Feature Availability

Vtiger Editions: One Pilot | One Growth | One Professional | One Enterprise

Introduction

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 product inventory within the CRM. 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 Add-ons. 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 Settings 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 about a product's stock quantity. 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 be empty.
• 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.

Key Features

• Dedicated Stock Update Records: Tracks each stock movement with fields like Opening Quantity, Issued Quantity, Received Quantity, and Closing Quantity.
• Automatic Sync with Inventory Modules: Updates stock automatically based on Invoices, Purchase Orders, Delivery Notes, and Sales Returns.
• Manual Stock Adjustments: Allows users to manually adjust stock levels using the Adjust Stocks function when required.
• Integration with Stock Management Rules: Stock changes follow the rules configured in the Stock Management settings, eliminating the need for custom workflows.
• Historical Stock Tracking: Stores detailed records for auditing and reporting, showing how stock levels have changed over time.
• Workflow-Driven Updates: Vtiger’s default workflow (UpdateInventoryProducts On Every Save) updates stock whenever a related record is saved or modified.

Benefits of Product Stock Update

The benefits of Product Stock Update are:

• Accurate Inventory Management: The stock update feature helps maintain accurate, up-to-date inventory records in Vtiger CRM. 
• Prevent Stockouts and Overstocking: By tracking product stock levels, businesses can avoid stockouts (running out of stock) and overstocking (accumulating excess inventory). 
• Streamlined Sales Processes: The stock update feature integrated into Vtiger CRM enables seamless integration with sales processes. 
• Improved Customer Service: Accurate stock updates in Vtiger CRM enable customer service representatives to provide customers with reliable information on 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: The 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

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. Go to the Main 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 the installation is complete. 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 details about 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 is also updated based on created or imported Invoices, Purchase notes, Delivery Notes, etc., and their configuration on the Stock Management settings page.
• If you create a sales order, quote, or invoice for sub-products from a product bundle by duplicating older records, the new records will take the latest sub-products, quantities, and unit prices from the bundle.
• This will help if you frequently make changes to Product bundles where the quantities of sub-products change. The new enhancement will ensure your Available stock and Committed stock are not affected.

Product Stock Update Workflow

The Quantity in Stock of a product is updated based on the status of the invoice or purchase order created for it. This is done via the workflow UpdateInventoryProducts On Every Save that is set up and active by default in Vtiger. 
The benefit of this workflow is that it reduces manual effort and eliminates human error, as every change is automatically recorded. You can also create additional workflows for Products by going to Settings > Automation > Workflows.
To learn more about Workflows in Vtiger CRM, click here.
Here are the scenarios under which Invoices impact Quantity in Stock: 

• When an invoice is created, the quantity in stock will decrease.
• When an invoice is canceled or deleted, the quantity in stock will increase.

Here are the scenarios under which Purchase Orders impact Quantity in Stock: 

• When the purchase order status is changed to ‘received shipment’, the quantity in stock will increase.
• When the purchase order is canceled, the quantity in stock will decrease.

Reference Articles

Stock Management Settings in Vtiger CRM