Every Sales Order created in your inventory will display one of the following statuses. Below is a depiction of how the life cycle of a Sales Order progresses.
For a Sales order to progress from one status to the next certain conditions need to be met. These conditions then result in corresponding changes to parts of your inventory, such as stock levels.
Before we begin it is important to remember;
There are 3 types of stock in your inventory
- Stock on Hand - The total amount of stock held in your locations.
- Stock Committed - The total amount of stock assigned to your Sales Orders.
- Stock Available - Amount of stock that is available to sell. If you deduct your Stock Committed from your Stock on Hand you will get the Stock Available.
Refer to this article to learn more about the difference between stock levels in TradeGecko.
This status is optional you have the option to either set this as the first stage of your Sales order or you can proceed immediately to the Active stage.
You can use this page to send your customer a Sales Quote before you approve or finalize the order. Draft orders can be easily edited/deleted and removed from TradeGecko.
In the Draft stage, your stock is not committed, therefore it is useful if you want to send a quote without committing any stock. None of your stock levels will drop in this stage.
Once you are ready to proceed with the sales, approve the draft and the Sales Order status will change to “Active”.
The active stage is where your stock is committed to the order but still has not been deducted from your total stock level.
You can only edit your order at this stage. Once all amendments have been made click Finalize to proceed to the next stage.
At this stage, you can start fulfilling your order. Stock is committed at this stage but will not be deducted from your total stock.
You can now create invoices, payments, and shipments. For shipments, this means that you can create packing slips and packing labels. You can choose to either create a partial or full shipment.
Invoicing and packing does not need to be done in a specific order. However, in order to create a payment, you must first create an invoice.
Once you have shipped your products you will be able to create a return.
Once payment has been marked as paid, it will be synced to your accounting software (XERO/ QuickBooks Online) if you are integrated with it on TradeGecko.
In the finalized state you can only make limited edits to your sales orders. You can;
1. Edit the quantity of stock ordered, however, you can only add to the quantity not subtract from it.
2. You can add items and landed costs.
3. You can change the Issue Date and the Shipment Date.
4. You will be able to view the Pick List after you have created a shipment.
Once the order is shipped, the status will be Fulfilled. Once an order is fulfilled, the stock levels will fall accordingly.
If you wish to remove items from a Sales Order, here's a handy guide for your reference.