(New Lots settings in Ascent Version later than 1.590.)
Warning: If there are multiple lot records in the system, after you merge inventory, all the existing lot records will turn to be the same new (default) lot. It happens to all existing transaction records: Shipped Sales Order Lines, Received Purchase Order Lines, Completed Production Order Lines, Invoice Lines, Movement Lines, Count Journals, etc.
For example, you have Movement lines with Lot name "AAA-001" and "AAA-002" for the item A in location AAA in your system before merging inventory. Now, after merging inventory, the Movement lines record will only show you Lot "AAA" for all existing movement lines.
In Admin Settings (you can find it in all tabs), there are settings for Lots.
If you decide to turn off Lots, please choose “No” in “Use Lots” dropdown list.
Right after you turn off Lots, please click the “Merge Inventory” link, which will take every quantity of the item on every lot, sum all of them up and put the total quantity of this item into one new lot. After you click the “Merge Inventory” link, it will show you only one lot for one location. The new lot name is the same to the location name.
You will receive an email when the merging operation is completed. "The batch Apex job processed 1 batch with 0 failure."
After merging inventory, if you go to the previous item RED_SHIRT, you will see there is only one Lot "FINISHED_RED_SHIRTS" in Location "FINISHED_RED_SHIRTS".
When the "Lots" is on:
After turning off lots and merging inventory:
Please also be free to check the quantity of the new Lot. It will be the sum of quantities of all existing lots before turning off Lots. i.e. Now for Lot ""FINISHED_RED_SHIRTS", the Quantity is 139, which is equals to the sum of previous 4 lots: 90+30+5+14=139.
That's how new Lots Settings work.