Inventory Terms and Information

A subdivision within an inventory location (e.g. a shelf or container).

Not available yet, but might be added in the future.

A periodic physical count of a subset of inventory to verify stock accuracy, as best practice for auditing.

May trigger the need for Stock Adjustments.

The total collection of goods, materials or products a business holds for sale, use or production.

Includes all items that represent tangible objects and are stored at physical locations.

The location where the stock is stored, managed or tracked from.

Locations are a type of entity and can be nested (e.g. a Factory location nested under the Printing Dept. department).

The monetary value of inventory.

Relevant for financial reporting.

Multiplies the Quantity on Hand by the stock item’s Unit Price.

The Unit Price is calculated using methods such as FIFO, LIFO or Average Cost.

In QuickEasy BOS, the Unit Price is the item’s Stock Price at the location: entered manually, or kept up to date as a moving weighted average (see Item Prices Explained). If no stock price is entered, the cost price is used.

The process of removing stock from an inventory location, typically for sale, use or transfer.

Decreases Quantity on Hand.

Logged as a transaction.

A system where stock is distributed and tracked across multiple inventory locations.

In QuickEasy BOS, multiple inventory locations are managed as follows:

• A Location Entity can be created for each location.
• Stock Movement Transactions can be created to record moving stock from one location to another.
• The locations are selected on the transactions when stock is issued, received or returned.

The current quantity of a Stock Item that is available at a specific Inventory Location.

A core metric, tracked per location in the stock table.

The process of adding stock to an inventory location, typically from a supplier or production.

Increases Quantity on Hand.

Recorded as a transaction.

The stock level at which more stock must be ordered to avoid running out of stock.

Generally triggered when stock levels fall below the Minimum Quantity on Hand.

Extra stock held to mitigate the risk of stockouts due to demand variability or supply delays.

Should be considered when setting the Minimum Quantity on Hand.

The quantity of a specific item or product available at a given location at a specific point in time.

A subset of inventory.

Stock is linked to a location, which is set up as an entity.

A manual change to the Quantity on Hand to correct discrepancies (e.g. theft, damage, miscount).

Recorded as a transaction with a reason code.

An individual product, material or stock keeping unit (SKU) that is tracked within the inventory system.

The item is part of the physical stock, which is usually recorded.

A unique identifier for each distinct stock item (e.g. it differs by attributes such as size and colour).

Links the stock item to a product catalogue.

The measured quantity of a stock item at a location. Often includes minimum and maximum thresholds.

Used to manage stock ordering.

The transfer (addition or removal) of a stock item within or between inventory locations.

Tracked in a transactions table.

The value of one unit of a stock item at an inventory location (base unit, local currency).

Used to value the stock, and to price the items on Transaction Types with Pricing = Stock Price.

When the Quantity on Hand of a stock item reaches zero at a location.

Avoided with good inventory management.

An Inventory Location that stores large quantities of stock.

Currently, QuickEasy BOS does not distinguish between the types of locations. They are all treated as warehouses.

A Stock Price worked out from the Goods Received: each Goods Received with a price moves the average towards its cost, in proportion to the quantity received.

Used when the General Setting Inventory > Auto Update Stock Price (Weighted Average) is checked.

A checkbox (unchecked by default). If checked, the Stock Price of every stock item and location is worked out from its first movement, then kept up to date as a moving weighted average. If unchecked again, the Stock Prices stay as they are and are no longer updated.

It can be checked at any time, even on a database that already has stock transactions. See Item Prices Explained.

Select a default Inventory Location. Select the Resolve to use (e.g. Produce, Issue, Receive).

Inventory > Default – From Inventory Location and Inventory > Default – To Inventory Location set the From and To locations of a new transaction. They apply to inventory transfers (when Inventory > Enable Transfer Issue is checked).