Overview

Stock reservation, also known as inventory reservation, is a critical feature in inventory management that allows businesses to set aside specific quantities of stock for particular purposes or customers. In iVendNext, stock reservation ensures that your inventory is allocated efficiently, reducing the risk of overselling and improving customer satisfaction. This guide will walk you through the key aspects of stock reservation in iVendNext, from enabling the feature to managing reservations effectively.

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1. What is Stock Reservation?

Stock reservation is the process of earmarking a specific quantity of inventory for a particular sales order, customer, or other business needs. This ensures that the reserved stock is not available for other orders, preventing stockouts and ensuring timely fulfillment.

Why is Stock Reservation Important?

• Prevents Overselling: By reserving stock, you ensure that the inventory is available when needed, reducing the risk of selling products that are out of stock.

• Improves Customer Satisfaction: Reserved stock guarantees that customers receive their orders on time, enhancing their overall experience.

• Streamlines Inventory Management: Stock reservation helps in better planning and allocation of inventory, especially during peak sales periods.

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2. Enabling Stock Reservation in iVendNext

Before you can start using stock reservation, you need to enable it in iVendNext. Here’s how:

Step 1: Navigate to Stock Settings

• Go to the Stock Settings section in iVendNext. This is where you can configure various inventory-related features.

Step 2: Enable Stock Reservation

• Look for the Stock Reservation option and enable it. Ensure that your stock balance is positive before enabling this feature, as stock reservation cannot be enabled if there is a negative stock balance.

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3. Stock Reservation Against Sales Orders

One of the primary uses of stock reservation is to allocate inventory for specific sales orders. Here’s how you can reserve stock against a sales order:

Step 1: Create a Sales Order

• Start by creating a Sales Order in iVendNext. This document represents a customer’s request for products.

Step 2: Reserve Stock

• In the Sales Order, check the Reserve Stock option for the items you want to reserve.

• Click on Stock Reservation, then select Reserve.

• Choose the warehouse and the quantity you wish to reserve, then click on the Reserve Stock button.

Note: Once reserved, the stock will be allocated to this sales order and will not be available for other orders.

4. Stock Reservation from Pick Lists

In addition to reserving stock directly from sales orders, you can also reserve stock from Pick Lists. This is particularly useful when preparing orders for shipment.

Step 1: Create a Sales Order

• As before, start by creating a Sales Order.

Step 2: Generate a Pick List

• Create a Pick List for the Sales Order. A Pick List is a document that helps warehouse staff gather the items needed to fulfill the order.

Step 3: Reserve Stock from the Pick List

• In the Pick List, click on Stock Reservation, then select Reserve. The system will automatically create Stock Reservation Entries against the Pick List.

5. Auto Reserve Stock on Purchase

iVendNext also offers an Auto Reserve Stock feature, which automatically reserves stock when a purchase order is received. This is particularly useful for businesses that want to streamline their inventory management processes.

Step 1: Enable Auto Reserve Stock

• Navigate to Stock Settings and enable the Auto Reserve Stock for Sales Order on Purchase option.

Step 2: Create a Sales Order

• Create a Sales Order as usual.

Step 3: Create a Material Receipt

• Generate a Material Receipt for the Sales Order.

Step 4: Create and Submit a Purchase Order

• Create a Purchase Order from the Material Receipt and submit it. Once the Purchase Receipt is created, the stock will be automatically reserved.

6. Unreserving Stock

There may be situations where you need to unreserve stock, either because an order is canceled or because the reserved stock is no longer needed. iVendNext provides two ways to unreserve stock:

Option 1: Unreserve from Sales Order or Pick List

• Open the Sales Order or Pick List document.

• Click on Stock Reservation > Unreserve. This will cancel the listed Stock Reservation Entries.

Option 2: Unreserve from Stock Reservation Entry

• Open the Stock Reservation Entry document.

• Click on the Cancel button to unreserve the stock.

• Alternatively, go to the Stock Reservation Entry List, select the entries you wish to cancel, and click on Actions > Cancel.

7. Best Practices for Stock Reservation

To make the most of stock reservation in iVendNext, consider the following best practices:

• Regularly Monitor Stock Levels: Keep an eye on your inventory levels to ensure that you have enough stock to meet demand.

• Use Auto Reserve Stock: Automating stock reservation can save time and reduce errors, especially for businesses with high order volumes.

• Train Your Team: Ensure that your staff understands how to use stock reservation features effectively.

• Review Reserved Stock Periodically: Regularly check your reserved stock to ensure that it is still needed. Unreserve stock that is no longer required to free up inventory.

8. Related Topics

To further enhance your understanding of inventory management in iVendNext, consider exploring the following related topics:

1. Sales Order Management

2. Pick List Creation and Management

3. Linking Stock Warehouse and Accounts

Conclusion

Stock reservation is a powerful tool in iVendNext that helps businesses manage their inventory more effectively. By reserving stock for specific orders or customers, you can prevent overselling, improve customer satisfaction, and streamline your inventory management processes. Whether you’re reserving stock manually or using the auto-reserve feature, iVendNext provides the flexibility and control you need to manage your inventory with confidence.

By following the steps and best practices outlined in this guide, you’ll be well on your way to mastering stock reservation in iVendNext and optimizing your inventory management processes.