Version 23W32 Released

Fixes

VA-8923 No Shopify inventory update-error 
VA-8935 Add supplier price to Product Listing with Prices report

Release Notes

The new Vertical Menu is now standard in Versa Cloud ERP

VA-8639 Advanced inventory metrics 

• Versa has added a new feature for Advanced inventory metrics. The new feature is only accessible for the firm with the feature "Inventory Metrics" enables.
• This feature will enable the User to check a new checkbox on the part edit page "Collect detailed inventory metrics".
• Once the option to track inventory metrics is selected from the product page and the product is update, there will be a new tab "Metrics" visible in parts edit view to allow user to view the metrics.
• We have added a new field to reorder point record called Review Period which is the number of days inventory will be reviewed this is used in a few metric calculations as well. To know more on review period visit: https://support.versaclouderp.com/hc/en-us/articles/19438175659411 

•  Versa has also created a new widget "Inventory Statistics' to allow user to select up to 5 parts and show it's safety stock, target stock, excess stock and fill rate metrics.

Metrics

Safety Stock: Is the minimum level of inventory for the product as calculated by the system

Formula: Maximum daily sales times maximum lead time for product - average daily sales times average lead time.

Target stock: The ideal stock level for a business to hold. In Versa, there is a maximum quantity for the reorder point record for a part. 

Formula: Average daily sales for a product times (average lead time of all approved suppliers + review period) plus safety stock(minimal stocking level)

Excess stock: An item whose current stock position exceeds the calculated target stock

Formula: quantity on hand - target stock

Order Fill Rate: The fill rate is the fraction of customer demand that is met through immediate stock availability, without backorders or lost sales. This is calculated monthly.

Formula: In a given period, total number of order with all items that are fulfilled divided by number of total orders times 100. An order item is fulfilled when total quantity shipped equals qty on order item. If an order item is shipped more than once but yet all qty are shipped, it is considered filled.