Inventory Product Summary Paige Freeman May 17, 2023 19:34 Updated To access the Product Summary, you must first locate the product you wish to view. For more information, please see Searching for a Product. The Product Summary is the main summary screen for a product, as shown below. The Inventory Product Summary is broken into several sections depending on the product setup, which can include the Header, eBusiness Display, Ready to Sell, Inventory Setup and Pricing, Totals, and Inventory History. Header The Product Summary header includes basic information about the product. Screen Element Description Image Displays the avatar for the product. The avatar is selected based on Product Type. Product Name Displays the product name for the product. Product ID Displays the product identification number for the product. Master Product When unchecked on the Product Setup screen, it implies that the product cannot be entered directly without already having another product with the same parent product but different product code. Product Class Used to classify any product (master or subproduct) to distinguish between break-out sessions and social events from general sessions. The options available are determined by the Product Type selected during creation. Product Manager Email The hyperlinked product manager's email address. List Price Displays the list price of the product. Available From Displays the date the product is available from. Zero Price When checked, indicates this product is available for $0. View Product Setup Click this link to open the Product Setup screen. eBusiness Display The fields within this section can be edited from the eBusiness Control and Categories and Keywords screen. Screen Element Description Display On Web If the Display on Web option on the eBusiness Control screen is set to "Yes", a checkmark will display. If the option is set to "No", an X will display. Product URL If a Product URL is defined on the eBusiness Control screen, the URL will display and, when clicked, will open in a new tab. Categories If categories were defined on the Categories and Keywords screen, the category and image will display. View eBusiness Control Click this link to open the eBusiness Control screen. Ready to Sell The Ready to Sell section displays setup items that are required for a product to be sold. The product must also be valid. If you are experiencing issues selling a product please check these settings, and refresh to get the latest values. Inventory Setup and Pricing The Inventory Setup and Pricing sections allow you to view and edit the inventory setup for the product. The fields that display in this section depend on the product setup. Totals The Totals section displays the inventory totals across locations. For more information on the fields displayed in this section, please see the table below. Page Element Description On the Books Displays the quantity of the product (unsold unit) that is on the books. This is inventory as represented in the General Ledger. This number multiplied by the unit cost should equal the GL inventory number. This number decreases only after invoicing, when cost of goods sold (COGS) transactions are created that relieve inventory. The On The Book or On The Shelf quantity, as opposed to the available quantity, is used for calculation when returning an inventoried product. Committed with Packing Slip The number of units for which there are current orders and packing slips have been generated, but the products are not yet shipped. They are counted as on the shelf but not available for future orders. Committed no Packing Slip The number of units for which there are current orders but no packing slips have been generated. They are counted as on the shelf but not available for future orders. Available for Sale The number of units that are available for inclusion in future orders. This total is the On the Shelf minus the Committed with No Packing Slip and Committed with Packing Slip. If no units are available, the product is placed on back order. On Back Order Displays the quantity of the product that is on back order at this warehouse. Total Inventory Value- Available Calculated based on the quantity available for sale. The formula is average unit price * total available for sale = total inventory value available. ThreeSixty uses the average unit cost in order to calculate total inventory value available. Navigate to the Inventory History screen to view your average cost information. This number is an average of your original cost and your received cost and it is located in the New Cost column. It is calculated by using the following logic: Multiply original quantity by original cost to get the original unit price(original quantity * original cost = original unit price) Multiply received quantity by received cost to get the new unit price(received quantity * received cost = received unit price) Add the original unit price to the new unit price to get the total unit price(original unit price + new unit price = total unit price) Add the original quantity to the received quantity to get the total quantity(original quantity + received quantity = total quantity) Divide total unity price by total quantity to get the average unit price(total unity price / total quantity = average unit price) For example, to calculate the average unit price for the product shown in the in the image below: 500 * 4.00 = 2, 000 200 * 2.50 = 500 2,000 + 500 = 2,500 500 + 200 = 700 2,500/700 = 3.5714 Now, you take the average unit price and multiply it by the quantity that is available for sale in order to find the total inventory value available (average unit price * total available for sale = total inventory value available). For example, you have 695 products that are available for sale and your average unit price is $3.57. You would take 695 and multiply it by $3.57 to get $2482.14 (695 * 3.57 = 2482.14). Your total inventory value available would be $2482.14 in this example. The system rounds, but you can still calculate it manually. If you work backwards, you can validate the value that is displaying in the Total Inventory Value Available field. For example, your average unit price is $3.62, total inventory value available is $2,481.89, and you have 685 products available for sale. To validate that the total inventory available is $2482.14, you would divide $2481.89 by 685, which equals $3.62319. This matches your average unit price. However, if you do not work backwards, and multiple total average cost by total available for sale ($3.62 * 685), you get $2,479.70, which does not match the $2,481.89 amount listed on the Total Inventory Value Available field. Total Inventory Value- On the Books Calculated based on the quantity on the books. Inventory History The Inventory History section displays the five most recent transactions associated with the product. Select View All History to access the full Inventory History page.