To set-up Inventory Alerts or Sub-Locations navigate to the On-Hand Inventory & Alerts page. Then, once in this page, a column displays the stock alert levels per SKU per Inventory Location. A similar column (per SKU per Inventory Location) displays the sub-location (bin-location). These columns have editable text-fields that you can type in to change the Alert Levels on-the-fly (same for the sub-locations). If only the low stock items should be displayed, the "Show Only Items that Need to Be Ordered"option should be checked and the Search option should be clicked to refresh the list and show only the low stock products.
To get a report of the Items below alert level you can visit the Availability Levels report and click to display only the 'Items Below Alert Level' from the drop-down option. Regarding sub-locations, they will be visible in Picking & Receipt Slips printouts only.