Inventory management software widely used by many businesses in India. Inventory software automate various inventory level of any business, from purchasing to sales with all reports and business document creation.
Here are important module of inventory management software
The Bills of Materials (BOM)
A bill of materials (BOM) is a list of the raw materials parts or components that are required to make a product. The BOM endows the manufacturer's part number and the segment of needed for every component. At its most complicated, a BOM is a multi-level document that provides build data for multiple sub-assemblies and comprise for each or every item: part number, assumed manufacturers list, mechanical features and a whole range of the component descriptors.
Related: How to generate BOM online
It may also include attached reference files, such as part specifications, CAD files and schematics. Originally used internally within a organization, the BOM served as a way to track product variations and maintain an actual list of required components. As manufacturing has be in progress increasingly distributed, however, the BOM has taken on even greater emphasis. It serves as the elementary reference file for the product data when transferring product information from the original equipment manufacturer to the electronic manufacturing services provider and from the EMS to its vendors and suppliers.
Finished Goods
Finished goods are goods that have been completed by the manufacturing procedure or purchased in a entire form, but which have not yet been sold to clients. Goods that have been purchased in entired form are known as trading.
It may also include attached reference files, such as part specifications, CAD files and schematics. Originally used internally within a organization, the BOM served as a way to track product variations and maintain an actual list of required components. As manufacturing has be in progress increasingly distributed, however, the BOM has taken on even greater emphasis. It serves as the elementary reference file for the product data when transferring product information from the original equipment manufacturer to the electronic manufacturing services provider and from the EMS to its vendors and suppliers.
Finished Goods
Finished goods are goods that have been completed by the manufacturing procedure or purchased in a entire form, but which have not yet been sold to clients. Goods that have been purchased in entired form are known as trading.
Related: How to generate Finished goods receipt online
The cost of finished goods inventory is appreciated a short-term asset, since the expectation is that these items would be sold in less than one-year. The overall amount of finished goods inventory on hand as of the end of a reporting duration is typically aggregated with the costs of raw materials and work-in-procedure, and is reported within a single "Inventory" line item on the balance sheet.
Raw Materials
Raw materials include wood, plastics, metals and fabrics consumed in the production of goods. A manufacturer typically obtains raw materials by one or more generators or suppliers. You recognize raw materials expense are recognized in your inventory at the venue of acquisition, and it's a current asset on your company's balance sheet. Over time, you pick up raw material from inventory and get used to it in the production of finished goods.
The cost of finished goods inventory is appreciated a short-term asset, since the expectation is that these items would be sold in less than one-year. The overall amount of finished goods inventory on hand as of the end of a reporting duration is typically aggregated with the costs of raw materials and work-in-procedure, and is reported within a single "Inventory" line item on the balance sheet.
Raw Materials
Raw materials include wood, plastics, metals and fabrics consumed in the production of goods. A manufacturer typically obtains raw materials by one or more generators or suppliers. You recognize raw materials expense are recognized in your inventory at the venue of acquisition, and it's a current asset on your company's balance sheet. Over time, you pick up raw material from inventory and get used to it in the production of finished goods.
Delivery Challan
Delivery Challan is also known as Dispatch Challan (DC). Delivery challan displays the issue of stock items by store department. When goods is sold to client or handover to the other branch, then delivery challan is prepared by store department.
In sale dealing first of all purchase order's accepted from client by sales department. Sales department furthers the copy of sales order to the stores department. Then the store department issues the goods to the client as per their purchase order.
Delivery Challan is also known as Dispatch Challan (DC). Delivery challan displays the issue of stock items by store department. When goods is sold to client or handover to the other branch, then delivery challan is prepared by store department.
In sale dealing first of all purchase order's accepted from client by sales department. Sales department furthers the copy of sales order to the stores department. Then the store department issues the goods to the client as per their purchase order.
Deliver Challan displays the following details:-
Serial Number of Challan
Date of Challan
Purchase Order Number of client
Client’s Name
Sales tax number of client and supplier
Quantity
Rate
Sales Tax
Other Charges.
These are the key module of inventory management.
Serial Number of Challan
Date of Challan
Purchase Order Number of client
Client’s Name
Sales tax number of client and supplier
Quantity
Rate
Sales Tax
Other Charges.
These are the key module of inventory management.