Advanced stock manager
This article contains information regarding iZettle for hospitality, powered by intelligentpos
Average Cost Prices
intelligentpos® has two stock management modes, simple and advanced. This article covers stock management using the advanced stock manager, which is more commonly used for hospitality businesses.
The advanced stock manager uses the concept of suppliers, ingredients and recipes to let you manage your stock in an efficient manner. Recipes can be used to de-stock multiple ingredients when a product is sold, for example a cocktail in a bar.
Lets start by setting up suppliers. Log in to your backoffice portal and select Stock Manager > Suppliers from the menu on the left hand side.
This will open up the supplier management page, click on "Add Supplier" to add your first supplier. A new window will appear to let you add supplier details. Please note that you do not have to fill in every field here, only the supplier name is mandatory.
Once you have added your suppliers to the system, you may return to them at any time and press "Edit" to make any changes.
Now we will progress to to adding ingredients. Select Stock Manager > Ingredients from the left hand menu, then press "Add Ingredient" to add your first ingredient. You will be presented with a new window to enter the details.
There are a number of steps to follow to create an ingredient;
Firstly, choose the supplier name from a list of suppliers that you have created in the previous step
Next give the ingredient a name
Cost per pack refers to the cost that you purchase this ingredient for - remember to enter this without any tax added as this is important for calculating gross profit
Standard pack size refers to the size of the pack you buy this ingredient in. We have already pre-populated this with the most common pack sizes, for example 24 units for purchasing in pre-packed drinks. You may also enter this in 'raw' units such as kilograms, litres etc.
Restock level is also commonly referred to as a "Par Level" and it is the amount of stock you wish to keep at all times. When creating purchase orders, the system will automatically suggest the amount of stock to purchase to bring the level up to this amount.
Current stock level is the current amount you have in stock, in the standard pack size. For example if the pack size is 24 units, and you enter 1 in this box, you have 24 units in stock.
Alert stock level is the level at which you wish to receive a low-stock alert. These can be turned on and off.
Minimum & Maximum supplier order are the minimum and maximum amounts you wish to purchase in one transaction from the ingredients supplier, for example if your supplier can only supply a maximum of 10 cases of one ingredient at a time.
There are two ways that recipes can be setup within the system, one way is to pre-create the recipe from the recipes page, available in the left hand menu. This method is mainly used for creating sub recipes to be re-used within other recipes such as bread, and we will cover this in a separate FAQ article. The easiest way to create a recipe for a product is to select products from the left hand menu and then choose the product you wish to create the recipe for. In this example we will setup a recipe for a burger. Navigate to products, and select the product you wish to create a recipe for, select "Stock" from the top menu, then "Add product recipe".
This lets you assign ingredients to the product, so that they are de-stocked when the product is sold. To add your first ingredient, click on the search ingredients box and search. The multiplier field lets you specify how much to destock of each item. For example you may want to de-stock two slices of cheese, you would enter 2 in the multiplier box, and set the unit to "Single Units".
Once you have completed, press the "Update Recipe" button in the lower right. The recipe will also populate the products cost price field, which will in turn calculate gross profit figures when the product is sold.
Average Cost Prices
As of intelligentpos® version 4, the advanced stock manager supports average cost prices. This is useful in situations where your supplier may change the cost prices of products frequently. When you make a purchase on the stock manager and alter the cost price at the time of purchase, the cost price of all of the stock holding for that product will change to an amount averaged across the new purchase and what you have available in stock.
The best way to describe how this feature works is with a short example. Imagine you normally purchase a case of 24 bottles of soda at £20.00. This equates to £0.83 per bottle.
You have one of these cases in stock currently (24 units) and you plan to order another. The supplier has an offer available, this second case of soda costs £15.00, and you purchase one case. The total value of your stock holding is £35.00 for 48 bottles, which now makes the per bottle price £0.73.
This new cost price is also updated across all of your recipes so that changes are reflected in any gross profit figures.
Please note that if you update an ingredients cost price at the time of purchase, the cost price will not change to reflect this in the ingredients settings. If a supplier makes a permanent change to a cost price, you should update this by going to Stock Manager > Ingredients and edit your ingredient to reflect this change.
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