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In Odoo, lots and serial numbers have similarities in their functional system but are different in their behavior. They are both managed within the Inventory, Purchases, and Sales app.

Lots correspond to a certain number of products you received and store altogether in one single pack. Lots will help identify a number of pieces having for instance a production fault. It can be useful for batch production of clothes or food.

Serial numbers are identification numbers given to one product, in particular, to allow to track the history of the item from reception to delivery and after-sales.

First, you need to activate the tracking of lot numbers. To do so, go to Inventory ‣ Configuration ‣ Settings and tick Lots & Serial Numbers. Then, click on save.

Now, you have to configure which products you want to track by serial numbers.

Go to Master Data ‣ Products and open the product of your choice. There, click on Edit and select Tracking by Lots or Serial Numbers in the inventory tab.

Reference: https://www.cybrosys.com/blog/how-to-manage-lots-odoo-14
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