Inventory
Stock levels for every product and variant, plus a record of each movement.

When stock is deducted
When the order is placed, not when it ships. Cancelling an order returns it.
This is deliberate: it prevents overselling by locking the goods the moment the customer checks out.
Question: Can I sell beyond available stock?
Yes — turn on Allow overselling in the product settings (useful for pre-orders). With it off, the product shows as sold out automatically once stock hits zero.