Learn how to track and manage your material and product inventory effectively.
Inventory in CostTrack Pro tracks two types of stock: materials (raw inputs) and products (finished goods). Each inventory transaction is recorded with a timestamp and reason, creating a complete audit trail of all stock movements.
When you receive new materials from suppliers, record them in the Inventory page. Enter the material, quantity received, and unit cost. This updates your total material stock and helps you track supplier deliveries.
When materials are used in manufacturing, record a deduction. Enter the material, quantity used, and reason. CostTrack Pro automatically calculates the cost of materials used based on the unit cost.
When you manufacture products from materials, create a manufacturing record. Specify the product, quantity produced, and materials used. CostTrack Pro automatically deducts materials and adds to product inventory.
Track finished product inventory separately. When you record a sale, the product inventory is automatically deducted if you enable the inventory deduction option. You can also manually adjust product stock.
Every inventory transaction is recorded with a timestamp, user, and reason. View the complete history on the Inventory page to understand stock movements and troubleshoot discrepancies.
Periodically count physical stock and compare with CostTrack Pro records. Adjust any discrepancies immediately.
Record all inventory movements promptly. Delays can lead to inaccurate stock levels and incorrect cost calculations.
Organize inventory by category or warehouse location. This helps you quickly find and manage specific items.
Set low-stock thresholds for critical materials. Get alerts when stock falls below these levels to prevent production delays.
Always document the reason for inventory changes (purchase, manufacturing, damage, loss). This helps with analysis and troubleshooting.
For large inventory adjustments, use batch operations to save time and reduce errors.
Compare physical count with CostTrack Pro records. Identify the discrepancy date and reason. Record an adjustment transaction to correct the system.
Record a deduction with reason 'Damaged' or 'Waste'. This removes the item from inventory and tracks the loss for analysis.
Record a deduction with reason 'Return to Supplier'. This reduces inventory and tracks the return for accounting purposes.
Record a deduction from one location and an addition to another. Use reason 'Transfer' to track inter-location movements.
Record a deduction with reason 'Expired' or 'Obsolete'. This removes expired items and tracks waste for analysis.