Stock List

Overview:

Stock Items are utilised throughout Workbench as the backbone of the Stock system. An Item is a piece of Stock, an Item must exist to manage a piece of Stock, and all necessary parts of Stock Setup must be completed. It is necessary to issue and value stock on an ongoing basis.

This screen can be accessed through both the Stock list and Stock Setup list.

Screen Guide:

List Screen

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The initial list shows all existing Stock Items and details. New items can be created using the + New Item button. Additionally there is an Import to create multiple Items at once by importing all the data from a file. 

Using the + button on the left side of each row drops down subtotals for each Stock Location that contains the stock item.

There are several links available to see detailed information:

  • The Code field links to the item maintenance where you can adjust details of the item itself.

  • The Quantity on Order field links to Stock Transactions screen and pre-populates the filter for the details of the line clicked on, showing only Purchase Orders. The list is Period based, same as Stock Transactions screen (as opposed to being Transaction Date based).

  • Quantity on Hand links to Stock Transactions as well but shows all other transaction types for the line clicked on. The list is Period based, same as Stock Transactions screen (as opposed to being Transaction Date based). This is always the balance recorded at the last stock close out (not necessarily the current Period), plus any subsequent transactions.

Stock Item Maintenance/Creation

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Stock item screen
  • Code is the unique item code assigned to this stock item.

  • Description should describe the item for it to be searchable and distinguishable.

  • Inactive marks the item as inactive, preventing its use. It also deactivates the Purchasing Catalogue line linked to the Stock Item in the System Stock Catalogue to prevent its use on Purchase Orders. This catalogue is created and maintained by the system, and includes all existing Stock Items.

  • Unit is the unit of measurement.

  • Standard Cost is the default amount that the item costs the job when issued. This will only be used for Standard Stock Costing Method, where there is no Cost Rate set at Location level.
    For Last and Average methods the Cost rate is managed per Location (this Standard Cost is not used).
    For Average Costing Method the calculation of the average cost applied to stock issues and returns, excludes the transactions themselves and any other transactions with a later date.

  • Last Cost is the unit cost updated from the actual costs recorded on AP Invoices which include purchases for stock. This happens as soon as the AP Invoice is approved.

  • Serial Numbers Required when ticked it will indicate that this Stock Item must have a Serial number (or Batch number) entered for each item that is receipted from Inwards Goods. After entering them from Inwards Goods they will display in the Serials tab of the Stock Item. These Serial numbers will later be available to choose from when doing a Stock Pick or Stock Issue.

  • Use Markup enables the Markup Percent field, where the % can be entered, and the Sell rate will be calculated based on the Default Cost Rate and populated based on this %. Sell field will not be editable. If Use Markup is not ticked, the Markup Percent is disabled, and the Sell value can be manually entered.

  • Activity Code is the Activity that the item will use when being issued.

  • Category Code is an optional categorisation using Stock Categories.

  • Sub Category Code is an optional sub-categorisation using Stock Sub Categories, which depends on the above field being selected.

  • Group Code is an optional broader categorisation using Stock Groups.

  • Details is a space for further details or specifications about the stock item.

  • Area, Weight and Volume, these fields can be enabled in the Quote module, using Grid management. They will only display on ‘At Cost Element’ Cost Sheets. The values are read only and will be populated for lines relating to stock items, by multiplying the Weight, Area and Volume by the line Quantity.

The location tab determines which Stock Locations are available to this stock item. You can denote specific rates and minimum/maximum quantities for each location.

For brand new items, where the business process allows to issue stock even though the receipts have not been processed yet (control parameter ‘Allow Negative Qty Stock’ = yes) a Location Cost Rate must be populated, as this will be the Cost Rate used when issuing stock from a Stock Location to a Job (from the Stock Movements/ Stock Issues batch). Once Purchase Orders start to be receipted the Cost rates on each location will be updated automatically by the system based on the Stock Cost Method selected (see control parameter 'Stock Cost Method').

 

This tab displays catalogue lines for various suppliers for the item that can be added, edited and deleted.

This tab lists and maintains the serial/batch numbers recorded against the item.

 

Extension Columns tab uses a view called 'Web Portal', and any custom columns to capture relevant data to your business can be can be added to this view from the Extension Columns maintenance screen.

 

Updating Stock items values and quantities in bulk

To update the current Stock items rate and quantities by Location, you can use an export and import utility that will export the complete list of Items per Location for the latest Closed Stock period. Then use the same list to import the updated values.

Pre-requisite: There must be a previous Stock Close out.

Export utility: Stock By Period Export
Import: Stock By Period Reinitialisation

This will allow you to work with a complete list, an item per Stock location, review and update any Cost Rates or quantities as needed, and then import the same file. Both use the same file format.

The import will populate the values that will be used as the starting point for the new Stock period that is about to start (table StockByPeriod).
Example for Period Average method:

  • Period 2024/8 - Aug 2024 was Closed.

  • Period 2024/8 values and quantity per location will be exported so you can update/manipulate as needed (utility: Stock By Period Export)

  • Period 2024/8 can be imported using Stock By Period Reinitialisation. This will overwrite existing values in Period 2024/8 StockByPeriod table.

  • These new values will be used as the starting point when calculating the Average Rate Cost when Stock transactions are entered in Period 2024/9. And will also be used to populate the StockLocations average rate as part of this import. The rate in StockLocations table, which is the rate you see in the UI for each item, is updated by the utility wbUpdateAllStockCosts which is part of the import as well.

Optional step:
Manually run utility wbRepriceTransactions to recost unexported Stock issues in case any have been created for the new period.

Notes:
This import is designed to overwrite the last closed stock period, to get the right initialisation values.
The user must define what Year/Period this will be overwriting, which must be the last processed period.
The import executes the utility wbUpdateAllStockCosts to update all Average/Last stock values on ALL items. Standard method doesn’t require this step.

 

Next Steps:

Stock Issues can be used to request and issue stock items.

Purchasing Stock in units different to the Stock Item unit. This can be managed from the Purchase Catalogue, using the Stock Multiplier column.



Related Pages:

Stock

Stock Setup

FAQs:

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