Selecting a Stock Inventory System configuration is a critical decision, as it determines how your stock items are tracked and cannot be changed once saved. This setup affects how stock items are issued, impacting inventory management and cost calculations.
Setting Up Your Stock Inventory System
➡️ Go to: Profile Icon > Settings > Stock Control > Stock Inventory System
Choose Your Inventory System:
First In, First Out (FIFO): The first stock items entered will be the first ones removed. This approach is beneficial for items with expiration dates or perishable goods.
Last In, First Out (LIFO): The last stock items entered will be the first ones removed. This method may suit industries where inventory costs fluctuate and newer stock needs to be issued first.
Save Your Selection:
Once you have chosen your preferred inventory system, click Save.
This selection is permanent and cannot be altered after saving, so ensure it aligns with your business needs before proceeding.