Having the right groupings of stock can streamline workflows and support differentiated processing, for example in stock takes and in reorder processing, helping you manage your stock more efficiently.
Abel ERP’s stock types are configurable to suit most requirements. They provide groupings of stock that are meaningful to your business e.g. to distinguish finished goods from raw materials. In this blog, we’ll look at a few different stock types and their uses.
Common Stock Types
These are the stock types that are used most often:
- Stock – Goods held in stock ready to sell including finished goods from manufacturing.
- Store – Items that are usually consumed in the production process.
- Plant – Raw materials usually consumed in manufacturing.
Special Purpose Stock Types
These are some special purpose stock types that require differentiated processes:
- Back-To-Back Purchase – Items you buy when a customer orders one (rather than being held in stock).
- Loan Stock – Items currently on loan to customers e.g. to temporarily replace items you are servicing for them.
- Consignment Stock – Your stock held by a third party e.g. at a retailer waiting to be sold. The retailer pays you when they sell it.
- Indent Stock – Supplier-owned stock held in your warehouse for sale or consumption.
Less Common Stock Types
These are examples of less common stock types that some businesses require:
- Clearance Stock – for items on “run out” that are no longer being re-ordered.
- Tools – for items that wear out in the production process e.g. drill bits, saw blades.
- Showroom stock – for items currently on display in the showroom.
Abel offers two approaches for handling consumables.
- If consumables are normally held in your warehouse, we configure requisition documents to include them.
- If consumables are normally held on the factory floor, then we omit them from requisition documents.
Abel ERP’s stock types can be configured to suit most businesses. To find out more about Abel’s features and how they can help your business, please contact us.
Until next time.