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Add basic Inventory / Stock Control

Started by David Gray -   in Feature Requests | Scheduled

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.
Best Reply as chosen by Brittany H (Community Manager)
Official Xero Update - 4 April 2014

Great to see the feedback here and analyses of alternative add-ons. Inventory can be tricky and even when Xero does have an integrated solution it won't be enough for a number of you and this may still be your best option. We will be intentionally keeping things pretty simple to begin with.

So you can plan, here's the general scope of what we're aiming to deliver. Note, we aren't creating a full on inventory management system!

- enhanced inventory items to optionally elect to "track", setting asset/COGS accounts etc
- standard ordering and invoicing of inventory whether tracked or not
- COGS calculations will be FIFO (Average may come after first release)
- individual adjustments by value and quantity
- stocktakes (inventory counts) - to bulk adjust inventory levels. Can create multiple "counts" to target different groups of inventory
- additional reporting

We believe this will be enough for a large group of users wanting a simple way to track their inventory value and quantities on hand.

I can't give a release date but will post another update once development has started.
 

Andrew Tokeley (Xero Staff)