deliveries of ordered stock so can be used to cross reference the corresponding purchase orders.

 

  1. Select the Customer or Supplier Attribute tab.

  2. Click the New Record Icon to insert a row.

  3. In the Customer or Supplier drop-down field, you can select one of the suppliers that was added in step 10)

  4. In the Value field, record the suppliers SKU for the stock line item.

  5. Repeat steps 15) to 17) if you have multiple suppliers, and want to record the SKU reference for each of them,

Finally, record the suppliers prices for the Stock Line items. These are the prices that will be used when a purchase order is raised for this stock line item. Note multiple prices for the same supplier can be recorded. These should be recorded in tiers.

  1. Click to select the Prices Tab
  2. Click the new record icon to insert a row.
  3. In the Supplier field, select one of the suppliers added in step 10) and add a description
  4. Populate the Quantity and Price fields.
  5. Add another price record if you want to define pricing tiers for a supplier..

    For example, in the below screen-shot three price records have been added for Firebrand.

    When a purchase order is raised with Firebrand for this product, the quantity ordered is compared to the tier level and priced accordingly:-

    Quantity Ordered

    Price per item

    <100

    £2.00

    >=100 <200

    £1.00

    >=200

    £0.50

 

  1. Repeat steps 20) to 23) if you want to record prices for multiple suppliers.

 

 

Related Topics

Viewing the Stock Items List

How to view Stock Item Detailed Record

Raising Order for Stock Items