What’s the difference between inventory vs. Non-stock items could be inventory or non-inventory. They are products that are probably not kept in large quantities, and this could mean that they are bespoke one-off items or perhaps seasonal products that aren’t needed to be in-stock at all times. Unsurprisingly, non-stock items are the exact opposite of stock items! Stock items are a good example of inventory items, as the quantity of them would definitely be monitored. They are popular items that are carefully tracked so that when numbers run low, more can be ordered so that valued clients are not lost. Stock itemsĪ company’s stock items are usually seen as essential items or the backbone of the company’s business model. Interestingly, a non-inventory asset may still have a purchase order or sales order, so you can see whether it has been received or shipped, but there are no quantities logged in your management software that can provide any further information on it. The non-inventory item may also refer to a service that a business may purchase and/or sell but not track. There are many different examples of non-inventory assets, which we will cover in more detail later, but these can include bespoke products, items purchased for company use, or even those “impulse items” that retailers place near check-outs as a temptation for shoppers. Non-inventory itemsĪt its most basic, a non-inventory item is a product that is purchased or sold by a company, but the quantity of it is not monitored. If the service you are using is like Katana, monitoring the movement of your inventory will ensure that you can minimize waste and ensure you don’t experience a stockout. Once an inventory item is sold, it is marked as such. Once inputted, the software that a company uses keeps a record of every inventory item and tracks it through its journey – from receiving it in a particular stock room, its storage location, the order of said product, and the shipping and final delivery. Inventory itemsĪn inventory item is one that is recorded on your tracking system, like Katana cloud manufacturing software. First of all, let’s define four key terms that are commonly used when talking about what products a company has – inventory items, non-inventory items, stock items and non-stock items.
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