NickelPOS - Nickel Point of Sale

Point-of-Sale: Inventory Control

Inventory Control

Inventory is the products, whether they be a service or goods that you sell. Tracking the goods you sell is the hardest part of running a retail or wholesale operation.

Small business is a tough business. Research shows that the vast majority of new small businesses will end up failing. The
dominating reason for this failure has been attributed to poor or faulty record keeping, resulting in out-of-stock
merchandise, reckless invoicing, and lost opportunities. Don't let this happen to your business.

Do you have special inventory tracking needs, such as serial number tracking? With Inventory Control, serial numbers are a
breeze. Once an item is declared as a serialized item, the software will prompt you automatically for serial numbers when
you receive an order from your supplier and when you sell the merchandise to your customers.

Do you assemble or modify products before selling the to your customers. Inventory Control usually has built-in
functionality for handling the assembly (or even disassembly) process. Find out how many assembled items you can build and POS - Stack of Boxeswhich items may limit the building process.

Do you intend to use a barcode scanner to automatically enter item numbers when you make a sale? By using an Inventory
Control program you have the choice if you are using a barcode scanner and will modify its user interface accordingly.

Inventory management requirements can range from tracking item usage from a single supply closet to a fully integrated, real-time material management in a multi-facility warehousing operation.

The application should allow your staff to easily keep track of quantity on hand (QOH) and reorder points. At any given time, you should be able to define your QOH, determine how much money is on the shelf and how much product is available for sale. The application should generate a suggested-buy report that compares a predetermined reorder point to the QOH to make reordering decisions much simpler.

The program should track information on product activity and timeliness of vendor shipping to establish reorder points that keep your inventory running smoothly. You want to ensure that you don't have excess inventory on hand, but you also don't want to be running so lean that you run out of a particular product. For example, you may sell five units of product XYZ per week. If the vendor normally ships within two days of placing an order, you would want to set your reorder point at seven (i.e., you order more product when you have seven units left in stock). On the other hand, if the shipping time averages two weeks, you will want to figure a reorder point with a bigger buffer.

Once a reorder point is met, the application also should give your staff the ability to fax purchase orders directly to vendors with minimal effort. In addition, the application should have the ability to make all necessary conversions regarding ordering versus selling units, so inventory can easily be entered by the case and sold by the bottle.

 Below is a list of fields that your Point of Sale should cover as far as inventory is concerned.

SKU (Stock Keeping Unit) ID
Serial Numbers
Sales History
Edit History
Adjustments History
Transfers History
Notes on Invoice
Notes to show during invoicing
Pictures of Product
Quantity on Hand
Shelf Stocking Levels
Quantity on Shelf
Quantity Committed to Orders
How many On Order
How many on Back Order
How many out on RA
Can be flagged as a Comment
Redirected to Receipt Printer of choice
Is this item a Kit
How many sold as a kit part
Maximum level to stock
Minimum level to stock
Re-Order point
Round Up to Point on Orders
Master Pack Level
Case Calculation off of Quantities
Number Sold
Total number purchased
Is item Taxable
Multiple Tax Levels
Can be flagged as - To Go

Margins through Sales
Average Cost Each 
Total Spent on Purchases
Total Income from Sales
Suggested List Price
Multiple Selling Prices
Electronic Couponing
Sales Unit Type
Purchase Unit Type
Any Manager's Special Pricing
Sale Price Date Range
Is this a Goods or Service Item
Is it Sold by Quantity, Price or Weight
If it's an UPCB Item
Can item be an Open Department
Do Sales People Earn commissions on this item
Is item Auto-reversible on Sales
Mix and Match Capable
Tag-A-Long capable
Base weight for scale sales
Tare weight
Internet Weight
Can item be sold on Internet
Can item be blocked from discounting
Can item be a Gift Certificate
Do you have to be 18 to purchase
Do you have to be 21 to purchase
Unlimited Alternate IDs allowed
Can you have multiple Vendors for same item
Last clerk to sell item
Last date of Sale
Vendor Part number
Last paid for item
Cost from vendor
Does item have a warranty
Date of last purchase
Can item be sold by Unit-of-Measure
Can item be a Kit
Does item have Multiple-Price breaks
Can item be substituted
Can item be part of a clothing Matrix
Does item have multiple user defined fields


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