Inventory refers to the stock of goods and materials that a business holds for the purpose of production, resale, or use in its operations. It includes raw materials, work-in-progress items, and finished goods. Settle's inventory system extends beyond tracking, incorporating robust forecasting tools, such as demand forecasting, inventory planning, and reorder actioning, ensuring businesses can optimize their stock levels and stay agile in response to market demands.
Inventory States
Settle uses the below terms to track and store inventory:
Incoming Inventory: This includes inventory for which a Purchase Order, Work Order, or Inventory Transfer has been cut, but the items have not yet been received.
On Hand: This denotes the total quantity at a location.
Available: The count of units that are ready for sale or use in work orders.
Reserved: This indicates the number of units that have been ordered but not fulfilled, consumed, or made available for sale. Additionally, reserved inventory may include items set aside for future use, such as those associated with pre-orders, even if they are not physically on hand.
Viewing inventory levels
You can access and manage your inventory within two key pages:
Inventory - Stock Page: Navigate to the Inventory section via the left-hand navigation. You'll see your inventory details by SKU, location, and lot (if applicable). Quickly toggle between inventory stock levels and forward-looking demand forecasts for each SKU directly from the Inventory Page.
Location Page: Navigate to Locations → Location Details to view all inventory at a specific location, including lot numbers and expiration dates (if you use them). This page also lets you edit lot names/numbers and expiration dates as needed.
Tips:
If a location has no inventory information, you will see -- instead of a numerical 0. A 0 indicates that inventory data once existed but is currently zero.
Settle also has an area where you can see the SKUs associated with your inventory via the Catalog section and Inventory tab. This part of the account doesn't show inventory levels, though, it only shows the SKUs.
What updates inventory?
Inventory can be updated in Settle through manual inventory updates and through our WMS integration. All purchasing, receiving, and transferring updates, independent of source, will update inventory. Accounts that use a WMS should see if your system is one of our many supported Warehouse Management integrations.
FAQs
How do you manage waste in manufacturing or write-offs of finished goods?
We manage write-offs during the end-of-month (EOM) reconciliation process. For manufacturing, we recommend incorporating standard waste directly into the Bill of Materials (BOM).