5.4: Inventory Transactions
Overview
The Inventory module is a powerful tool designed to help you manage your item inventory efficiently. Whether you’re running a retail business, a warehouse, or any operation that involves tracking and handling physical goods, this module provides essential features to streamline your inventory management processes.
Waiver: Please be advised that our support does not extend to the management of raw material inventory. Additionally, while we strive for efficient service, we cannot guarantee perfect inventory management for finished products.
Here are the most common scenarios in EasyFS Inventory Flow
Scenario 1: Single Branch
Applies to the use of the Inventory system for a single Branch Monitoring
Item Creation/Management
- Create and manage item records within the inventory system.
- Include essential details such as item code, description, unit of measure, and other relevant information.
Purchase Order
- Based on the approved purchase request, a purchase order is created and sent to the supplier.
- The purchase order includes details like the quantity, price, and description of the items or services.
Receiving Receipt
- Upon receiving the goods or services, a receiving receipt is generated to confirm that the items have been received in the quantity and condition specified in the purchase order.
- Inventory Code is generated upon making the Receiving Receipt. This will monitor the Inventory of the Item being encoded
- Update inventory levels if applicable.
Sales Invoice
- When items are sold, generate a sales invoice to record the sale.
- The sales invoice includes details such as the items sold, quantities, prices, and customer information.
- Update Inventory levels if applicable
Inventory Report
- Generate regular inventory reports to monitor stock levels, identify any discrepancies, and track overall inventory performance.
- Reports may include current stock levels, stock valuation, and other relevant metrics.
Scenario 2: Multi-Branch
Applies to the process flow where there are Multiple Branches or Warehouses that the company is utilizing. An additional sub-module is needed such as Stock Transfer Request and Stock Transfer form in order to efficiently transfer stocks from one branch to another.
Item Creation/Management
- Create and manage item records within the inventory system.
- Include essential details such as item code, description, unit of measure, and other relevant information.
Stock Transfer Request
- When there is a need to move inventory from one branch or warehouse to another, initiate a stock transfer request.
- Specify the items, quantities, and the destination branch or warehouse.
- Stock Transfer Requests can be made by users who have the corresponding rights based on the company’s organization.
Stock Transfer
- Process the stock transfer based on the approved request.
- Stock Transfer will pick up the data from the Stock Transfer Request.
- Record the movement of items from one branch or warehouse to another in the system.
Sales Invoice
- When items are sold, generate a sales invoice to record the sale.
- The sales invoice includes details such as the items sold, quantities, prices, and customer information.
- Update Inventory levels if applicable
Inventory Report
- Generate regular inventory reports to monitor stock levels, identify any discrepancies, and track overall inventory performance.
- Reports may include current stock levels, stock valuation, and other relevant metrics.
Scenario 3: Extra-Ordinary Activities
These are non-regular and used only in certain situations as
- Setting up beginning balances
- Supplier and Customer Returns
- Adjustments in Physical Inventory
Extraordinary Stock In
- Record the addition of new inventory into the system.
- Used for Stocking In Items as a Beginning Balance
- Also used for Stock Adjustments
- Also used for Stock Returns from Customers
- Update the inventory levels for the corresponding items.
Extraordinary Stock Out
- Record the removal of items due to return to the Supplier.
- Also used for spoilages and internal company use
- Adjust the inventory levels to reflect the reduction in stock.
Scenario 4: Multi-Branch with EasyPOS Integration
This process utilizes EasyFS and EasyPOS software Integration. Wherein EasyFS is the backend application and EasyPOS is the front end application. This applies to organizations with Multiple Retail Stores that the BIR requires an accredited (Point-Of-Sale) System.
Item Creation/Management
- Create and manage item records within the inventory system.
- Include essential details such as item code, description, unit of measure, and other relevant information.
- Upon Creation of the Item in EasyFS it will integrate to EasyPOS
Supplier Creation/Management
- Create and manage supplier records within the system, including contact information, Email, TIN (Tax Identification Number), and payment terms.
- Assign unique Supplier Code for easy tracking.
- Upon Creation of the Supplier in EasyFS it will integrate to EasyPOS
Customer Creation/Management
- Create and manage customer records within the system, including contact information, credit limit, credit terms, TIN (Tax Identification Number), Type of Business
- Assigning of Manual Code unique to customer for easy tracking.
- Upon Creation of the Customer in EasyFS it will integrate to EasyPOS
Purchase Order
- Based on the approved purchase request, a purchase order is created and sent to the supplier.
- The purchase order includes details like the quantity, price, and description of the items or services.
Receiving Receipt
- Upon receiving the goods or services, a receiving receipt is generated to confirm that the items have been received in the quantity and condition specified in the purchase order.
- Inventory Code is generated upon making the Receiving Receipt. This will monitor the Inventory of the Item being encoded
- Update inventory levels if applicable.
Sales (easyPOS)
- Items are sold, generate a sales invoice to record the sale in EasyPOS
- The sales invoice includes details such as the items sold, quantities, prices, and customer information.
- This is posted in the easyPOS
Official Receipt (easyPOS)
- Recording of the Payment being done in the POS Sales module
- Issuance of a BIR Accredited Receipt
POS Apps (easyFS)
- Validation of Items Sold in the EasyPOS to EasyFS
- Tax Type, Terms, Discount and Unit should be consistent between EasyPOS and EasyFS
- Usernames between EasyPOS and EasyFS should also be consistent to be able to be validated correctly
Sales Invoice
- This is the validated Sales transactions from easyPOS that is transferred in easyFS
- Update inventory levels if applicable
Collection/ Payment
- Receive payments from the customer against the issued invoice.
- Apply payments to the corresponding accounts receivable entries.
Inventory Report
- Generate regular inventory reports to monitor stock levels across all branches or warehouses.
- Reports may include current stock levels, stock valuation, and other relevant metrics for each location.
