The Inventory duration is how long it takes you to complete an inventory count.
The Inventory period is the time between two completed inventory counts.
When you take an inventory count, WISK logs the time it was started and the time it was submitted. This is the inventory duration.
The inventory duration should never span over a period where sales occur in your venue. The inventory count is a snapshot of the stock levels at the time the inventory count started. If items are being sold while taking inventory, you won’t have accurate data.
In most cases, the inventory duration should only be a few hours (depending on the size of your venue).
The inventory period (also known as inventory range) is the time between two completed inventory counts.
It’s used by WISK to calculate your consumption, sales, and variance
For example, let's say you complete a count on January 1st from 8:00am to 10:00am, and then complete another count on Jan 8th from 8:00am to 9:30am
Those two counts now create an inventory period from Jan 1 8:00am to Jan 8 8:00am. The starting time of each inventory is the cut-off point.
Anything that happens in your venue between those two dates/ times applies to that inventory period.
Important: Don’t put an Inventory Period as the start and end times of an inventory count. The system will think that the physical count took that long and will impact your data calculations.