The Stock -> Items section contains a list of all your stock items – both the parts and the finished products.
The Stock -> Items allows
- creating, editing and deleting items,
- seeing in stock and expected inventory levels of each item,
- seeing reports of each item,
- importing items from a CSV file,
- exporting the stock report to CSV or PDF.
- Tips and tricks.
- Stock FAQ.
- What is a stock article, item, or an SKU?
- How to set up an item?
- How to copy an existing item?
- How to add a manufactured item?
- How to add a procured item?
- How to read the inventory numbers - in stock, available, expected...?
- How is the item cost calculated?
- How to check the source of an item's displayed cost?
- How to see the stock financials, stock balance, and movements?
- How to track stock lots (batches) of an item?
- How to track the serial numbers of an item?
- How to import the list of articles into MRPeasy?
- How to enter initial inventory values into MRPeasy?
- Demo Video: How to define parts and products.
- Click Create to add a new item.
- Click Choose columns to choose which columns to display.
- Drag the columns to rearrange them.
- Click Bulk editing to edit selected rows in bulk.
- Click Reports to see the item's reports.
- Some numbers can be clicked on to see more detailed information.
- The Stock report can be searched and filtered (see Usage tips for wildcards).
- Items are never fully deleted, deleted items are hidden/archived to conserve your stock history and database consistency. You can find these items by searching the part number. Deleted items can also be restored.
A "stock article" is a synonym for "article", "stock item", or a "Stock Keeping Unit (SKU)".
Items are all different raw materials, parts, ingredients, sub-assemblies, semi-finished goods, and finished goods that you can keep in your stock. Hence the name Stock Keeping Unit - you can keep these in your stock.
Each item has a unique code - the part number - which allows to identify it and keep track of the units of that item. It's the personal codename for it.
Articles can be either purchasable or manufactured:
- Purchasable articles should have Purchase Terms defined - who you buy these from and on what terms.
- Manufactured items should have Bills of Materials and a Routings defined - defining what these are made of and which manufacturing operations need to be done on them.
There's a very detailed overview of how many units of each item are physically in stock, available for use, booked for something, consumed in WIP, and expected to be received in the future. This is indicated by the following columns:
- In stock shows the total physical quantity in stock right now (available + booked).
- Available shows the quantity which is in stock and available.
This quantity is displayed in red when it is below the minimum inventory level of the item. Then the item will also be shown in the Critical on-hand report and indicated on the Dashboard by the "Min. stock" indicator.
This number can also go negative (I.e. negative inventory) when demand for the item is greater than is available in stock and plenty is not expected to arrive.
- Booked shows the quantity which is in stock and booked, not freely available, plus quantity which is demanded, but the booking is not matched (no items were available for booking).
Clicking the number shows existing bookings.
- Expected, Total shows the total quantity which is planned to be received in the future.
- Expected, Available shows the quantity which is expected and available, not booked yet.
- Expected, Booked shows the quantity which is expected and already booked, not freely available.
- Work in progress shows the quantity which has been consumed in manufacturing orders which are still in progress (finished products have not been added to stock yet).
At the moment when materials are marked as consumed in production, they are moved to Work in Progress (WIP) Inventory. When the Manufacturing Order is finished, the WIP is cleared (the value is counted in the cost of the finished products).
The Stock -> Items shows either
- the weighted average cost of the item's stock lots if it's in stock,
- or the estimated cost if the item is not in stock.
Clicking on an item's cost will open a report which will show how it's calculated.
When the cost is not displayed, then some associated Purchase Terms and/or BOMs and Routings are missing or need updating (e.g. when an article has been deleted, but it is still listed in a BOM).
- The purchasable items need to be marked as This is a procured item and they need to have Purchase Terms.
The price from the vendor will be used as the estimated cost.
- The manufactured items need to have both a Bill of Materials and a Routing.
Based on the Bill of Materials, the materials cost will be estimated.
Based on the Routing, the manufacturing overhead cost and labor cost will be estimated.
The estimated cost is the sum of the materials cost, manufacturing overhead cost, and labor cost.
In other parts of MRPeasy, according to the situation, the actual cost or the approximated cost will be used:
- The actual cost is used when an item has been booked from a particular stock lot, then the cost of the item is taken from that lot. E.g., when materials have been booked for a Manufacturing Order or products for a Customer Order (default by FIFO; or by FEFO, for perishable goods).
- The approximate cost is used when no bookings are done.
This happens when estimating the cost of a BOM, or when materials are not available for a Manufacturing order. In this case, an approximate cost is used.
The approximated cost of the stock item is found as follows:
- if there are items in stock (there are received stock lots), then the cost is calculated as an average cost per item from all lots that are currently in stock (i.e. weighted average cost).
a) For a procured item, the cost includes PO additional fees
A procured item's cost = The purchase cost from the Purchase Order + Additional fees from the Purchase Order
b) For a manufactured item, the cost includes all manufacturing costs
A manufactured item's cost = The actual cost of materials + Manufacturing Overhead + Labor cost
- if there are no items in stock (there are no stock lots):
a) for a procured item, the cost is the vendor's price (Purchase Terms must be defined).
b) for a manufactured item, the cost is calculated as a sum of costs of BOM and routing (these must be defined).
Please note that the approximated cost might not be highly accurate for manufactured items. To get a more accurate estimate, you must start planning a Manufacturing Order with realistic batch quantities.
if an item's cost seems wrong, then to understand how it is calculated, and to find where the mistake has been made, do the following.
- In Stock -> Items, click on the Cost number, to see how it's calculated.
- If the item is in stock, verify if the stock lots' costs are correct. If not, update these.
- If the cost is estimated, check the:
- Purchase Terms for procured items,
- Bills of Materials for manufactured items (Open the BOM and then its PDF for the cost breakdown),
- Routings for manufactured items (est. cost may differ from real cost due to the difference in batch sizes and labor rates).
Please note the following:
- If an item's inventory levels have been entered by uploading, or by making a manual stock lot, then the user must supply its cost manually.
- If an item has become into stock by using the Inventory adjustments functionality, then the software uses the last known in-stock cost of the product, not the estimated cost. If the product has never been in stock, and Inventory adjustment has been made, without supplying a cost, then the cost will be 0.
- The actual cost of a product can be calculated by MRPeasy only if it has been produced through a Manufacturing Order.
How are the manufacturing overhead, labor, and materials costs of a product calculated?
How to schedule a Manufacturing Order?