How to Receive Inventory

Steps to Receive Inventory to your store after receiving a shipment

Accounting for new inventory is a fundamental aspect of effective inventory management in any business. This process helps ensure financial accuracy, inventory efficiency, and timely decision-making. Here's a step-by-step guide to receiving new inventory in ImpulsePoint, along with an explanation of why it's vital:

Step-by-step process:

• Click "Manage", located on the left side of the screen.

• Under the "Manage Inventory" section, select "Receive inventory".

To find the specific Store Product for which you want to receive inventory, you have several options:

• Utilize the search bar on the top right side of the screen.
• Use a handheld scanner to scan the item you wish to receive.
  
  • This allows for the greatest accuracy in receiving products
    correctly.
  • This will also allow you to identify if the item you are
    receiving has a new UPC that you have not yet entered into
    ImpulsePoint.
• Type a Keyword from the Product Name into the search bar.
  • This does not guarantee the correct UPC as vendors
    occasionally send products with different UPCs.
• Or... Click "Filters" on the top left, to reveal
  dropdown fields for "Stock Level," "Vendor," "Category," and
  "Sub Category" filter options.
  • Once you select the appropriate filters, click "Apply". 
  • After applying filters, you can further refine your search by using the dropdown box labeled "Sort By".
•  Alternatively, manually scroll down the page to locate the Store Product.
  
  

1. Once you've identified the Store Product, enter the quantity of items
   you've received in the "Received Amount" text field.
2. If the product is perishable, please associate an Expiration Date at this time.
3. Don't forget to save your inventory changes by clicking the red "Save
   Inventory Changes" button. 

The importance of accounting for new inventory:

1. Financial Accuracy: Receiving new inventory ensures that your financial records accurately reflect the products on hand. This prevents discrepancies between your books and the actual quantity of items in your store.

2. Inventory Efficiency: Timely and accurate inventory accounting ensures that you have the right products available for your customers. It helps avoid situations where customers are disappointed due to out-of-stock items.

3. Supply Chain Management: Accounting for new inventory allows you to track and manage your supply chain effectively. You can identify delays or issues with deliveries and address them promptly.

4. Demand Forecasting: Accurate inventory data is vital for forecasting demand and making informed decisions about restocking or reordering. This information helps you meet customer demand efficiently and avoid overstocking or understocking.

5. Loss Prevention: Tracking new inventory ensures that products are accounted for from the moment they enter your inventory. This process helps prevent theft, misplacement, or damage that may occur during the receiving process.

6. Data-Driven Decisions: Accurate inventory records provide the data necessary for data-driven decision-making. This helps you optimize your inventory management processes and make informed choices about product promotions, pricing, and sales strategies.

In summary, accounting for new inventory is vital for maintaining financial accuracy, ensuring inventory efficiency, and making informed business decisions. It's a foundational practice in inventory management that contributes to the overall success and profitability of your business.