VIDEO TUTORIAL

V9 - Tracking lot inventory

Video transcript: Tracking lot inventory

This video is all about lot tracking inventory in SOS Inventory. We'll learn how to create a lot tracked item, then we'll bring it into inventory and sell the product.

So let's start by creating our lot inventory item. To do so, we'll go to Add new transaction, then go under Inventory to the Item.

Here, you will:

• Name your item.
• Then, because it is a lot-tracked item, make sure that you check Track lot numbers.
• From there, you need to at least include the essential fields, which would be:
  • Your item Type.
  • The accounts, to ensure that those are the correct accounts for the item.
  • If you are selling the item, add the Sales price.
  • And, of course, the Purchase cost.
  • If you want the item to sync with QuickBooks Online, make sure that you have checked the box to Sync with QuickBooks.
  • Other than that, complete any other fields that you would like.
• And then save the item.

Now that the item is saved, let's look at bringing it into the system.

To bring in inventory to the system, you must complete an item receipt. You can create an item receipt from the Add new transaction, and you'll find it under the Purchasing section. You may go to the Purchasing area on the Operations menu, go to Item receipts, and create a new item receipt from here. However, if you're using purchasing orders, then you will actually create your item receipt from the purchase order.

If we look at PO258 and do a Quick view, you will note that I have my lot-tracked inventory item on this purchase order.

To create an item receipt for the purchase order, simply click on the dropdown to go to the item Actions menu and select Receive. This will create your item receipt. Here, you will add your Lot number and the Expiration date, if it applies. So I will simply add that in, put in my Expiration, then, of course, I would finish the rest of the item receipt, and Save and close.

Once you have saved the item receipt, your inventory has now been added. So if we come to the Inventory area, open up our Lots section, and do a search for our lot-tracked item, you will see that it is now showing that we have both of those in stock and available to sell. So let's look at selling our lot-tracked inventory using the standard sales workflow.

Again, standard sales workflow is just starting with the sales order, then going to the shipment transaction, then creating the invoice. Again, there are multiple ways to use sales workflow within SOS, but we will just demonstrate the standard. So I will go to the Sales area, and I'll begin with my sales order.

Add a new sales order, and add your customer. Then, we'll add our item, and we'll sell both of the lot-tracked items. Now on your sales order, you will not add or select a lot to choose from. Here, we will simply Save and close and go to our sales order, because now we are ready to fulfill the order.

Once you're ready to fulfill the order, use the drop-down Actions menu beside the sales order. And here, I can create my shipment now. When we do the shipment transaction, I'm going to add or select the lot that I want to choose from here by simply selecting from the drop-down menu, then Save and close the shipment transaction. 

Now, if we go to look at the shipment transaction, I want to do a Quick view of this because the output of your shipment transaction is your packing slip. And I just want to demonstrate that right here, you'll see that the lot number is given, so they know exactly what to pull off the shelves. So that will be included in your shipment transaction.

But if we go back to the sales order, now that we've shipped the goods, I can invoice those items. So I will now create an invoice for that sales order. You will see that the lot number comes through from the shipment. Complete the rest of the invoice, and then save it.

This will then close your sales order, and that sales transaction is completed. If you double-check, if you're not sure, or you just want to see the evidence, you can come here for the lot. And now you will see that it is now nothing in stock, nothing available to sell.

So that is tracking your lot items from purchase and bringing them into inventory through the item receipt, and then going through the sales workflow.