Video demo: Stock Specific Identification & Purchase Stock
What It Does
By default, Odoo CE provides the functionality to automatically create accounting entries and valuation layers to adjust inventory values when price discrepancies arise between purchase invoices and inventory. This applies to products using the First In, First Out (FIFO) and Average Cost (AVCO) valuation methods. However, the system does not yet support integration with the specific identification costing method provided by the Specific Identification Costing module. Therefore, this module has been developed to address this limitation, ensuring compatibility and meeting stricter inventory valuation management requirements.
Key Features
- Automatically generate valuation layers & adjustment journal entries: After a purchase order receipt is completed, if there is a price adjustment on the purchase invoice, the system will automatically generate corresponding accounting entries and valuation layers for the products that have already been received and previously valued.
Benefits
- Ensures Accuracy in Accounting: Ensures that accounting data accurately reflects the actual value of inventory, minimizing errors caused by manual adjustments.
- Enhances Inventory Management Efficiency: The system automatically updates valuation layers, enabling businesses to track inventory costs with greater detail and accuracy.
- Saves Time and Resources: Eliminates the need for manual operations, reducing workload for accounting and inventory management teams.
- Increases Transparency in Cost Management: Accounting entries and valuation layers are clearly recorded, allowing businesses to easily trace and verify adjustments.
Who Should Use This Module
- Businesses with High Transaction Volumes: Companies involved in large-scale purchasing or production often encounter frequent price discrepancies between purchase invoices and inventory values. This feature automates processing and ensures accuracy, reducing the workload for accounting and inventory management teams.
- Businesses Using the Specific Identification Costing Method: Companies that need to manage inventory costs by lot or serial numbers, especially in industries requiring high traceability such as pharmaceuticals, food, technology, and medical equipment.
- Manufacturing and Distribution Companies: Manufacturing and distribution companies with products that frequently have fluctuating costs benefit from automatic inventory valuation adjustments to maintain consistent accounting and inventory records.
- E-commerce and Retail Businesses: With a diverse and rapidly changing product portfolio, businesses in these industries require automated features to manage inventory costs accurately and transparently.
- Businesses Aiming for Transparency and Cost Optimization: Companies striving to build a professional management system, comply with accounting standards, and optimize operational efficiency will find this feature invaluable.
- Companies Using Odoo and Requiring Advanced Costing Integration: Businesses already using Odoo and looking to expand their system to accommodate automated inventory valuation using the Specific Identification Costing method effectively and efficiently.
Editions Supported
- Community Edition
- Enterprise Edition
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