RepairDesk makes it remarkably easy to introduce a new item to your existing inventory, be it accessories, parts, mobile phones, trade-in devices, or casual items. Here are step-by-step instructions on how to add an item to your inventory based on its category:
1. Go to Inventory > Manage Inventory > Products to access the "Products" section.
2. Click on the Add Product button to initiate the process of adding a new item.
A new screen will appear, here you can select either your item is serialized or non serialized;
Let's have a look at key differences between serialized and non serialized items.
Non Serialized Item
A non-serialized item refers to a product in your inventory that is not tracked individually by a unique serial number or identifier.
A serialized item refers to a product in your inventory that is individually tracked and identified by a unique serial number or identifier.
Non-serialized items are typically used for products that are not unique and have identical specifications. Examples include generic accessories, bulk supplies, or consumables like phone cases, screen protectors, screws, etc.
Serialized items are often used for high-value products, electronic devices, or items requiring detailed tracking for warranty, repairs, or service history. Examples include smartphones, laptops, watches, etc.
Since non-serialized items are not individually tracked, they are easier to manage and don't require extensive record-keeping for each item.
Since each serialized item has its own record, you can easily monitor its sales, repairs, service history, and warranty status.
3. Fill in the required information under the "Product Information" section, including item type, name, manufacturer, device, subcategory, short description, and upload a picture for visual identification.
4. Select "Yes" or "No" for the "Commissions" and "Display on POS (Point of Sale)" options, depending on whether you want to associate commissions with the item and display it on the Point of Sale screen.
5. Under the "Stock Inventory" tab, provide essential details such as stock quantity, stock warning level, supplier, minimum quantity, supplier/vendor, and valuation method (e.g., Weighted Average Cost - WAC, Last In First Out - LIFO, and First In First Out - FIFO).
Here's an explanation of the three inventory costing methods used in RepairDesk:
- Weighted Average Cost (WAC): The Weighted Average Cost method calculates the average cost of all units available in inventory, including both the old and newly purchased ones. It considers the cost of each unit and their corresponding quantities. To calculate the weighted average cost, the total cost of all units in stock is divided by the total number of units.
Formula for Weighted Average Cost (WAC):
WAC = (Total Cost of Inventory) / (Total Quantity of Inventory)
In RepairDesk POS Software, the WAC method assigns a cost to each unit based on the average cost of all similar units in stock. This method smoothens out fluctuations in costs and is especially useful when dealing with frequent price changes or volatile market conditions.
- Last In First Out (LIFO): The Last In First Out method assumes that the most recently purchased items are the first ones to be sold. In other words, the cost of goods sold is calculated using the cost of the last units acquired, while older units remain in inventory. This approach can be beneficial during inflationary periods as it allows businesses to match recent, higher costs with current revenue, resulting in potentially lower taxable income.
However, it's essential to note that LIFO may not be allowed in some accounting standards, and it can lead to inventory valuation mismatches during times of rising costs.
- First In First Out (FIFO): The First In First Out method assumes that the oldest items in inventory are the first ones to be sold. It matches the cost of goods sold with the cost of the earliest units acquired. As a result, the ending inventory is valued at the most recent cost. FIFO tends to reflect a more accurate representation of the cost of goods sold when prices are rising.
In RepairDesk, you can choose between WAC, LIFO, or FIFO methods based on your business's inventory management and accounting needs. Each method has its advantages and considerations, so selecting the most suitable one depends on factors like industry trends, tax regulations, and your inventory purchase patterns. By providing multiple options, RepairDesk aims to cater to diverse business requirements and help users manage their inventory efficiently.
6. Set the retail price, sale price, and cost of the item along with the applicable tax class under the "Tax & Pricing" section.
7. Finally, click on the Save Item button to add the new item to your inventory.
1. Go to Inventory >> Manage Inventory >> Trade-In to access the "Trade-In" section.
2. Click on the +Purchase button to begin adding a new trade-in item to your inventory.
3. Enter all relevant details, including buyer and seller information, item details such as IMEI, serial number, and price, as well as any necessary declarations or consent of sale, which may include signatures or agreements, and payment information.
1. Go to Inventory > Manage Inventory > Miscellaneous to access the "Miscellaneous" section.
2. Click on the Add Product button to initiate the process of adding a new miscellaneous item.
3. Provide the required information, including the item name, description, price, cost, tax, and other relevant details.
4. Click on the Create button to successfully add the new casual item to your inventory.