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Is there any way to automatically make an item unavailable after the last one is sold? For example, change the the version live field from "Y" to "N"?
This is called stock control and featured in v4 and later. To enable stock control for an item version, sets its warning level to a number other than "0". You will then be warned when the number of that item falls below this warning level. You will also need to set the current stock level for the item. This will be depleted when sales are completed.
In CactuShop v3 this needs to be done manually.