Inventory transactions

Inventory Transaction iconInventory transactions represent movements of stock from one inventory location to another. Normally, the process consists of four steps:

  1. Requesting the transfer

  2. Approving the transfer

  3. Signing for pickup or delivery

  4. Signing for receipt

Inventory stock that is physically present at a location and is not included in a pending transfer has the initial status 'On Hand.'

Requesting a transfer

To request an inventory transaction:

  1. Create a new record in the Inventory Transaction list.

  2. On the General tab of the Inventory Transaction Data Entry dialog, enter details of the request:      

  3. Purpose: The nature of the transaction; e.g., 'Transfer,' 'Sale,' or 'Restock.'

    Notes: Enter as needed.

    Transfer locations: Select the Supplier and Receiver, or the appropriate locations, from the lookup lists.

    (To add names to the lists, create records for them in the Vendor and the Inventory Location lists, respectively.)

    The Requested By fields are filled automatically; change Date or Name as needed. Approved By, Picked Up/Delivered By, and Received By will be completed later.

  4. On the Inventory tab, choose an existing inventory item from the lookup list.      

  5. To choose directly from the Inventory list, click Inventory. Ctrl-click and drag an item from the list into the Inventory Transaction dialog.

    For wholesale transactions, select the option Use Cost Pricing.

  6. To change an itemʼs details, select it and click Change. In the Inventory Transaction Item Data Entry dialog, change the itemʼs Name, Quantity, or Unit Price.      

The Create Invoice button is used for wholesale transactions.

Approving the transfer

Approving an Inventory TransactionEvery transaction must be approved by a manager. To approve a transaction, click Approved by me on the General tab. To mark it approved by another user, choose a Name from the drop-down list.

Note: Clicking Approved by me saves the record immediately; this action cannot be undone.

Once the transfer is approved, the status of the included inventory items becomes 'Allocated' at the From location and 'On Order' at the receiving location.

Signing for pickup and delivery

Inventory transaction—Signing for pickup and deliveryWhen an inventory transaction involves physically transporting merchandise between locations, an employee must sign for it when itʼs picked up, and again when itʼs delivered to the new location. To sign for pickup or delivery, enter a date in the Picked Up/Delivered By or Received By field. You can change the Name if necessary.

When transfers are signed for using Λctiv8 POS, the signatures appear here.

To approve the transaction and sign for pickup and receipt in one step, click Set Approved & Pickup/Delivered by me or Set Approved & Pickup/Delivered & Received by me.
Note: Clicking either of these options saves the record immediately; the action cannot be undone.

When inventory items are picked up, their status changes to 'Allocated' at the origin location and 'On Order' at the receiving location. Once theyʼre delivered, their status at the receiving location changes from 'On Order' to 'On Hand.' Failure to sign properly for pickup or delivery, with the correct date, will result in incorrect statistics in the stock level and movement views.

Transfers on Λctiv8 POS

Λctiv8 POS users can transfer inventory between locations and sign for pickups and deliveries on the applicationʼs Tools tab. An inventory transfer on the POS creates an Inventory Transaction record in Manager and adjusts the Inventory Stock levels accordingly.

Simple inventory transactions

The full process outlined above maintains complete statistics on the movements and levels of inventory stock at each stage. As weʼve noted, this information can be very helpful for understanding the details of how your inventory stock is allocated and moved, at the cost of some complexity. If you donʼt need to know the fine details, you can effect an inventory transfer quickly by adjusting the 'On Hand' quantities for a location directly in the Inventory or the Inventory Stock list. Manager creates 'Adjustment' entries and updates the 'Allocated,' 'On Hand,' and 'Available' quantities as needed.

Inventory transaction reports

Manager uses the “Daily” and “Monthly Inventory Transaction Report - Financials” jobs to send you regular summaries of inventory transactions by location and transaction details.

Related topics:

Inventory management

Inventory locations

Inventory stock

Inventory transactions

Stock level and movement data