Heartland Retail is able to report on a number of useful inventory metrics. This article explains those metrics and when to use them.
Cost, Price Qty
All inventory metrics are expressed in one of the following terms:
Cost: How much the items cost your business to acquire. Heartland Retail uses the average cost method.
Price: How much you could expect to sell the item for, based on the item's Current Price.
Qty: Individual units of an item.
Owned, On Hand, Available, Committed, In Transit
These terms describe the status of your merchandise. Items can often be in more than one of these categories. We'll use Qty for our definition of each item but Price and Cost work for all of them.
Owned and On Hand: Items physically present at a given location. If your report is company-wide, you will see a total of items on hand in all your locations.
Available: Items owned and available for sale.
Committed: Items owned but committed for sale, either on a sales order or layaway.
In Transit: Items that have been transferred from one location but not yet received at their destination. These items are not in the On Hand Metric.
Beginning, Ending, and Current
The terms described refer to the time period specified on the Reporting >> Analysis >> Filters tab.
Beginning: Metric as of 12:00am on the first day of your selected time period.
Ending: Metric as of 11:59pm on the last day of your metric. If your time period includes today, Current inventory and Ending inventory will match.
Current: Metric as of right now. This is not useful for most time period comparisons because it always shows the metric's current value regardless of the time period selected.