This guide provides instructions on how to implement, enable, activate, start using and manage the stock management function in the Netvisor system. The implementation, enablement, activation, start using covers tracking stock quantities, selecting stock valuation methods, setting user permissions, and tips for daily use.

CONTENTS

The stock management section allows tracking of product stock quantities and shows the stock value of stored products per stock. When the settings are correct, sales transactions reduce the stock quantity for stored products.

Implementing stock management

Netvisor's stock management has transitioned to the Rackbeat program for new customers. For Rackbeat implementation, enablement, activation, start using, please contact Netvisor sales: myynti.netvisor@visma.com 

Adding user permissions

Users of stock management must have edit rights in the function-specific permissions section for stock management. This is included in the company user profile. Additionally, sales and purchase ledger permissions should include edit rights for the purchase price. The commission section is irrelevant.

If there are no rights to the purchase price, an * mark appears next to the price.

Selecting stock valuation methods

The stock valuation method determines how the stock value is calculated.

Choose the valuation method that best suits the company from the following options:

  • FIFO calculation
  • Running average price
  • Weighted average price

More information on valuation methods can be found in the Stock valuation methods guide.

Creating stocks and shelf locations

Stocks and shelf locations define where products are stored and how they are grouped.

Proceed as follows:

  1. Open stock and shelf location management in Netvisor.
  2. Establish the desired stock locations in the company.
  3. Add shelf locations to the stocks if necessary.

Detailed instructions can be found in the Stocks and shelf locations guide.

Selecting stock transaction types

Stock transaction types are used to group stock transactions and limit stock reports.

Make the following selections:

  1. Open the stock transaction type settings.
  2. Create custom types for transaction type usage if you want more detailed grouping.
  3. Set the created transaction types as defaults for the specific usage.

Stock transaction types do not necessarily need to be changed, and default values can be used. More information on transaction types can be found in the Stock transaction types guide.

Product information and defaults in order

The product register defines which products are stored and at what prices they are handled.

Proceed as follows:

  1. Open the product register.
  2. Define which products are stored.
  3. Set for stored products:
    • the correct sales price
    • the correct purchase price
    • the default stock
  4. If there are no products in the register yet, they can be imported into the company via data import as a .csv file.

More information on product data import can be found in the Product data import guide. If products are created manually, instructions for doing so can be found in the Creating a new product guide.

Entering stock opening balances

Stock opening balances ensure that stock management starts with the correct quantities and values.

Enter opening balances as follows:

  1. Open the product listing.
  2. Use the inventory function in the product listing to add stock balances to products.
  3. Before performing inventory, ensure that a purchase price has been added to the products.

More information on inventory can be found in the Inventory guide. The purchase price should also be considered if a product is manually added to the stock through a new stock transaction with the type purchase.

When the opening balances have been entered and the settings are correct, stored products on the sales invoice will reduce the quantity of products in stock. 

Special considerations during stock management implementation

Netvisor starts recording stock transactions from business transactions in sales and purchases automatically when the service is activated. Therefore:

  1. Ensure that products handled in business transactions have at least a purchase price defined to ensure the stock value is correct. Correcting values for transactions afterward is unnecessary manual work. 
  2. Record stock opening balances as soon as possible to prevent your stock balance from going negative due to sales transactions. The average price used in transactions is calculated for the product only during the first opening balance entry. This also ensures that the stock value and margin are recorded correctly, avoiding unnecessary manual correction work. 
  3. Ensure that you enter a purchase price for the opening balances, from which the product's average price is calculated.

Tips for daily use of stock management 

  1. Recording stock transactions is easy when default settings are in order.
    • The product's default stock is formed for all stock transactions.
    • The product's purchase price or vendor-specific purchase price is included in purchases.
    • The type used in transactions is automatically set for usage points with default stock transaction types.
    • The product's stock shortage is visible at every stage of the transaction processing when a stock alert limit is set for the product.
  2. Inventory or recording opening balances can be done for multiple products at once using the inventory function in the product listing process basket.
  3. Product-specific stock settings can be edited in bulk in the product listing process basket.
  4. The product listing can be used for stock reporting. Stock-specific balances are visible in their own columns.
  5. The most used stock reports can be saved as report templates.
  6. When the stock valuation method is set to FIFO calculation, batch tracking and linking automation are enabled for products.
  7. Product availability can be ensured by setting alert limits for products. The "Product consumption" report from stock management reports can be used to automatically suggest alert limits based on the previous sales period's consumption.
  8. The change in stock value can be recorded, for example, at the end of the month using the Recording stock value change guide.

Extended product management (Premium package):

  1. With extended product management, manufacturing entries for stock preparations can be made in the product listing process basket when a sub product structure is formed. Sub products are automatically deducted from stock according to the structure when a manufacturing entry is created.
  2. Stock reports can be limited to only manufacturing transactions when composite products and sub products are assigned their own stock transaction types and the report is limited to these two types.

Frequently asked questions

Question: How do I implement, enable, activate, start using Netvisor stock management from scratch?

Answer: Start by ensuring that the user has edit rights to the stock management section and edit rights to the purchase price in the sales and purchase ledgers. Then select the stock valuation method, establish stocks and shelf locations, define stored products and their prices and default stock in the product register, and finally enter the stock opening balance quantities and purchase prices using the inventory function.

Question: Why is defining the purchase price important in stock management?

Answer: The purchase price is needed to ensure that the stock value and average price are calculated correctly. If there is no purchase price, the stock value will not correspond to reality, and correcting transaction values afterward causes unnecessary manual work.

Question: When does Netvisor start recording stock transactions automatically?

Answer: Netvisor starts recording stock transactions from sales and purchases automatically as soon as the stock management service is activated and products are defined as stored.

Question: How can I prevent stock balances from going negative during implementation?

Answer: Record stock opening balances as soon as possible after activating the service and ensure that a purchase price is defined for all stored products. This way, sales transactions will not drive balances negative before the opening balances are recorded.

Question: How can I make recording stock transactions easier in daily use?

Answer: Set a default stock, purchase price or vendor-specific purchase price, and default stock transaction types for products. This way, stock transaction data is completed automatically, and stock shortages are visible at different stages of the processing when an alert limit is set for the product.

Question: How can I use reports to support stock management?

Answer: Use the product listing for stock reporting, as stock-specific balances are visible in their own columns. Save the most used stock reports as report templates and use the "Product consumption" report to define alert limits. You can record the change in stock value, for example, at the end of the month using a separate guide for recording stock value change.

Question: What are the benefits of FIFO calculation and extended product management?

Answer: FIFO calculation enables batch tracking and linking automation, which makes stock tracking more accurate. Extended product management allows manufacturing entries for stock preparations in the product listing process basket using a sub product structure and makes it possible to limit stock reports to only manufacturing transactions using dedicated stock transaction types.

Keywords: Stock management, stock transaction types

This article has been translated using an AI-based translation tool. The contents or wording of these instructions may differ from those in other instructions or in the software.


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