--- title: "About Inventory" canonical: "https://kb.myframeworks.com.au/space/FRAM/28392704/About%20Inventory" format: markdown --- **Inventory **is one of the largest assets of a business and accurate tracking and valuation of that asset is essential for all reporting and decision-making processes associated with the business. The Inventory of a retailer or wholesaler is usually goods that are available for sale, commonly known as** trading stock**.  The Inventories of a manufacturer include: - Goods yet to be used in the manufacture process (raw materials) - Goods that have been partially completed (work in process) - Goods that are completed and ready for sale (finished goods) In Frameworks, all types of information and controls can be stored for each product regardless of the quantity, shape or form it is stored in, how it is delivered, what price it is bought or sold for or how often it is reordered. Additional features include:  - Item information can be maintained at the individual item level or via extensive mass update facilities - Fully customisable price rounding facility - Timber packs are catered for - Products sold by weight, linear metre and square metre - Sophisticated Stock Enquiry Facility with detailed Stock Movement history - Extensive reporting - Stocktake by stock card or import from various models of Portable Data Entry. ‘Stock freeze’ allows trading to begin before entry of stocktake is completed
For more information about Products and Product Maintenance, click here. Before a Product can begin its life cycle in Frameworks, certain mandatory information must be recorded.  Pre-defined information required before a product can be added to the Product Master File (PMF) priced and subsequently maintained includes: | Field | Description | | --- | --- | | **Product Groups** | The group and/or subgroup of products this product belong to. It is mandatory that a product be assigned a valid Frameworks product group as a means of keeping like products together for analysis and GL postings. | | **Product Code** | A unique reference of mandatory information that is easy to find. There are different ways of determining what system will be used to generate these codes. | | **Description** | A description (of at least one line) of the product that will be displayed to all operators and print on all stationery. It must be descriptive enough to allow easy identification of the product. | | **Unit Of Measure** | How a product is stocked and purchased. It is mandatory that a product be assigned a valid Frameworks Unit Of Measure (UOM) to provide control over pricing and storage issues relating to the different forms in which the product can be bought and sold. You can store multiple UOM with associated conversion factors (e.g. a Box contains 100 each items). You can also store a default purchasing and sales UOM for easier product transaction processing. | | **Pricing** | - Determining the sell price from the cost and the variations that affect the cost and the sell.  At the same time, a product may have different sell prices according to who it is sold to, the quantity sold and any special deals associated with the sale. - Depending on the type of business, different products may be bundled together and processed as a **kit** while large quantities of timber may be tied together and sold as a **pack**. Different pricing information can be applied to** Kits** and** packs** representing special pricing considerations. - Product information including pricing can be **mass updated**. - **Future** pricing information for a product can be stored. | Frameworks also allows you to maintain additional Supplier product information including changes to it's packaging, allows customers to purchase products in much smaller quantities and also allows you to locate a product via its known product location. Depending on the extent of the use of a product and the information available for that product, additional information that can be stored includes: - Where the product is purchased from and at what cost - The expected gross profit when the product is sold - The selling price - Incentive deals - How it can be stored, sold and purchased - On what basis is it reordered This basic information can change from time to time including when additional information about a product may become available or required by other departments or customers. Product information should be kept up to date, especially when it relates to pricing issues.
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