Stock Valuation in OpenERP LIFO, FIFO and Average Method
We have developed OpenERP Stock Valuation module which offers Stock Valuation by different methods LIFO, FIFO and Average Methods in openERP for Stock, we provided a easy feature to analyse stock details for inventory.
In OpenERP, stock management is completely integrated with the accounts, to give strong coherence between the two systems. The double-entry structure of locations enables a very precise correspondence between stocks and accounts.
When you make a purchase order, and confirm, a packing is created. Since you confirm a purchase order the stock value reports gets updated.
To Refer Stock valuation –
Step 1. Go To Product Configuration where we have three different Stock valuation Method :
- LIFO Method
- FIFO Method
- Average Method
Below Screen shows we have selected Method Average
Above screen shows product quantity in hand which is 11.
2. Create Purchse Order or Sales Order for the Product & Confirm :
Below screen shows we have created Purchase order for the Product.
3. Process Packing List
Go To Warehouse → Incoming Shipment → Edit the current picking
4. Check Stock Valuation details :
Go to Warehouse → Stock Valuation Menu
After Processing Stock Incoming movement we can check Stock valuation in Stock valuation. We analyse the stock entries by using stock journal entries.
With the help of Stock valuation we get information like current real stock and stock value and stock valuation is calculated from Average method.
5. Stock Per Period
User can review stock per period – As per Month or Year. We can run wizard and create Stock valuation record as per month or Year.
Above Wizard helps to auto create Stock valuation records and user can analyse Stock Details as per required method. User can easily review two journal entries one is on incoming picking while another is a outgoing picking and real stock
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