Stock Tracking Settings

Stock Tracking Settings

Stock Tracking Settings in EquiBillBook allow you to configure how inventory is tracked, managed, and accounted for in your business. This comprehensive guide will help you understand and configure all stock tracking options to ensure accurate inventory management.

Accessing Stock Tracking Settings

To configure stock tracking settings:

1. Navigate to Settings → Item Settings
2. Look for the Stock Tracking or Inventory Management section
3. Configure the settings according to your business needs
4. Click "Update" to save your changes

Enabling Stock Tracking

Stock tracking can be enabled at two levels:

Global Stock Tracking

• Enable stock tracking globally for all items in the system
• When enabled, all new items will have stock tracking enabled by default
• You can still disable stock tracking for individual items if needed
• Useful for businesses that primarily deal with physical inventory

Item-Level Stock Tracking

• Enable or disable stock tracking for individual items
• Useful for businesses with mixed inventory (physical items and services)
• Services or digital products typically don't need stock tracking
• Physical products should have stock tracking enabled

Stock Accounting Methods

EquiBillBook supports different stock valuation methods:

FIFO (First In, First Out)

• Items purchased first are sold first
• Cost is calculated based on oldest inventory
• Best for businesses with perishable items
• Provides accurate cost tracking for items with expiry dates

LIFO (Last In, First Out)

• Items purchased last are sold first
• Cost is calculated based on newest inventory
• Less common but useful for certain business types
• May provide tax advantages in some jurisdictions

Average Cost Method

• Cost is calculated as the average of all purchases
• Simplifies cost calculation
• Best for businesses with stable pricing
• Most commonly used method for general inventory

Stock Location Management

Configure how stock is tracked across locations:

Multi-Location Stock Tracking

• Track stock separately for each branch or location
• View stock levels by location
• Transfer stock between locations
• Generate location-wise stock reports

Physical Location Tracking

• Enable Racks: Track items by rack number
• Enable Row: Track items by row number
• Enable Position: Track items by position/shelf
• Helps locate items quickly in large warehouses
• Useful for warehouse management and picking operations

Stock Transfer Settings

Configure stock transfer between locations:

• Enable Stock Transfer: Allow transferring stock between branches/locations
• Create transfer requests and approvals
• Track transfer history
• Generate transfer reports
• Essential for multi-location businesses

Stock Adjustment Settings

Configure manual stock adjustments:

• Enable Stock Adjustment: Allow manual stock increases or decreases
• Record adjustment reasons (damage, theft, found stock, etc.)
• Require approval for adjustments (if configured)
• Maintain adjustment history and audit trail
• Generate adjustment reports

Lot Number Tracking

Configure lot number tracking for items:

• Enable Lot No: Track items by lot or batch numbers
• Assign lot numbers during purchase
• Track lot-wise stock levels
• Useful for businesses with batch-manufactured items
• Essential for traceability and quality control

Low Stock Alerts

Configure stock alert settings:

• Alert Quantity: Set minimum stock level for each item
• Receive notifications when stock falls below alert quantity
• View low stock reports
• Configure alert notifications via email, SMS, or dashboard
• Helps prevent stockouts and maintain optimal inventory levels

Stock Movement History

Track all stock movements:

• View complete stock movement history for each item
• Track stock in (purchases, adjustments, transfers in)
• Track stock out (sales, adjustments, transfers out)
• View stock balance at any point in time
• Generate stock movement reports

Opening Stock Entry

Configure opening stock for new setups:

• Enter opening stock quantities when starting with EquiBillBook
• Set opening stock by location
• Set opening stock valuation
• Record opening stock for each item
• Essential when migrating from another system

Stock Valuation

Configure how stock value is calculated:

• View current stock valuation
• Calculate stock value by location
• Generate stock valuation reports
• Track stock value changes over time
• Useful for financial reporting and inventory analysis

Best Practices for Stock Tracking

• Enable for physical items: Always enable stock tracking for physical products
• Disable for services: Disable stock tracking for services and digital products
• Set alert quantities: Configure alert quantities to prevent stockouts
• Regular stock audits: Conduct regular physical stock counts
• Use stock adjustments: Use adjustments to reconcile physical vs system stock
• Track by location: Enable location tracking for multi-location businesses
• Choose right method: Select the stock accounting method that suits your business
• Maintain accuracy: Ensure all stock movements are recorded promptly

Common Stock Tracking Scenarios

Retail Store

• Enable stock tracking for all products
• Use Average Cost method
• Set alert quantities for fast-moving items
• Enable low stock alerts
• Regular stock adjustments for discrepancies

Warehouse/Distribution

• Enable multi-location stock tracking
• Enable racks/row/position tracking
• Enable stock transfers
• Use FIFO or Average Cost method
• Enable lot number tracking

Manufacturing

• Enable stock tracking for raw materials and finished goods
• Enable lot number tracking
• Track stock by production batches
• Use FIFO method for perishable materials
• Enable stock transfers between production units

Troubleshooting

Stock not updating after sales?

• Verify stock tracking is enabled for the item
• Check if the sale was completed successfully
• Review stock movement history
• Check for any pending approvals

Stock levels incorrect?

• Conduct a physical stock count
• Create stock adjustments to reconcile differences
• Review stock movement history for discrepancies
• Check for duplicate entries or errors

Low stock alerts not working?

• Verify alert quantities are set for items
• Check notification settings
• Ensure email/SMS notifications are configured
• Review alert threshold settings

What's Next?

After configuring stock tracking settings, you should:

1. Set alert quantities for important items
2. Configure stock accounting method
3. Set up multi-location tracking (if applicable)
4. Enable stock transfers (if needed)
5. Configure stock adjustment workflows
6. Enter opening stock for existing inventory
7. Test stock movements with sample transactions

Proper stock tracking configuration is essential for accurate inventory management. Take time to configure settings that match your business needs and ensure all stock movements are properly recorded.