Inventory Overview

Inventory Principles and Defnitions

Let's review the inventory principles and definitions.

FIFO (First In, First Out)

• Oldest inventory is used first.

LIFO (Last In, First Out)

• Most recently acquired inventory is used first.

Bin Location

• Labeling system that helps locate items quickly by giving every part an address.
• This can be set up in whatever way works for your company.

Learn more in Manage Bins.

Part Types

The parts are classified into the following types:

Stocked Parts

Parts you keep in stock and want the system to track.

Inventory rules such as minimum and maximum stocking levels will apply.

Non-Stocked Parts

• Parts you use as needed but don't keep in stock.
• No inventory rules or restrictions apply.

Components

• Serialized part that may have warranty information.
• Part where you want to track how long it has been used on an asset.

Tires

• Special designation for tires that tracks serial numbers, warranty, tire size, and Department of Transport (DOT) information.

Warehouse Parts

• Stocked parts.
• Non-stocked part that was marked as warehouse part on creation.
• Part used on a work order in the last 6 months.
• Part marked as "warehouse favorite".

New Parts

Every part that you use, can be listed in the Inventory module, even if you don't keep a particular part in stock.  The Inventory module will help you differentiate between:

• New Stocked Part
• New Non-Stocked Part
• New Component
• New Tire Record

Learn more in Create New Part.

Complete the Learning Paths

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Afterwards, we suggest these Inventory module training paths:

• Inventory - Beginning Training - Understand the Inventory module, creating & updating parts records.
• Inventory - Advanced Features - Create inventory components, add warranties to parts, order pars, and auditing stocking levels.