Inventory Module Add-On - Setup and use of Feature - shopVOX Pro

Tyler MacDonald Updated by Tyler MacDonald

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This feature is typically utilized by customers with pre-made products stocked for quick turnaround, especially prevalent among high-volume apparel businesses seeking control over quantities. To determine whether Inventory is a suitable fit for your shop, refer to this informative article.

How to Best Use This Guide:

This comprehensive guide focuses on setting up the Inventory feature in your shopVOX Pro account. It is strongly recommended to read through the entire article from start to finish for a thorough understanding.

Tracking Materials vs Products:

In the context of shopVOX:

  • Materials: Refers to raw goods used in the manufacturing or creation of a finished product, such as vinyl media, substrate material, blank apparel, or paper/card stock.
  • Products: Encompasses finished retail items where no further modifications are made. The application of a markup to wholesale goods is the primary action.

Your first decision is whether you'll be tracking Materials or Products. Most users, especially those in custom shops, will track inventory on Materials—the physical components (raw goods) purchased to create the end product sold to customers.

However, if you operate a retail shop or sell retail products, where you acquire finished items from vendors, mark them up, and then resell them, tracking Product inventory is essential. Given that these completed items are ready to sell, the Inventory add-on facilitates effective tracking. It's worth noting that you can track both Materials and Products within the same account if your business involves selling both types of items.

Optimal Use for Your Industry: Custom Shop

If your business falls into categories such as Sign, Screen Printing, Embroidery, Awards, Print, or any other custom manufacturing shop, it is advisable to track inventory on Materials rather than Products. The rationale behind this recommendation is rooted in the fact that, in your industry, the end Product is something you create. Instead of purchasing a final Product from vendors, you acquire raw materials and use them to craft the end Product.

Industry-specific Examples:

  • Sign Industry: Materials encompass substrates, vinyl, lamination, inks, grommets, etc.
  • Print Industry: Materials include cardstock, paper, inks, and similar components.
  • Awards & Engraving Industry: Raw components like plaque boards, sheet plastic/metal, trophy columns/figures/hardware, and even engraveable items such as acrylic/glass/crystal awards are considered Materials. In this context, you don't stock engraved products; rather, you maintain inventory of blank awards (Materials).
  • Screen Printing/Embroidery: In the case of apparel-related businesses, a blank T-shirt is commonly referred to as a Product. However, within shopVOX, a blank T-shirt is categorized as a "Material" because it serves as the foundation for producing the finished Product—a screen-printed T-shirt.
  • Custom Manufacturing: Materials may consist of metal, wood, or plastic parts that come together to create a distinctive custom finished product.

By aligning your inventory tracking with Materials, you ensure a more accurate reflection of your unique manufacturing process in a custom shop setting.

Retail Shop:

For retail businesses, it is advisable to track inventory on Products, especially when dealing with retail products marked up for sale.

Key Tracking Features:

Within the Inventory feature, you have the ability to monitor two critical aspects related to the items you select:

  1. Inventory Levels:
    • This denotes the quantity of each item in your possession, commonly referred to as inventory counts.
  2. Inventory by Location:
    • This involves tracking the quantity of each item along with their respective locations. While optional, the capability to track the physical locations of your items can be valuable. This is particularly useful if your business operates across multiple warehouses or sections, contributing to the maintenance of accurate and well-organized records.

How to Set Up Inventory Tracking

Step 1: Enable Inventory Tracking

After determining the materials or products you intend to track inventory for, proceed to the Product or Material settings. Locate and select the option "Track Inventory," as illustrated in the image below. Check the corresponding box to activate inventory tracking for the chosen items.

IMPORTANT NOTE:

  1. Sell/Buy Ratio Setup: Ensure the correct configuration of the "Sell/Buy ratio," especially if you are using different Units of Measurement (UOM) for Selling and Buying Units.
  2. Visibility of "Track Inventory" Flag: If the "Track Inventory" flag is not visible, navigate to Account Settings > Forms. In this section, make sure to check the "Track Inventory" checkbox in either the Materials Forms and/or the Products Forms settings. This step is essential for the proper display of the "Track Inventory" flag.

Step 2: Enter Inventory Quantity

To effectively track inventory, access each Material or Product you've chosen to monitor and enter the current Quantity on Hand (shown below).

Materials:

If you are tracking Materials, you will find the Inventory details positioned below the Material details. Enter the accurate Quantity on Hand for each Material to initiate precise inventory tracking.

Products:

For those tracking Products, locate the Inventory details within the "Inventory" tab available in the left-hand side menu. Click on the link to open the Inventory details page, where you can input and manage the Quantity on Hand for each Product. This step ensures accurate and efficient tracking of inventory for your selected Products.

Ensure accuracy in all other details for each Material/Product. An explanation of the meaning of each field is provided below:

Field Definitions:

The following is a comprehensive list of all Inventory Fields and their definitions:

  1. Reorder Point:
    • This is the threshold quantity that, when reached, signals that the Material/Product should be reordered to maintain sufficient stock levels.
  2. Qty on Hand:
    • The total quantity of the Material/Product available on hand, inclusive of quantities on Sales Orders.
      • Calculation: Qty on Hand = Qty Available + Qty Reserved
  3. Qty Available:
    • The quantity of the Material/Product that is available for new orders.
  4. Qty On PO (Purchase Order):
    • The quantity presently listed on an outstanding 'Open' Purchase Order that has not yet been "Received."
  5. Qty Sold:
    • The cumulative total quantity sold since the inception of tracking.
  6. Qty Reserved:
    • The quantity "Reserved" for other Open Sales Orders (SO). These quantities are consumed upon the completion of an open SO. If the SO is voided, the Qty Available increases, and Qty Reserved decreases.
  7. Avg. Cost (Average Cost):
    • The average cost of the Products/Materials based on quantities on hand.
  8. Total Value:
    • The total monetary cost of the quantities on hand.

How shopVOX Updates Inventory Levels:

Once inventory tracking has been enabled for a specific Product/Material in shopVOX, there are three ways in which the system updates inventory counts/levels:

  1. Auto Update:
    • Unlike the other two methods, Auto Update can be toggled on or off for your entire account. When activated, the system automatically updates inventory counts whenever there is any transaction impacting inventory. To enable Auto Update, navigate to the Setting/Transactions, and toggle Auto Update Inventory on/off
  2. Manual Update:

Inventory can be manually updated within the following transactions:

  • Sales Orders
  • Invoices
  • Purchase Orders
  • Material Receipts

After completing a transaction (with no additional changes to be made), navigate to the blue actions menu and select the "Update Inventory" option.

When you click "Update Inventory," products or materials set to "track inventory" will be adjusted based on the ongoing transaction. This functionality is always active and doesn't require activation. However, it necessitates manual initiation by clicking the button before inventory is actually updated from the mentioned transactions.

Why use manual update? In scenarios where multiple changes may occur during the Sales Order process before finalization, the manual update feature allows you to decide when to update the inventory, providing flexibility and control over the process.

  1. Manual Adjustments:

Manual adjustments allow you to manually "check in" or "check out" inventory from one physical location to another, referred to as transactions. Further details on this option can be found in the final section of this article.

Additionally, you can perform a manual adjustment to the Quantity on Hand within the Material or Product settings. Simply select "Adjust on Hand."

You can then make additions or subtractions to the "Quantity on Hand" as needed. This feature provides a direct method for precise adjustments to inventory levels based on your specific requirements.

You can then make an addition or subtraction to the "Quantity on Hand".

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Inventory Module Add-On - Setup Locations - shopVOX Pro

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