OrderEZ features a dynamic inventory tracking system that creates a seamless sync between inventory and sales. No more worrying if you can fulfil your orders with live inventory awareness at every step along the way.
Let's dive into how to set up your inventory settings, as well as your warehouses. Start by navigating to Supplier Settings via the drop drown at the top right of the web application screen.
Hit the Inventory Settings tab, and from here we'll be able to manage some of the various components of the inventory functionality within OrderEZ.
The toggle that enables it all! Switching this on lets OrderEZ know you'll be tracking your inventory. This is the start of the journey.
You also don’t HAVE to use OrderEZ for your inventory tracking, but you'd be silly not to.
Expiry Date Indicator
This nifty function allows you to set up indicators for products that have inventory expiring within X days. Whether you're brewing beer or have perishable goods on hand, the indicator will remind you that it's time to focus on moving that inventory.
Here's a quick look at the indicator from the Products page.
While we don't require you to manage all your inventory in batches, it's something we recommend. This toggle tells the system that it'll be mandatory to enter a Batch ID when inputting new inventory.
OrderEZ provides four options on how we determine product value and assigns cost of goods sold. If you're not sure what to do here, check with your accountant. Choose the valuation method that your business uses and we can move on to setting up your warehouses.
Actual Cost: The actual cost of your product at the time of purchase, not as commonly used because without technology it's very hard to manage.
First In First Out (FIFO): assumes the first items entered into your inventory are the first items you sell (this is the most common method).
Last In First Out (LIFO): assumes the most recent items entered into your inventory will be the ones to sell first.
Weighted Average Cost (WAC): uses a weighted average to determine the amount that goes into COGS and inventory. The weighted average cost method divides the cost of goods available for sale by the number of units available for sale and is therefore always changing.
We'll want to set up all the applicable warehouses for your operation. We allow for an infinite number of warehouses, but remember, we allow multiple locations within a warehouse as well.
Adding a New Warehouse
We’ve got two warehouses set up in the system and by default, we named them Primary Warehouse and Secondary Warehouse…clever, eh? Bored by our choices, you can rename them to whatever you want.
You can also add additional warehouses by hitting the + Add New Warehouse button at the bottom.
Enter all your main information regarding the warehouse. We also give you the option of linking the warehouse to a corresponding email address and phone number, the only use for these contact details today is to remind everyone on the team who to call at the warehouse.
After entering your information, pan over to the Locations tab. We automatically create a "Default" location in your warehouse for you, but in the case that you have multiple locations within your Warehouse, you can set them up here. When we add inventory, you can place products within specific locations in the warehouse.
Pro Tip: The system is setup up to draw down from the Primary Warehouse (or whichever you designate as the "Default") when an order is processed, but you're able to choose which warehouse you're fulfilling from during order acceptance.