Inventory management is the process of overseeing and controlling the flow of goods within a business. It involves tracking the movement of goods and materials, monitoring inventory turnover, and optimizing replenishment to ensure products are always available.

The goal of inventory management is to minimize the cost of holding inventory by helping you know when it’s time to replenish products or buy more materials to manufacture them. 

Inventory Features and Configurations

• Before configuring inventory management make sure you have vendor users. 
• Admin can use inventory of all features by selecting a specific vendor. In the vendor panel, they can use inventory features only for him/her.
• In the inventory menu, there is an available feature for Location, Supplier, Purchase order, Stock, Transfer, Transactions, and Settings. Products manage stock must be enabled while adding stock by purchasing or adding initially.
• Location: Locations, where product stock will be stored for a specific vendor. Where vendor can create their own locations and admins can create locations for the particular vendors as they want. One vendor can use multiple locations and product stock is applicable for storing all locations as necessary.
• Supplier: Vendor can create their own supplier information or admin can create suppliers for specific vendors.
• Purchase order: Vendors can purchase their products from suppliers for specific locations. After purchasing orders from the supplier products will be receivable one by one from the purchase list. There will be available features receive or reject. Receive products will be available in purchase locations and received products will be ready for sale from customers. 
• Stock: All products will show here if those products have a stock record. Here will show product stock records by the stock type called Unavailable, Committed, Available, On hand, and Incoming

  Unavailable = Inventory that is not available for sale or committed to an order

  Committed = Inventory that part of an unfulfilled order

  Available  = Inventory at your store that can be sold

  On hand = The total amount of inventory at a location. This is the sum of available, committed, and unavailable items

  Incoming = Inventory that’s on its way to your location

  Stock adjustment is available for specific locations.

• Transfer: Here product stock will be transferable from one location to another location. After creating a transfer there will available option for receive or reject product stock. It is exactly the same as the purchase order receive or reject. Received products will be stored in transferred locations.
• Transaction: All stock-related transaction records will be shown here.
• Settings: There is a setting for which location stock will be reduced/increased while sold/refund by a customer. In settings, the highest location means where product stock is more than in other locations.
• Product stock can be added initially while creating/updating the product. If the product has a vendor then this vendor location will show another tab admin/vendor can add stock initially or adjust stock once added initially and make sure product manage stock is enabled.

Note: If all of the products will stock out after updating Martvill’s latest version please configure inventory for restocking all products.