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You are viewing an old revision of this post, from May 19, 2015 @ 07:19:44. See below for differences between this version and the current revision.

Item Master – Stock

Stock tab of the item master deals with how the  stock is maintained and valuated. im-st Fields & its description:
  • Stock Maintenance
If stock  maintenance is applicable for this item then indicate as such in this screen.
  • Batch Stock
Some items may be subject to large volume transactions and this can be specified by selecting the Yes option.
  •  Unique Number
If a batch stock is kept, then there is a possibility that some batches might require unique identification. Choose accordingly.
  • Stock Valuation Type
Stock valuation of items can be based on multiple criteria. Some of the commonly used methods are: FIFO - Refers to First-In First-Out where the stock is valuated based on the fact that inventory that is manufactured first is usually sold first. LIFO - Last-In First-Out is the opposite of FIFO i.e. the most recently manufactured item is sold first. Weighted Average - This is calculated by dividing the cost of goods available for sale by the number of units available. This method can be used when inventory is intermingled and commoditized. Last Purchase Rate -  The cost is decided based on the last purchase rate of the item. Market Rate - If valuation adheres to the current market rate then this option can be selected.
  • Bin Tracking Required
The location of the item kept can be tracked using bin tracking. Bin may refer to  shelves, drawers, containers, etc.                

Contents

Revisions

Revision Differences

May 19, 2015 @ 07:19:44Current Revision
Content
Unchanged: Stock tab of the item master deals with how the  stock is maintained and valuated.Unchanged: Stock tab of the item master deals with how the  stock is maintained and valuated.
Unchanged: <a href="http:// help.goodbookserp.com/wp- content/uploads/2015/05/im- st.png"><img class="alignnone size-full wp-image-3583" src="http://help.goodbookserp.com/ wp-content/uploads/ 2015/05/im-st.png" alt="im-st" width="979" height="217" /></a>Unchanged: <a href="http:// help.goodbookserp.com/wp- content/uploads/2015/05/im- st.png"><img class="alignnone size-full wp-image-3583" src="http://help.goodbookserp.com/ wp-content/uploads/ 2015/05/im-st.png" alt="im-st" width="979" height="217" /></a>
Unchanged: <strong>Fields &amp; its description:</strong>Unchanged: <strong>Fields &amp; its description:</strong>
Unchanged: <ul>Unchanged: <ul>
Unchanged: <li><strong>Stock Maintenance</ strong></li>Unchanged: <li><strong>Stock Maintenance</ strong></li>
Unchanged: </ul>Unchanged: </ul>
Unchanged: If stock  maintenance is applicable for this item then indicate as such in this screen.Unchanged: If stock  maintenance is applicable for this item then indicate as such in this screen.
 Added: <ul>
 Added: <li><strong>Batch Stock</strong></li>
 Added: </ul>
 Added: Some items may be subject to large volume transactions and this can be specified by selecting the <em>Yes </em>option.
 Added: <ul>
 Added: <li> <strong>Unique Number</strong></li>
 Added: </ul>
 Added: If a batch stock is kept, then there is a possibility that some batches might require unique identification. Choose accordingly.
 Added: <ul>
 Added: <li><strong>Stock Valuation Type</strong></li>
 Added: </ul>
 Added: Stock valuation of items can be based on multiple criteria. Some of the commonly used methods are:
 Added: <em>FIFO - </em>Refers to First-In First-Out where the stock is valuated based on the fact that inventory that is manufactured first is usually sold first.
 Added: <em>LIFO - </em>Last-In First-Out is the opposite of FIFO i.e. the most recently manufactured item is sold first.
 Added: <em>Weighted Average - </em>This is calculated by dividing the cost of goods available for sale by the number of units available. This method can be used when inventory is intermingled and commoditized.
 Added: <em>Last Purchase Rate -  </em>The cost is decided based on the last purchase rate of the item.
 Added: <em>Market Rate - </em>If valuation adheres to the current market rate then this option can be selected.
 Added: <ul>
 Added: <li><strong>Bin Tracking Required</strong></li>
 Added: </ul>
 Added: The location of the item kept can be tracked using bin tracking. Bin may refer to  shelves, drawers, containers, etc.
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