Definition
Item lifecycle (bought, received, sold, shipped, delivered)
The item lifecycle is the sequence of states a unit passes through from the moment you order it to the moment the customer has it, each with its own count.
Bought but not received is stock you have paid for and cannot sell yet. Sold but not shipped is a promise you still have to keep. Keeping the stages separate is what lets a report say how many units are on order, on the shelf and in transit at once.
Businesses that lend rather than sell use a check-out / check-in lifecycle instead.
In Inventory Now
Mark items bought, received, sold, shipped or delivered; every stage after bought and sold is optional. Switch to check-out / check-in for gear you lend.
Equipment check-outRelated terms
