diff --git a/InvenTree/InvenTree/version.py b/InvenTree/InvenTree/version.py
index 44c5dd3c59..7177703afa 100644
--- a/InvenTree/InvenTree/version.py
+++ b/InvenTree/InvenTree/version.py
@@ -8,12 +8,16 @@ import re
 
 import common.models
 
-INVENTREE_SW_VERSION = "0.3.0"
+INVENTREE_SW_VERSION = "0.3.1"
 
-INVENTREE_API_VERSION = 7
+INVENTREE_API_VERSION = 8
 
 """
-Increment thi API version number whenever there is a significant change to the API that any clients need to know about
+Increment this API version number whenever there is a significant change to the API that any clients need to know about
+
+v8 -> 2021-07-19
+    - Refactors the API interface for SupplierPart and ManufacturerPart models
+    - ManufacturerPart objects can no longer be created via the SupplierPart API endpoint
 
 v7 -> 2021-07-03
     - Introduced the concept of "API forms" in https://github.com/inventree/InvenTree/pull/1716