Overview

Stock Entry is one of the most versatile and essential features in iVendNext, enabling businesses to record and manage the movement of inventory across warehouses. Whether you’re issuing materials, receiving stock, transferring items between locations, or managing manufacturing processes, Stock Entry provides a streamlined way to handle all these transactions. 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. Stock Entry ensures that all inventory movements are accurately tracked, helping businesses maintain precise stock levels and valuation.

Purposes of Stock Entry

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

1. Go to Home > Stock > Stock Transactions > Stock Entry.

2. Click on New to create a new Stock Entry.

Step 2: Select the Stock Entry Type

1. Choose the Stock Entry Type from the dropdown menu (e.g., Material Issue, Material Receipt, Material Transfer, etc.).

2. Based on the selected type, the system will prompt you to enter additional details.

Step 3: Fill in the Details

1. Posting Date and Time: Enter the date and time of the transaction.

2. Source Warehouse: Select the warehouse from which items are being issued (for Material Issue or Transfer).

3. Target Warehouse: Select the warehouse where items are being received (for Material Receipt or Transfer).

4. 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

1. Review the details to ensure accuracy.

2. 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.

Best Practices for Using Stock Entry

1. Regular Reconciliation: Regularly reconcile physical stock with book stock to ensure accuracy.

2. Use Barcode Scanning: Leverage barcode scanners to reduce errors and improve efficiency.

3. Maintain Accurate Records: Ensure that all Stock Entries are properly documented and submitted on time.

4. Train Your Team: Provide training to your staff on how to use the Stock Entry feature effectively.

Conclusion

Stock Entry is a powerful tool in iVendNext that helps businesses manage their inventory movements with ease and precision. Whether you’re issuing materials, receiving stock, or transferring items between warehouses, Stock Entry ensures that all transactions are accurately recorded and reflected in your financial statements. By understanding the different types of Stock Entries and following best practices, businesses can optimize their inventory management processes and improve overall efficiency.