Specific Identification Costing
by Viindoo
| Technical name | viin_stock_specific_identification |
| License | OPL-1 |
| Website | https://viindoo.com/apps/app/16.0/viin_stock_specific_identification |
| Read description for | v 13.0 v 14.0 v 15.0 v 17.0 |
| Required Apps | Invoicing (account) Discuss (mail) Inventory (stock) |
| Extensions | Specific Identification Costing & Landed Costs Stock Specific Identification & Purchase Stock Stock Specific Identification & Manufacturing Stock Internal Transit Valuation - Specific Identification |
Demo video: Specific Identification Costing
What it does
Adds the Specific Identification method to stock valuation, allowing businesses to accurately value inventory by lot/serial, enhance traceability, and optimize stock management processes.
Key Features
- Adds Specific Identification method for stock valuation
- Enables users to select the Specific Identification costing method directly in the product category form.
- Note: This method requires high traceability, so products using this valuation method must be configured with lot or serial number tracking.
- Supports automatic stock valuation with Specific Identification
- Automatically records and manages inventory value by lot or serial, ensuring accuracy and transparency in cost management.
- Designed for flexibility and scalability
- Developed with high scalability, this module can be easily integrated into other processes and modules to meet the evolving needs of businesses.
- You may also need: Specific Identification Costing & Landed Costs, Specific Identification Costing & Manufacturing, Specific Identification Costing & Purchase, Specific Identification Costing & Stock Internal Transit Valuation.
Benefits
- Accurate stock valuation
- The Specific Identification method allows businesses to determine the cost of goods based on detailed lot/serial information, ensuring transparency and accuracy in cost management.
- Fully automated valuation process
- Automates inventory valuation, saving time and resources for businesses.
- High traceability
- By requiring lot/serial tracking configuration, businesses can easily monitor the transaction history of each product, improving quality control and issue resolution.
- Ideal for industries requiring high traceability
- A perfect solution for industries such as pharmaceuticals, food and beverages, and high-precision manufacturing.
Who Should Use This Module?
- Warehouse managers and inventory accountants
- Responsible for valuation, control, and reporting of stock by lot/serial.
- Production managers and quality assurance staff
- Manage products in production processes and ensure quality control with traceability when required.
- Business owners and distributors
- Optimize stock costs and ensure transparency in inventory valuation.
- ERP implementation specialists and consulting firms
- Assist businesses in setting up and running the Specific Identification valuation method effectively.
- Regulatory and quality control authorities
- Require businesses to maintain high traceability of goods to meet standards and compliance regulations.
Supported Editions
- Community Edition
- Enterprise Edition
Installation
- Navigate to Apps.
- Search with keyword viin_stock_specific_identification.
- Press Install.
Instructions
Instruction video: Stock Specific Identification
Initial settings
Configure Specific Identification costing method:
On the Accounting app, the costing method is configured on the product category.
Go to the Inventory app > Configuration > Product Categories, the Specific Identification option is available in the Costing Method field. Select this method, add the necessary information then press Save.
Configure product tracking by lots/serial number:
To manage inventory by specific identification costing method, you need to set up the product tracking by lots/serial number.
- On the Inventory app: Navigate to Inventory > Configuration > Settings > Traceability, enable the Lots & Serial Numbers option then click Save.
- On the product form: Go to Inventory > Products > Products and select the one that you need to configure. Press Edit and select tracking By Unique Serial Number or By Lots in the Inventory tab.
Usage
Receive products in the warehouse:
On the incoming receipt, add the corresponding lot/serial number of the product then validate the receipt. In this example: Receive 3 products by serial number, the unit price is 2.000.000 VND.
Deliver product:
On the outgoing receipt, add the exact lot/serial number of the product that you want to deliver then validate the receipt.
View Stock Valuation report:
Navigate to Inventory > Reporting > Stock Valuation to view the Stock Valuation report. From here, you can see the incoming and outgoing values of each lot/serial number in the previous step.
Note: On the Product Category, select the Automated inventory valuation to enable the automatic creation of journal entries whenever an inventory transfer is validated.
This software and associated files (the "Software") may only be used (executed, modified, executed after modifications) if you have purchased a valid license from the authors, typically via Odoo Apps, or if you have received a written agreement from the authors of the Software (see the COPYRIGHT file).
You may develop Odoo modules that use the Software as a library (typically by depending on it, importing it and using its resources), but without copying any source code or material from the Software. You may distribute those modules under the license of your choice, provided that this license is compatible with the terms of the Odoo Proprietary License (For example: LGPL, MIT, or proprietary licenses similar to this one).
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The above copyright notice and this permission notice must be included in all copies or substantial portions of the Software.
THE SOFTWARE IS PROVIDED "AS IS", WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OR COPYRIGHT HOLDERS BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE.