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Unlike most other Cloud Accounting systems, franchiseIQ provides fully integrated Inventory Management in the EnterpriseIQ edition for managing your company’s products and services.

Product Groups for Better Analysis & Reporting

It allows you to categorise products into groups and sub-groups for analysis and reporting purposes.

Multi-Location – Warehouses and Locations

Specify the areas (e.g. warehouses, stockrooms, bins, etc.) in which products are stored by setting up inventory locations and sub-locations. These locations/sub-locations could also be used for ‘put away’ and ‘picking’. Inventory levels and reserved quantities can then be tracked at these locations.

Manage Your Price Lists with Ease

franchiseIQ provides comprehensive price list facilities which enable you to set up a range of prices per product (price categories) and a range of customer-specific pricing based on sales quantities and applicable price dates (price lists).

You can also update your prices of selected items using our powerful Bulk Price Update feature which is handy if you need to quickly implement price changes across selected lines.

Of course, you can also set prices when you are inputting a sales or purchase transaction.

Suits Service-Based Companies Too

If your company is purely service-based and does not track inventory levels, you can ignore it altogether and simply use the ‘batch invoice’ options in both Sales and Purchases to record transactions (these do no require any product details).

However, even if your company is service-based, the following are some of the reasons why you might want to use the inventory system:

  • If you want to use the general invoicing options, you can set up your services (as products) and then specify that they are non-inventory and that the system should not maintain inventory levels.
  • Setting up your services (as products) gives you the added benefit of being able to apply various pricing structures based on service categories and/or customers.
  • Although you may not sell ‘products’, it is more than likely that your company buys ‘products’ from time to time. These could be anything from ‘pens’ to ‘laptop batteries’. For those products that are not actually assets, you can keep track of them by setting them up as items or, even if you do not ‘store’ them, you could use the system simply as a price control mechanism by setting them up as non-inventory

Value Your Inventory More Accurately and Obtain More Up to Date Reports

When you sell something in the system by posting a Sales Product Invoice, it posts Cost of Sales and Inventory Control transactions with the sales transaction so that the GL is always up-to-date.

These postings are generated based on the calculated average cost of the items sold and posted to the GL along with the normal sales postings.

This means that you do not need to worry about period end inventory postings and your sales margin reporting figures are always up to date.

Inventory Management Summarized

In summary, the following features are available:

  • 50 character alpha numeric product coding
  • Handles both inventory product and non-inventory items/services
  • Multi-part invoicing of same order/delivery
  • Multiple locations and sub-locations inventory balances, including inventory traceability by location/sub-location
  • Location and sub-location inventory (on hand, reserved and on-order levels)
  • Inventory count adjustments postings with adjustment to GL stock
  • Auto Posting of Cost of Sales for each sale for Margin analysis and GL reporting
  • Adjustment of cost value of inventory and posting of related GL adjustment
  • Supports last cost & average cost valuation methods which is useful if the cost of your items are subject to a fair degree fluctuation
  • Roll-up of transport (landed) and related costs to item average costs
  • Price management with multi-level price lists and bulk update facilities
  • Discount structure with quantity and value based discount break points
  • Inventory reports to track inventory levels across multiple locations, inventory movements, items to be reordered

Other Applications

The following applications are designed to work hand-in-hand with Inventory Management:

"Inventory Management" is part of the franchiseIQ line of products, developed by FranchiseIQ.