Periodic inventory and auto/perpetual inventory are the two main types of inventory accounting. When you purchase and receive products, auto inventory records them as assets of the business (stock-in-hand). An expense (Cost of Goods Sold) equal to the landed cost of the goods is recorded when you sell and deliver them. Every stock transaction results in a new entry in the general ledger. Accounting entries must be manually produced in the periodic inventory procedure in order to sync the stock balance with the applicable account balance. At the moment of material purchases or sales, the system does not immediately generate accounting entries for assets.
A retailer's current stock is summarised in an inventory stock report. It summarises information about the state and performance of inventory, including specifics like how much stock you have, which products are selling the quickest, category performance, and other statistics. You can use a variety of inventory reports, each with a specific function.
You can import data from your PC into TechoERP Inventory to hasten the data collection process inside each module. Additionally, you can export data or create a full data backup.
A version of an item with varying characteristics, such as sizes or colours, is known as an item variant. There are two possible bases for variations:
With the use of a system called serial number tracking, you may keep track of individual units of a product from the time they are created until they are sold. In order to identify which unit was sold to whom, each item will have a special identification code. This feature is very advantageous to the electronics and automotive industries for warranty and service purposes.
Batch Tracking is a system that allows you to group and monitor a set of stock that share similar properties. Batch Tracking allows you to,