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Add basic Inventory / Stock Control

Started by David Gray -   in Feature Requests | Started

For many clients we really need just basic stock control. Without it they will not move to Xero. I know there are some really great add-ons but they are far more than most of them need.

We just need a simple option in the Inventory Items to say "Inventory This Item". Then purchased the item would go to an asset account and when sold the cost value would transfer to a cost of sales account.

We also need a basic report that lists the items quantity and values in the inventory account and a simple stocktake option to allow counting and changing of the quantity and values.

Having basic perpetual inventory means that the monthly Profit and Loss is much more accurate and to subject to fluctuations in inventory.

Xero already has an Asset Register which takes control of buying and selling Assets. So part of the work has already been done.

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Note: this is a request for basic inventory. If you'd like to vote for full inventory & stock control, the request is raised here.
Official Xero Reply
Hello and Happy New Year to the followers of this thread.

A quick update of where the Inventory team is up to - we have made good progress with the Inventory Accounting and Adjustments. We have yet to complete the Inventory reporting and Inventory Opening Balances before we can release everything.

As usual it’s impossible to give an exact date until we are completely sure that we have covered all edge cases on every type of transaction inventory accounting but I can assure you we are getting close.

In answer to some of the specific questions raised over the last few weeks:

@Ian, for P&L reporting you will be able to use tracking categories on purchases and sales of Inventory.
The scope of the initial release is that the bill or spend money brings the item into stock (no receipting before the bill).

@Lennard, dealing with landed costs will not be specifically dealt with in the first release but it’s something that we will be considering for future improvement.
Thanks for your responses to @Sandy and @Abdul - I agree that if you are operating on a drop-ship basis then you shouldn’t track items as inventory and Xero’s current functionality should be enough. Tracking Inventory as an Asset will be on an opt-in basis.

@Immad, you will have the ability to add a different cost of goods sold account per item.

@Matthew, we won’t be building any warehouse functionality to start with although you may be able to achieve this by setting up a separate item for each location and using inventory adjustments if you transfer items between locations. I would not advise this unless you have very simple warehouse movements.

Thanks for your patience and for all the feedback here, it really does help us to decide priorities of future work once we have the basics delivered.
 

Peter Anderton (Xero Staff)