Introduce stock management capability in to your WP ERP system by adding the Inventory Management extension.
In this documentation, we will cover –
- Basic idea or workflow of stock management in WP ERP
- Creating product categories
- Creating products
- Adding stock to the inventory / Creating an invoice for stock purchase
- Selling stocks as products to customers
- Generating reports on stock
- WooCommerce integration
Create product → Purchase product stock from vendor → Edit stock product details (optional) → Sell your stock → Re-stock
Installation and Menus
Install and activate the extension like any other WP plugin.
Please note that WP ERP must be installed and activated in order to use this extension.
Only Accounting Managers will be able to view and use Inventory Menus. Navigate to- WP Dashboard → Accounting.
You will find two new menus (Inventory and Product Categories) after installing and activating the Inventory Extension.
Firstly, we should create Categories for our Products
Maintaining a category list will help you in the future to manage a large inventory.
Go to WP Dashboard → Accounting → Product Categories
In order to create a Product Category, you have to enter the following information-
- Name: The name of the category you want to create
- Slug (Optional): Generally, WordPress creates the slug automatically, but you can also create one. Just make sure the slug is URL friendly, lowercase and contains only letters and numbers.
- Parent: You can also select a parent category which you have already created if required.
- Description: Although this one is optional, you can add a description to your category.
After entering all these information, hit the Add new category button to create the product category.
To add a product, navigate to – WP Dashboard → Accounting → Inventory
You will view the list of products (if there is any). Now, follow these steps.
- Click on Add Product.
- Add your product name.
- Complete your product settings by adding Inventory asset account, Item Number, Cost Price, Purchase account, Tax Rate and Purchase Description.
- Enter Sale Price, Sales Account, Tax Rate and Sales Description.
- If you have not created any Tax rates, they can be created from ERP Settings → Settings → Accounting → Sales Tax)
- Choose a category from the widget on the right panel.
- Add Feature Image.
- Hit Publish to complete the product.
Adding stock to the inventory
You can either buy the stock from the vendor on credit or payment.
To buy on Credit,
- Go to WP Dashboard → Accounting → Expenses and click on Vendor Credit
- Pick a vendor (Billing address will be auto added), Due and Issue date.
- Add reference number
- Select the product you created from the inventory. The tax rates, description and other details will be added automatically.
- Enter the number of products you want to stock in the Quantity field (Qty).
- Now Submit of Approval or draft the invoice.
Now, navigate to WP Dashboard → Accounting → Expenses
Click on the Approve button bellow the newly created vendor credit.
Checking Inventory Stocks
To view if the stock has been added to the products, navigate to – WP Dashboard → Accounting → Inventory
You will notice all the products now has stock as you have added from vendor credit or payment.
You can also click on specific products to view their Stock from a new section titled ‘Stock available' which has been added.
Selling from stock
- Go to wp-admin → Sales → Invoice
- Choose the customer and deposit to (the account where you want the money to be entered) from the drop-down menu and enter a receive date.
- Select the product and input the quantity. Discounts are optional.
- Confirm the payment.
You will notice from the WP Dashboard → Accounting → Inventory menu that the stock has been deducted and the balance added in the account (chart of accounts or sales)
Checking sales on a product
If you head back to a product by going to Accounting → Inventory and clicking on the product, you will be able to see a list of transaction history at the bottom of the product page. This will come very useful for you in the future.
Go to WP Dashboard → Accounting → Reports
You can export most of the reports to CSV files.
Pick any of these three report types associated with the inventory add-on
The product purchase report gives you a list of purchased products with details about the purchase and vendor's name. There is a Export to CSV button to the top right corner.
The product sales report gives you a list of sold products with details about the sale and customer's name. There is a Export to CSV button to the top right corner.
We are working on this integration and have plans to add them very soon!