What’s included in this update?
For some businesses, inventory is an essential part of operations. From retail to manufacturing, without inventory management, those businesses would come to a halt. The functionality is non-negotiable, whether it’s tracked in a spreadsheet or part of an accounting software package. With this update, Reckon One supports inventory management for scaling businesses that need to track, record, create purchase orders, and manage their inventory needs.
Update Benefits
With Reckon One’s inventory management update, users will benefit from:
Item management
Users will have full control of their items and stock through a user-centric interface. Inventory items can be created, edited, and managed alongside existing non-inventory and service items. Item management includes quantity on hand (QOH) on the item card, with low-stock alerts and a low-stock tab for stock optimisation.
Purchase Orders
Essential for every inventory management system, purchase orders will allow users to create customer orders from a supplier, including items, quantities, costs, and delivery instructions. Once fulfilled, purchase orders can easily be converted to a bill or multiple bills.
Inventory Costing
Reckon One inventory management uses the weighted-average cost method, assigning an average cost to all inventory items based on COGS and ending inventory. The average cost is updated in real time as stock is received or adjusted via a stock adjustment transaction.
Inventory transaction
Inventory items can be used across all transaction types in Reckon One, including:
- Invoices
- Bills
- Credit notes
- Estimates,
- Payments & receipts
- Expense claims
- Stock adjustments
Stock Adjustments
Stock adjustments can be created based on quantity or value, with a description, account, and classification for each adjustment. The optional flexibility gives users more control over stock adjustments while also limiting errors and re-adjustments.
Negative inventory
Negative inventory is disabled by default and can be switched on with inline warnings when stock is at risk of going negative on a transaction. This allows stock to replenish when a customer order goes through the system. This gives users more customisation for their inventory management and is especially useful for dropshipping businesses.
Inventory Reporting
The new inventory management feature provides access to specialised reporting, including an inventory valuation summary, inventory details, and inventory status by item. All these reports will give users insight into how their inventory management is performing, when to re-stock, checking valuations, etc.
What’s next?
With Reckon One’s inventory management update, users can manage their inventory needs at scale. With Reckon One accounting software, customers have the tools they need to understand their finances and manage their business. Stay tuned for upcoming developments in inventory and accounting.
