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Product Stock Update

This article guides you the process of product stock management in Vtiger CRM.
A
Abdul Sameer
4 Apr, 2024 - Updated 11 days ago
Table of Contents

Introduction

Product Stock Update is a feature of Inventory Management that tracks and manages the inventory of products or goods a company sells. It allows businesses to keep accurate records of the quantity of each product in stock and update those quantities as sales and purchases occur.

Product Stock Update in Vtiger CRM

In Vtiger CRM, the Product Stock Update feature helps users manage and track the inventory of products within the CRM system. It offers a range of features to streamline sales, marketing, and customer service processes.

Product Stock Update is an Add-on and needs to be installed from the Vtiger Extension Store. Once installed successfully, you can find a separate block in the Product record called Stock Updates.

You can automate the Product Stock Update feature by configuring Stock Management on the Setting page.  To know more about configuring the Stock Management in the Settings page, click here.

Product Stock Update Record

A Product Stock Update record captures information related to the stock quantity of a product. It displays key fields such as:

  • Transaction Type - The module through which the stock is updated, for example, Invoices, Sales Returns, etc.
  • Related To - Relation field that has the record through which stock is updated. If stock is updated directly from products, this field will not have any value.
  • Opening Quantity - The quantity of the stock before the stock update.
  • Issued Quantity - The quantity of the stock that is sold.
  • Received Quantity - The quantity of the stock that is purchased.
  • Closing Quantity - The quantity of the stock after the stock update.

Feature Availability

 
One Pilot One Growth One Professional One Enterprise
Feature Availability
Product Stock Update

To know more about feature limits, click here.

Benefits of Product Stock Update

The Product Stock Update feature in a Vtiger CRM offers several benefits for businesses. Here are some key advantages:

  • Accurate Inventory Management: The stock update feature helps maintain accurate and up-to-date inventory records within the Vtiger CRM. 
  • Prevent Stockouts and Overstocking: By keeping track of product stock levels, businesses can avoid stockouts (running out of stock) and overstocking (accumulating excessive inventory). 
  • Streamlined Sales Processes: The stock update feature integrated into Vtiger CRM enables seamless integration with sales processes. 
  • Improved Customer Service: Accurate stock updates within the Vtiger CRM allow customer service representatives to provide reliable information to customers regarding product availability. 
  • Efficient Purchasing and Reordering: Businesses can proactively manage their purchasing and reordering processes by tracking stock levels and setting up notifications or alerts. 
  • Reporting and Analytics:  Vtiger CRM Product Stock Update feature provides valuable reporting and analytics data. Businesses can generate reports on product performance, stock turnover, and demand patterns. 
 

Key Terminology

 

Stock

Stock refers to the physical quantity of a particular item or product a business has on hand and is available for sale.

Stock Management

Stock management involves tracking and controlling the goods inventory to ensure they are available when needed but not in excessive quantities. 

Opening Quantity

It refers to the quantity of a particular item or product that is available at the beginning of a specified period, such as the start of a day, week, month, or accounting period. It represents the stock or inventory level at the start of that period.

Closing quantity

It refers to the quantity of a specific item or product that remains at the end of a designated period, such as the end of a day, week, month, or accounting period. It represents the stock or inventory level at the end of that period.

Received Quantity

It represents the amount or quantity of a particular item or product that has been received or acquired during a specific period. It could refer to goods received from suppliers, purchases made, or any other acquisition form.

Issued Quantity

It represents the amount or quantity of a specific item or product that has been issued or distributed during a specified period. It could refer to goods issued to customers, materials used in production, or any other form of distribution.

Installing Product Stock Update Add-on

You must install the Product Stock Update add-on from the Vtiger Extension Store.

Follow these steps to install the Product Stock Update add-on from the Extension Store:

  1. Log in to your CRM account.
  2. Click the User Menu.
  3. Click Settings.
  4. Look for the Extension Store.
  5. Click Add-ons.
  6. Search for Product Stock Update.
  7. Click Install.

You can see a success message on the screen after successful installation. You can find the feature under the Products module.

You can find the Stock Update record under a Product record in the sidebar.

Viewing Stock Update Record of a Product

You can view the details related to the stock update in the Stock Update record available in the related tab of a Product record.

Follow these steps to view the Stock Update record of a Product:

  1. Log in to your CRM account.
  2. Click the Main Menu.
  3. Click Inventory.
  4. Click Products.
  5. Click the required Product record.
  6. Click the Stock Update icon on the Related tab. A list of Stock Update records appears.
  7. Click the required Stock Update record to open its record.

Adjusting Stocks

If no adjustments are made through other modules, such as Invoices or Purchase orders, you can adjust the stocks manually using the Adjust Stock button in the Product record.

Follow these steps to adjust the stocks of a product:

  1. Log in to your CRM account.
  2. Click the Main Menu.
  3. Click Inventory.
  4. Click Products.
  5. Click the required Product record.
  6. Click Adjust Stocks.
  7. Enter or select information for the following:
    1. Product: Select the required product from the drop-down.
    2. Value to Adjust: Select the required stock from the drop-down.
    3. Adjustment: Enter the required algorithm to adjust stocks 
    4. Status: Select the required status from the drop-down.
    5. Assigned To: Select a user from the drop-down.
    6. Reason: Select a reason from the drop-down.
    7. Notes: Enter the required note for the stock update.
  8. Click Save.
 

Note:

  • The stock quantity also gets updated with respect to created or imported Invoices, Purchase notes, Delivery Notes, etc., and their configuration in the Stock Management settings page.
  • If you create a sales order, quote, or invoice for sub-products from a product bundle by duplicating older ones, the new records will take the latest sub-products, quantity, and unit price from the bundle.
  • This will help if you frequently make changes to Product bundles where the quantity of the sub-products is changed. The new enhancement will ensure your Available stock and Committed stock are not affected.
 

Reference Articles

Stock Management Settings in Vtiger CRM

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