A long-awaited change is on the way!
In our next release of Quick3 planned for early December, we are finally introducing Stock Batch handling.
Stock Batch handling will provide our customers with more granular goods handling and tracking throughout the entire goods journey - all the way from intake to invoiced sales. This new way of handling items and their cost price calculations will be the new standard as of our next update, and so we wanted to provide you with some information ahead of time about how it will change your daily user experience.
With stock batch handling, you can assign batch numbers to items during goods intake. This will not only enable you to set expiration dates for items, but will also provide full control over where each batch is stored, and which batch is used during a sale. This will also lead to more aftersale options, like being able to communicate with customers who bought items from specific batches.
But the biggest change is the new default cost price method. Quick3 will now fully support the FIFO/LIFO cost price method, and FIFO will replace Average Cost as the new default.
For those of you that are currently using the Average Cost method in your Price Handler however, we will enable a new «Use average cost for margin calculation» setting (Client Configuration > Stock) so that your margin calculations will remain the same as before without any action required. If you want to change your cost price calculation method at a later time and end up disabling this new setting, the item's Net Purchase Price will be used as a basis instead until a specific batch is selected.
The client configuration setting for the cost price method itself—which can be located under Client Configuration > Stock—will also be renamed from «Price Handler» to «Cost Price Method», for clarity.
The Average Cost value will also no longer be stored in the stock log itself, but will rather exist as a calculated value in reports, on order lines, etc.. For those of you that are using posting of cost of goods sold for invoices via accounting rules, we are introducing the possibility to also post corrections of cost of goods sold when posting invoice controls, also via accounting rule.
We're very excited to bring you this improvement in stock handling which we hope will help reduce potential errors in your company's accounting, provide you with more granular control of your goods, and be a useful tool for aftersales operations. Full user manual documentation for this new functionality will be available once the update releases.
Best regards,
Quick Systems