To stay on top of your business, you will need to keep track of your inventory. And Refrens' Inventory Management suite helps you do that and more.


The Inventory Management contains a full suite of features that help you add, manage and automate your inventory with invoices and expenses. Set it up once and Refrens will take care of everything else. 


Adding inventory


To add items to your inventory, click on the “inventory” option from the sidebar menu.



There are three ways you can add items,

  1. Adding items individually

  2. Adding package items

  3. Bulk upload


You will see the options “Add package items” and “Bulk upload items” in the dropdown menu beside the “Add item” option.


Let’s say you are a sports outlet. For you, the inventory can either have a single item or a package consisting of multiple items. For example, a cricket ball is a single item; while a cricket kit is a package that has multiple items like a bat, ball, gloves, helmet, etc.


Let’s start with adding individual items.


  1. Adding Individual items


Let’s say you want to add a cricket ball to your inventory. Click on “add item” and you’ll see a new form open up.


           




Here you can add Item images (will show as a thumbnail), Item original images (full-size image), SKU Id, Item names, Description if any, stock, price, tax rate, HSN code, tags, etc. if you want to add more details, you can do that by clicking on “Add custom fields”.


“Tags” can be very handy in categorization. In my sports store, I am selling items for multiple games like cricket, tennis, football, etc. I can tag each item by the category of sports it is in, so I can have a better overview of my inventory across segments.


  1. Adding a package item


Adding a package item is also similarly easy. Let’s see how we can add a new package of cricket kit. Click on the dropdown beside the “Add Item” on the top right, and select “Add package item”.


It’s similar to “Add items” only. In the item name, I’ll write “cricket kit”. In the description, I’ll say “A cricket kit with 1 bat, 3 balls, 1 helmet, and 1 pair of gloves. 




Now let’s add all of the items to our kit. You can either add a new item or you can select existing items in your inventory. As you can see below, the system auto-suggests you add from my existing inventory. You can simply click on that suggested item, and it’ll automatically update the details here.  If the item is not in your existing inventory, you can simply add a new item also.




Once you are done, click on “Add inventory” and you’ll see that it gets updated to your inventory list with a package symbol.



  1. Adding items in Bulk


To upload items in Bulk, follow these steps:


  1. Click the arrow beside Add Items

  2. Click on Bulk Upload Items


 

  1. Download Sample format


 

  1. Add new items as per the sample format

  2. Save the new file

  3. Click on choose file 

  4. Choose a file from your system

  5. Click on Upload File

  6. Click on OK

 

Inventory Dashboard

 

The inventory dashboard helps you get a complete overview of all your inventory. Here you can keep track of your current stock, average selling/buying price, total sold/purchase quantity, etc. in a single place.

 

 

 

As you see above, on the right side, you will see the options to “Adjust Stock” and “View” transactions.

 

If you want to make a stock adjustment of a particular item, click on “Adjust Stock”.

 

 

In the Adjust Stocks, there are three entries: Requesting adjusted quantity, client/vendor, and reason to adjust.


Change in adjusted quantity will be immediately visible in the current stock. For viewing the remaining entries of Client name and Reason you need to check the transactions table in the “View” option.

 

The “View”  option on the right-most side of your Inventory dashboard (As shown earlier) helps you see all the transaction updates made in any inventory item.


 

 

Adjusted Stock is a manual way of updating inventory. You can also update your inventory automatically based on your invoices and expenditures.


Automatically updating your Inventory


To get started, In the sidebar, Go to business settings > accounting & inventory > inventory. Click on the toggle to start managing your inventory.


You can manage the settings here to control how your inventory will be auto-updated. There are three ways you can do that. 


“Auto update” means that every time you add an item to an accounting document, your inventory will be auto-updated. By default, this setting is enabled for invoices and expenditures. But you can change the defaults according to your preferences by clicking on the radio buttons.


“Block only” means that When you add an item to a document, It won’t auto-update your inventory, but just block the relevant item from the stock.


“Do nothing”  means that no changes will be applied to the Inventory on adding items to accounting documents.


You can either go ahead with the default settings or you can change the settings according to your preference. 


If you want to update the Inventory based on past documents, you can do that by "Update Past Inventory”. When you do that, the system will go through all the documents you created in the past and update your inventory automatically.