Stock Terminology: Parts Terminology

Identifier

  • Part number
    • A unique number that must be assigned to a part.
    • A part can not be created without a defined part number.
    • Once a part is created, it is advisable not to change its part number.
  • Revision
    • If a user's company designs or stocks multiple versions of the same part, making revisions can decrease the time wasted entering identical or near-identical data.
    • The combination of Part Number + Revision has to be unique for parts in Flowlens.
  • Name
    • The part's name.
  • Category
    • A category can be assigned to each part. These must first be defined in settings and then applied to parts.
    • It is not a compulsory field and can be updated even after a part is created.

Meta

  • Unit of measure
    • Each part must have a unit of measure. Example unit of measures are:
      • Each
      • Litre
      • Length
    • These need to be first defined in settings and can then be selected while creating/updating parts.
  • Job card template
    • Only applicable if users manufacture or assemble parts.
    • Job card templates should first be defined in settings, and then selected on parts.
    • Job card templates are checklists that users can apply to individual parts or all parts in categories, that define mandatory job card steps to manufacture/assemble the parts.
    • It is not compulsory to define a template against parts.
  • Is manufactured
    • Set this flag as 'True' for all parts to be assembled or manufactured.
    • The flag ensures that users can separate their raw material/spare stock from their finished products and sub-assemblies.
    • If a sales order has any part in it which is to be manufactured, i.e. for which this flag is set as True, then users can create a project directly from the sales order 'Actions' drop-down.
    • If none of the line items in the sales order require manufacturing/assembling, then projects will not be able to be created from the sales order
  • Generates unique assets
    • Stock management of these parts happen per unit, not as bulk.
    • When users purchase parts that generate unique assets, individual assets will be created for each quantity bought.
    • When such parts are sold, serial numbers must be provided for each quantity dispatched.
    • Once this flag is set against a part, it can not be undone.
  • Configurable
    • Parts that can be configured (i.e contain some options that are to be selected before selling/manufacturing them) should be defined as configurable.
    • Once a part is defined as 'configurable' it cannot be undone.

Financial

  • Selling price
    • This is the sell price of the part.
    • If the part is configurable, then it is the base sell price of the part, as final price can only be known once it is configured.
  • Cost price
    • This is the cost price of the part.
    • If the part is configurable, then cost price can not be applied as the final cost price can be known only after configuration is complete.
  • Nominal account (Sales)
    • This is the nominal account for the part for sales. Nominal accounts should first be defined in Settings to be then used against parts.
    • These are not compulsory field on parts, but should be defined as best practice to ensure that Nominals are correct with Sales Invoices.
  • Nominal account (Purchases)
    • This is the part's nominal account purchase code.
    • Nominal accounts should first be defined in settings to be then used against parts.
    • These are not compulsory field on parts, but should be defined as best practice to ensure that Nominals are correct with Purchase Invoices.
  • VAT code (Sales)
    • VAT code (Sales) is compulsory for all parts. Allocate standard VAT to all parts even when you don't sell some of them.
    • These are used to ensure that VAT are correctly applied during sales process for each part.
  • VAT code (Purchases)
    • VAT code (Purchases) is compulsory for all parts. Allocate standard VAT to ALL parts even when not purchasing the parts.
    • These are used to ensure that VAT are correctly applied during purchase process for each part.

Stock Tracking

  • Stock on hand
    • Stock on hand is the actual stock available physically. It is the sum of stock on all part locations of the part.
    • Following activities update stock on hand:
      • Dispatching stock decreases stock on hand
      • Voiding dispatches increased stock on hand
      • Receiving stock from purchase order - Goods Received Notes increases stock on hand
      • Voiding GRNs decreases stock on hand
      • Completing job cards increases stock on hand of output parts and decreases stock on hand of all stock reservations.
      • Stock adjustments on parts increase or decreases stock on hand
      • Receiving assets increases stock on hand
      • Dispatching assets decreases stock on hand
  • Stock reserved
    • Stock reserved are quantities of parts which are not yet physically consumed, but reserved for various purposes.
    • The following actions in Flowlens affects stock reserved quantities:
      • Confirming a Sales order : This will add stock to reserved quantities for each line item on the SO by the quantity sold.
      • Dispatching a SO : This free up (decreases) stock reserved by the quantity dispatched.
      • Voiding a dispatch: This will add the quantities back to reserved stock.
      • Reserving parts on Job cards: This will add to stock reserved quantities by the quantity reserved.
      • Cancelling a Job card: This frees up the stock reserved for all stock reserved within the cancelled Job Card.
      • Completing a job card: This also frees up stock reserved for all stock reserved within the cancelled job card.
  • Stock available
    • This figure is displays available stock for any new jobs or orders.
    • Calculated as: Stock Available = Stock on hand - stock reserved
    • The low stock Level and minimum stock level value views operate on this figure.
  • Stock on order
    • This represents the total quantity that is on a part purchase order.
    • The moment a purchase order is raised (be it in any status), the stock on order quantity increases.
    • The stock on order quantity is reduced when some quantities are GRN-ed on a purchase order, as those quantities are no longer on order.
  • Default location
    • Each part must have a default location.
    • Part locations must first be defined in the settings menu, then selected against all parts.
    • Part location is used every time a part is purchased, sold, or used in Job cards and they ensure that part is always picked up from the right location.
    • Use 'stock' tab in parts to move stock between locations or for stock adjustments.
    • The system will have a default location of 'Warehouse' pre-programmed in and will need to be used when adding parts manually or through the part import functionality.
  • Track stock
    • Set as 'True' for all trackable stock.
    • Should be set to 'False' for certain consumables that are never tracked within a warehouse e.g nut bolts etc.
    • If this is set to false, users will not be able to see the following values:
      • Stock on Hand
      • Stock available
      • Stock Reserved
      • Stock on Order
  • Minimum stock level
    • Define a minimum stock level for each part.
    • Whenever 'Stock Available' goes beyond this number, the part will appear in the 'Minimum stock level' report and widget, ensuring visibility for the purchasing of more stock.
  • Warning stock level
    • This is the second level flag for stock management on parts.
    • Whenever 'Stock Available' goes beyond this number, the part will appear in Warning stock level report and widget, ensuring visibility for the purchasing of more stock
  • Minimum order level
    • This is the minimum quantity of that part that users prefer to or must buy from the suppliers.
    • When a purchase order is raised for a part, the quantity to order on the purchase order will default to this quantity.

Details

  • Description
    • A free text field used to record more part details.
    • When a part is selected on sales quotes and sales orders, this field is populated in the line item description field.
  • Image
    • An associated part image can be uploaded.
  • Specification
    • A part specification file can be uploaded.

Suppliers

Multiple supplier can be recorded against a part. These are the suppliers the part can be bought from.

! If a supplier is not defined against a part, then the part cannot be bought from that supplier.

  • Preference
    • Preferences should be defined in order of preference, with first preference defined as '1', second as '2' etc etc.
    • Define a preference for each supplier associated with a part.
  • Supplier
    • Select the supplier from the suppliers list.
    • Companies must be created with type 'Supplier' in order for users to select them as a supplier.
  • Supplier part number
    • There are times where a part has different numbers based on each supplier.
    • This field can be used to store the part number per supplier for each part.
    • If the supplier part number and Flowlens part number are same, then leave this field blank.
    • When raising a purchase order from a supplier, this is the part number that will get printed on the PO PDF and ensures that supplier understands what part you are ordering.
  • Lead time
    • The number of days it takes the supplier to deliver the part to users, from the date of the purchase order.
  • Unit price
    • The price a supplier charges a user for each unit part.

! Only certain users have access to this functionality.

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