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.
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Stock Inventory System
In this section, you’ll choose how your inventory flow is managed. This configuration affects how parts are issued and costed during stock movement.
First in, first out (FIFO)
This method assumes that the oldest stock (the first goods in) is used first.
Best for perishable or time-sensitive items.
Last in, first out (LIFO)
This method assumes that the newest stock (the last goods in) is used first.
Suitable for businesses where newer stock must be used first.
Stock Control Bin Locations
Bins help you organise and locate stock more efficiently within a warehouse or van. A bin might represent a shelf, aisle, or drawer.
Enabling bin locations gives you better stockroom visibility and control. You can assign up to 4 bin locations per stockroom.
Enable
Turns on the bin location functionality system-wide. You’ll be able to assign bin names when creating or updating stock locations.
Disable
Turns off bin location tracking. Best used for a simple or small stockroom.
This selection is permanent and cannot be altered after saving, so ensure it aligns with your business needs before proceeding.
Best Practice
Use FIFO for standard HVAC, plumbing, and electrical stock.
Use bin locations if your stockroom is large or you store similar items in different areas.