How to Handle Inventory Quantities

Here's how to use the system to keep track of inventory quantities (not dollar amounts) for your products.

Once it's properly set up, Lynx will automatically keep track of reductions to inventory from the Accounts Receivable side of the system (that is, when you sell something). It will also automatically keep track of additions to inventory if you're using the Accounts Payable part of the system (that is, when you buy something). If you're not using Accounts Payable, the running inventory quantities obviously will be incomplete and you will have to make manual adjustments.

There are two basic types of products in the system:

  1. Service products which DO NOT have inventory quantities associated with them and . . .
  2. Inventory products which DO have inventory quantities associated with them. 

 

Consequently, the following information applies ONLY to Inventory type products.

1. Inventory quantities can be tracked for inventory products in two different ways by using either:

Inventory Bins . . . Used for propane products.

Left-click here to see what this looks like.

On Hand field. . . Used for non-propane products.

Left-click here to see what this looks like.

2. These two methods are mutually exclusive.  You can only use one or the other.

3. The difference between these two methods is that:

Inventory Bins are used to keep a single running propane inventory that results from the purchase and sale of multiple propane products.

Left-click here for an example.

On Hand fields are used to keep multiple running inventories of non-propane products that are sold in different sizes, combinations, or configurations. The inventories are calculated for each "price code" for each product.

Left-click here for an example.

 

How to Handle Inventory Bins (for propane products) . . .

1. Set up the Inventory Bins you want to use.  See Add an Inventory Bin for help on this.

2. Make sure that you have attached each of these Bins to all of the appropriate propane products when you Add an Inventory Product.

3. When you first begin, take a physical inventory and enter this amount for each bin.  These amounts should be entered as the ending inventory for the period prior to the period you want to start with.  This "ending inventory" then becomes the "beginning inventory" for the following period.  See Record Physical Inventory for help on this.

4.  As you buy things during the period through Accounts Payable, you will specify the Code as a part of entering the bill.  This in turn points to the appropriate Inventory Bin (because you set it up this way when you added the product to the system).  The quantity for each of these products purchased will be added to the appropriate Inventory Bin.

5. As you sell things during the period through Accounts Receivable, you will specify the Price Code as a part of entering the invoice.  This in turn points to the appropriate product which points to the appropriate Inventory Bin (because you set it up this way when you added the product and its prices to the system).  The quantity for each of these products sold will be subtracted from the appropriate Inventory Bin.

6. At the end of the period, take another physical inventory for each Inventory Bin and enter this into the system.

7. At any time, you can see each Inventory Bin and all of the activity against it by period.  See View Inventory Bins for help on this.  

 

 

How to Handle On Hand fields (for non-propane products) . . .

1. Make sure that you have NOT attached an Inventory Bin to any of these products.

2. When you first begin, take a physical inventory and enter this amount in the On Hand field for each "Price Code".

3. As you buy things during the period through Accounts Payable, you will specify the Code as a part of entering the bill.  This in turn points to the appropriate On Hand field.  The quantity for each of these products purchased will be added to the appropriate On Hand field.

4. As you sell things during the period through Accounts Receivable, you will specify the Price Code as a part of entering the invoice.  This in turn points to the appropriate On Hand field.  The quantity for each of these products sold will be subtracted from the appropriate On Hand field.

5. At the end of the period, take another physical inventory for each On Hand field item and enter this into the system.

6. At any time, you can see the running inventory of each On Hand field by going to the appropriate product. See Find a Product for help on this.