Understanding Stock Entry
Overview
This article will guide you through the purpose, types, and step-by-step process of creating Stock Entries in iVendNext.
What is Stock Entry?
A Stock Entry is a transaction that records the movement of items between warehouses. It is used for various purposes, such as issuing materials, receiving stock, transferring items, or recording manufacturing activities.
Purposes of Stock Entry
Stock Entry ensures that all inventory movements are accurately tracked, helping businesses maintain precise stock levels and valuation. iVendNext supports multiple types of Stock Entries, each serving a specific purpose. Below are the key purposes of Stock Entry:
1. Material Issue
Purpose: Deduct stock from a warehouse when items are issued.
Use Case: Issuing office supplies, consumables, or raw materials for production.
Example: Issuing stationery items from the main warehouse to the office.
2. Material Receipt
Purpose: Add stock to a warehouse when items are received.
Use Case: Receiving purchased goods, returned items, or opening stock.
Example: Receiving raw materials from a supplier into the production warehouse.
3. Material Transfer
Purpose: Move stock from one warehouse to another.
Use Case: Transferring items between branches or departments.
Example: Transferring finished goods from the production warehouse to the retail store.
4. Material Transfer for Manufacture
Purpose: Transfer raw materials to the production department for manufacturing.
Use Case: Issuing raw materials from the main warehouse to the Work-in-Progress (WIP) warehouse.
Example: Transferring fabric and threads to the WIP warehouse for garment production.
5. Manufacture
Purpose: Record the production of finished goods from raw materials.
Use Case: Manufacturing products based on a Bill of Materials (BOM).
Example: Producing finished furniture items from raw wood and nails.
6. Repack
Purpose: Repack bulk items into smaller units.
Use Case: Repackaging bulk purchases into retail-ready packages.
Example: Repacking a 50kg bag of rice into 1kg retail packs.
7. Subcontract
Purpose: Transfer raw materials to a subcontractor for further processing.
Use Case: Outsourcing part of the production process.
Example: Sending raw materials to a subcontractor for dyeing or finishing.
How to Create a Stock Entry in iVendNext
Creating a Stock Entry in iVendNext is a straightforward process. Follow these steps:
Step 1: Navigate to Stock Entry
Go to Home > Stock > Stock Transactions > Stock Entry.
Click on New to create a new Stock Entry.
Step 2: Select the Stock Entry Type
Choose the Stock Entry Type from the dropdown menu (e.g., Material Issue, Material Receipt, Material Transfer, etc.).
Based on the selected type, the system will prompt you to enter additional details.
Step 3: Fill in the Details
Posting Date and Time: Enter the date and time of the transaction.
Source Warehouse: Select the warehouse from which items are being issued (for Material Issue or Transfer).
Target Warehouse: Select the warehouse where items are being received (for Material Receipt or Transfer).
Items Table: Add the items involved in the transaction. Specify the Item Code, Quantity, and Valuation Rate.
For batched items, select the Batch No.
For serialized items, enter the Serial No.
Step 4: Save and Submit
Review the details to ensure accuracy.
Click Save to save the draft or Submit to finalize the Stock Entry.
Key Features of Stock Entry
1. Accounting Integration
Stock Entries are integrated with the accounting system, ensuring that all inventory movements are reflected in the financial records.
The system automatically generates accounting entries for stock transactions, such as debiting the warehouse account and crediting the stock adjustment account.
2. Batch and Serial Number Tracking
iVendNext allows businesses to track items using Batch Numbers and Serial Numbers.
This feature is particularly useful for industries like pharmaceuticals, electronics, and automotive, where traceability is critical.
3. Barcode Scanning
Businesses can use barcode scanners to quickly add items to a Stock Entry, reducing manual data entry errors and speeding up the process.
4. Additional Costs
For incoming stock (e.g., Material Receipt), businesses can add additional costs like shipping charges, customs duty, or handling fees.
These costs are automatically included in the item’s valuation rate, ensuring accurate stock valuation.
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