What is Inventory Summary Report?
An Inventory Summary Report is a document that provides a concise overview of company's inventory movements during a period. It is a valuable tool for businesses to track and manage their inventory efficiently.
Why do we need an Inventory Summary Report?
Sales and Usage Data: Historical data on item usage and sales, helping businesses identify patterns and forecast future demand.
Turnover Ratios: Metrics such as inventory turnover ratio, which indicates how many times the entire inventory is sold and replaced over a specific period. This can provide insights into the efficiency of inventory management.
Date of the Report: The date on which the inventory summary report was generated.
Financial statements: This report provides information to build financial statements
How should we do it with Magestore Retail Management Software?
What does the Inventory Summary report include?
Opening Qty: The total product qty at the beginning of the selected period in the selected sources.
Opening Qty = the latest qty of the product before the day of the selected beginning date. (The new qty of this product in the last inventory movement before the beginning date)
Internal: Internal = Total Transferred Qty In - Total Transfer Qty Out in the selected sources during the selected period. (Received Date is during the Report Period)
Total Transferred Qty In = Total qty received to the selected sources. - Total Transferred Qty Out = Total qty sent from the selected sources.