Idea Transcript
New Inventory Revel Systems has entirely redone its inventory feature in the management console. Now, we now support waste, logging and historical costing, stock units are attached to products, and there are reports. Please read the following changes.
Product/Ingredient Changes Inventory is still tracked in what Revel refers to as the Inventory Unit or Inventory Unit of Measure. On the Product Page, this is called UOM. It is now available in as a general advanced option in the import/export template. This was previously part of Grocery.
There is also a new icon on products and ingredients that allows you to access inventory units directly. Here you can do the following: • • •
Change/add the Inventory Unit of Measurement Set an item as a Default Inventory Item. This means that it will appear in the upcoming iPad Inventory Management tool without having to search for it. Set Stock Units. We used call these reorder units and tie them to the Vendor Item. Now they are more usefully tied to the product/ingredient. You can set as many of them as you want (though one needs to be the primary). Purchase Orders can use these as well as other inventory management functions. Just give them a name and tell us the conversion factor (how many Inventory Units are in the Stock Unit. For instance 16 ounces in a pound.
Inventory Page Changes The inventory page is just the management tool, though it does offer some basic data about current cost and quantity. Let’s go through the various fields.
Header • • • • •
Search – You can still search by name, barcode and sku Product Class – We still offer filtering by product class. Vendor – We now offer filtering by Vendor Display Inactive – By default, inactive products and ingredients are omitted from the inventory display. You can overwrite that by checkbox Show All Actions – To save space, we only display Receive and Waste. If you need to use the other actions, check this box.
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Product – nothing much has changed here; we still show the product name, barcode and sku
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Class – The product Class Primary Vendor – A new field, we now display the name of the product’s primary vendor. Inventory UOM – This is the Unit of Measurement that Inventory tracks. It is set on the product/ingredient itself. Low Stock Alert – No change here. When you reach this amount of inventory, we will send you an email. Cost/ Inv Unit – This is your current cost per inventory unit. See below for more information on our new historical costing. Total – This is the current total value of your inventory (Cost * Current Inventory) Current Inventory – This used to be Theoretical Ending Inventory. Current Inventory can also be understood as Inventory on Hand
Actions Receive – Input the amount being received, the unit (either the inventory unit or a stock unit associated with the product), the cost per unit and any remarks you want to make. The system expands stock units into inventory units and adjusts the current cost based on the cost of the new inventory. Please note, if you use a stock unit, the cost per unit applies to the *stock* unit and we divide it by the conversion factor to get the cost per inventory unit. It is very easy to mess up your costing if you forget this. If you do not input a cost, then we will assume the cost of the received goods is the same as their current cost and nothing will change there.
Waste – Waste is a new option and like receipts, you input the amount, the unit and a reason. Instead of inputting a cost, we ask whether or not the cost per unit should be impacted by the waste. Thus, if you started with 100 units at 1.00 a unit, your inventory has a value of $100.00. You waste 20 of this. Do you want the value of your inventory to remain the same (in which case, we adjust the cost and it
ends up being 1.25/unit). Or, does the cost remain the same (and the value of the inventory drops to $80.00).
Transfer – You can transfer inventory from one establishment to another. We tell you how much inventory you have and which other establishments have the same product. You select the target establishment, the amount, the unit (inventory or associated stock unit) and input some remarks. You can also choose to update the cost on the target establishment.
Actual – We had the ability to set actual inventory before, but it didn’t actually do a whole lot other than tell you at that time whether you had waste or not. It had no impact on Theoretical Ending Inventory.
Now, if you set the Actual, we perform a waste or a receipt depending on whether Actual is higher or lower than Current Inventory. You can declare your actual inventory in two units (say your inventory unit of ounces and your stock unit of pounds) and choose whether or not to update the cost. We no longer display the waste% of setting Actual here. You will find that in the Inventory Summary report (Inventory Reports Section below).
Reset Cost – Our new historical costing is really smart. So, we offer a way to reset the cost of a product if it gets too inaccurate. Tell us the cost, the quantity and the unit and give us a remark. If you do not input a quantity, we will reset the cost for *all* units in the inventory. If you do input a quantity, then what really happens is that we recalculate average cost, using the declared cost of a subset of the inventory.
Reset – We still give you the opportunity to entirely reset your inventory and start from scratch.
Import/Export We have entirely redone the Export/Import Templates. You can export by a single class and you can export only the action columns that you need to use. The sheet itself is beautiful, intelligent and validates itself. That is to say, it generally won’t let you input invalid input. It also leverages Stock Units vs Inventory units. So, if a product has stock units, they are available by drop down on the unit column of the product.
Vendor Changes The biggest change to vendors is that we no longer create stock units as part of linking items to vendors. Instead, you create you stock units on the product and then can use them when you link the vendor and product. The Import/Export has been updated to reflect this change. Note that the import/export for Vendor Items is not as intuitive as the one for inventory. Sadly, it can’t be as you can create new records there and it has no way of knowing what stock units might exist for the new record.
Inventory Reports We now have reporting on inventory. There are two sets of reports, one for product inventory, and one for ingredient inventory. Please do not hesitate to provide your Account Manger with feedback we really
appreciate it.
Summary The summary report looks a little like the original inventory page, but the data is much more informative. Like the inventory page, you can choose to filter by class or vendor and to display inactive products. You can also search for products based on name, sku or barcode.
The report is a representation of the state of inventory on the starting date of the report, a summary of what happened during the reporting period, and the state of the inventory at the end. • • •
Product – The name of the product (or ingredient. You can also show the barcode and sku if desired) Starting – The is the number of inventory units at the beginning of the reporting period Received – The is the number of inventory units received during the reporting period
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Usage – How many inventory units were sold during the reporting period. Transfer (In/Out) – How many inventory units were transferred in and out of the establishment during the reporting period. Waste – How many inventory units were wasted during the reporting period Adjust – If an adjustment was created for the product during the reporting period, how many units were added or subtracted. End Quantity – How many units of inventory are there at the end of the reporting period (aka, Starting + Received – Waste – Sold +/-‐ Adjustments) Quantity percentage – By what percentage has your inventory quantity changed between the start and end of the reporting period. Starting Cost – What was the average cost per unit of your inventory at the beginning of the reporting period. Ending Cost – What is the average cost per unit of your inventory at the end of the reporting period Cost % -‐ By what percentage has your average cost per unit changed between the start and end of the reporting period. Total Value – What is the total value of your inventory at the end of the reporting period (aka End Quantity * Ending Cost)
Log The log lists all actions taken on inventory. You can filter it by action type (receipt, waste, etc). By default we filter out the used action (aka sales). • • •
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Action – What action was taken on the inventory Unit – What unit was used in the action. If no unit is shown, then the default inventory unit was used Quantity – There are two numbers here. The first represents the Unit of the action, the second is the inventory unit. If they are the same, then the action was performed using the inventory unit. If the first is smaller, that is the stock unit. Cost – What product cost was associated with the change. If there is no cost, then this action had no impact on cost. User – Who performed the change Date – What date was the change made
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Remarks – What notes, if any were associated with the change. Some actions carry default notes, like Sale.
If you click Show Details, you will see a few more bits of data. • • • • •
Extra Data – This can be a wide range of data relevant to the change, such as order number or establishment id involved in a transfer Cost Before – The effective cost before the change Cost After – The effective cost after the change Quantity Before – The quantity in inventory units before the change Quantity After – The quantity in inventory units after the change
Costing Revel performs historical costing. What does this mean? Everyone’s inventory will start with the value that is currently set on Products. Then, we will keep updating the cost based on the cost of received items, waste, and transfers.
There are several methods of calculating cost. In this initial launch, Revel is using only Average Cost (not first in/first out, or last in/first out). What this means is that Revel takes the cost of the current inventory and the cost of the new inventory and calculates an average. This is the equation: Current Inventory Value = Current Quantity * Current Cost Per Unit New Inventory Value = New Inventory Quantity * New Cost Per Unit Ending Cost Per Unit = (Current Inventory Value + New Inventory Value)/ (Current Quantity + New Quantity) Let’s say I currently have 100 units with a cost of 1.00 each. I receive 50 units with a cost of $0.75 each. Current Inventory Value = 100 * 1.00 = $100.00 New Inventory Value = 50 * 0.75 = $37.5 Ending Cost Per Unit = ($100.00 + $37.5)/(100 + 50) = $0.9167
Settings So, we have historical costing. What does that do for a Revel customer? Well, it gives you lots of data to look at in the Inventory reports. But the real use comes from turning on the setting “Use Inventory Cost.” Currently, the iPad gets cost data from the product or the product recipe if that option is turned on. Those are static, unchanging values. If you turn on Use Inventory Cost, the iPad will take data from the changing, dynamic inventory that is constantly being updated. It will use this cost when creating the records that the Product Mix report reads. (Please refer to costing image to enable these settings) An important thing to note – Cost for the Product Mix report comes from the iPad. So, even with Use Inventory Cost, the cost will only be as current as the last time the iPad updated. This means that you should turn on auto refresh so that you reliably have the most current data possible.
iPad Changes Currently, the iPad and the iPhone have a basic inventory management application. This will continue to mostly work. Receipts will be interpreted as receipts if they are positive and wastage if they are negative. Setting Actual will actually now readjust the current inventory. Set Starting inventory however, will do nothing since there is no starting inventory to set. We *are* redoing inventory management on the iPhone and iPad. Changes will be: •
A new UI that is optimized by platform (no longer will the iPad be stuck using the tiny screens of the iPhone). This new UI will reflect the actions available in the backend inventory (receipts, waste, actual) and will allow using Inventory and Stock Units, inputting costs and making remarks. Like the current system, it will give an immediate mini report of the change
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Default Inventory items will automatically be displayed on the Inventory Management Page (on the iPad). You won’t need to search for them. Of course, this is only useful if you limit your default items. You will be able to reset the product price on the iPad through Inventory Management. You will be able receive inventory off of Purchase Orders on the iPad (now you can only do it on the iPhone). Void/Return/Exchange will be reworked and Comp added so that users can control whether items removed from the order are returned to inventory or not. Voids/Returns/Exchanges are returned to Inventory. Comps are marked as waste.