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| Inventory management |
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Act of managing all the items in the stock keeping quality, speed, flexibility and cost as primary factor to ensure uninterrupted services are known as inventory management.
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| Type of Inventory |
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| Inventory management involves knowledge of |
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What and how much stock is there in warehouse? When to order fresh supplies? What and how much has been ordered, when it is ordered? Where are the stocks stored? When and how much fresh stock was received and from whom?
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| Reasons for inventories |
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It improves customer services Cost control while purchasing Cost control while production Cost control while unnecessary transportation Unpredictable change in demand and supplies
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| Features of Inventory Control in Tally.ERP9 |
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Stock Groups/Categories: Grouping and categorization of stock items can be done effectively in tally.ERP9 depending on various parameters. Various inventory reports are provided to give the complete picture. Multi UoM Support: Creation of User specific UoM's and viewing of reports in desired UoM Multiple UoM support is provided to view the reports in alternate UoM. User specific UoM can be created and can be converted into standard Unit. Track your Inventory across multiple warehouses: Tally.ERP 9 supports creation of multiple warehouses/ locations/bins for storing items and allows simple and faster tracking of stocks till the last rack. Ageing Analysis: Stock ageing report in Tally.ERP9 gives the detailed duration for which the items are lying in the godown. Based on this information decision to liquidate the items can be taken easily. Re-order Status: Re-order report for each stock item gives the complete details of Minimum Order Quantity, its balance, re-order level, shortfall and how much should be ordered helping to maintain optimum levels of stocks. Real Time Integration with Costing: The Inventory system in Tally.ERP 9 is completely integrated with all other functionalities in real-time. Passing a Purchase or delivery challan, will update the stocks immediately. Valuation of stocks is done automatically. Average Cost valuation, FIFO, FIFO Perpetual, Last Purchase Cost, LIFO Annual, LIFO Perpetual, Monthly Avg. Cost, Standard Cost are the evaluation methods provided in Tally.ERP9 which allows viewing of stock reports.
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The Inventory Control system offers comprehensive reporting capabilities to keep you on top of inventory status. It can help you bring about the creation of new or improved purchasing policies, sales policies, pricing methods, and even enhanced customer service.
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Displaying Stock Summary Displaying Stock Items Displaying Group Summary Stock Category Summary Location / Godown Summary Stock Query Stock Cost Estimation Sales Order Book Sales Order Outstandings Purchase Order Book Purchase Order Outstandings Reorder Status Movement Analysis Batch Vouchers & Batch Summary Reports Stock Ageing Analysis Purchase Bills Pending Sales Bills Pending Stock Transfers Register Physical Stock Register Statistics of Inventory Masters
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All these facility are provided to keep Inventory under control and overall costs associated with having inventory as low as possible without creating problems. It is an important part of any business that must have a stock of products or items on hand. It helps in limiting inventory under balance at all times in order to maximize profits. Inventory control can also be integrated with Accounting and Job costing modules to help track all inventory related expenses.
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