Use Invoiceplace for easy inventory management â€“ keep track of products sold so you will never run out of stock. The Stock on Hand (SOH) is automatically maintained for all of your products, and you can make stock adjustments to change the levels as required.
What does Stock On Hand / SOH mean, and how is it calculated?
The Stock On Hand or SOH is the total number of products that are available for sale, and have not been sold already.
Invoiceplace calculates the SOH as: (Total number of stock adjustments) â€“ (Total number of products sold on invoices)
When an invoice is deleted any products that were on the invoice are added back to inventory. For example if you create an invoice for an professional photography session and include 2 photo albums then the SOH for the photo album is decreased by 2. If you delete this invoice, the SOH for the photo albums is increased by 2.
The SOH is not changed when you create an invoice template or a quote template that uses products in the invoice line items. Similarly creating a quote which has products will not change the SOH.
A stock adjustment will increase or decrease the SOH (see the next paragraph).
What is a stock adjustment?
A stock adjustment updates the number of products that are available. This would be done after receiving a shipment of stock from an external supplier, or when you create/manufacture more stock yourself.
Benefits of inventory management with Invoiceplace
- Instantly know when you need to re-order more stock.
- Doesnâ€™t take more time or effort to use â€“ Stock On Hand is automatically adjusted when you create or delete an invoice.
- Flexible and easy inventory management software â€“ adjust stock levels for any reason in one simple step (i.e. after receiving a shipment from a supplier, during stock take, removing damaged or lost stock).
How to calculate stock on hand and stock adjustments
Adding inventory / stock is done in one simple step, and you don’t need to manually calculate the stock on hand – whenever you create or remove an invoice the SOH is automatically adjusted for you. When you receive a shipment from your supplier follow the instructions below to adjust stock levels.
1. Login to Invoiceplace and click on the Products tab.
The Stock On Hand is displayed for each product. There is no need to manually calculate the stock on hand â€“ this is done automatically.
2. To create a Stock Adjustment click on the link titled â€˜New Stock Adjustmentâ€™.
Enter the details for the stock adjustment:
Date Received: This is the date when you physically received or added to the stock available. This is not the date that you order more products.
Reference Number: This is the reference number used by the person or business supplying the products to you. This will typically be the invoice number from your supplier.
Product: Choose the existing product for which you need to update the stock levels.
Qty: This is the total number of products that you received or produced for this stock adjustment.
Unit Type: The unit type is automatically set from the product.
Notes: Used to enter any useful comments or extra information about the stock adjustment.
Not only does Invoiceplace provides invoicing software to make your billing fast and professional, now you can take control of your inventory as well!
Try Invoiceplace today – Easy Invoicing And Quotes From Anywhere. No sign up required, click here to start.