Summary
This article walks through what conditions must be fulfilled for an item's on hand to be classified as being "excess".
Applies To
All items in StockIQ
Process
In StockIQ, you are in excess on an item when you have a quantity on hand that is BEYOND the excess threshold that you set, BEYOND whatever your max stock value is.
NOTE: This definition is new as of v2024.01.08. Previous versions of StockIQ used a number of days beyond safety stock instead.
Typically this is set to 60 days = 2 months. So, if you have a quantity that is 2 months of supply beyond your Max Stock level, then you will be considered in excess. The quantity at which you become in excess is known as the Excess Threshold and is shown in the Excess & Overstock report in the Inventory module. Current forecasted usage is used to calculate the days of supply in this case.
StockIQ also calculates if your item is projected to be in excess based on the order schedule,
and this is included in the Projected Excess Alert and shown in the Order Schedule screen. In this case, the Forecasted Usage at Lead Time is used to calculate the days of supply. If your Forecasted Usage at Lead Time is between 0 and 1 (For example: 0.01), StockIQ will consider the usage to be 1 unit.