Akaunt

# Why Akaunt is the best for advanced Inventory Management?

Akaunt provides you the capability to record inventory transactions without changing the way you do your business. It provides predefined Inventory vouchers to suit your business require- ments besides allowing you to create userdefined voucher types and flexibility to track your inventory at any point/stage/process and numerous other features. Following are the some of salient features, which makes Akaunt best for advanced inventory management.

  • Stock Query
  • Multiple Warehouses / Locations:
  • Sub-Godowns
  • Stock transfers to Godowns
  • Multiple Stock Valuation
  • Batch-wise / Lot-wise & Expiry Date Handling
  • Sales and Purchase Order Processing
  • Tracking Inventory
  • Rejection In and Rejection Out
  • Additional Costs Incurred on Purchase
  • Unlimited Stock Item Classification
  • Bill of Materials
  • Tracking Additional Cost of Manufacturing
  • Job Costing
  • Stock Ageing Analysis
  • Batch Related Stock Ageing
  • Price List with Multi Price levels
  • Reorder Levels
  • Movement Analysis (Partywise/ Itemwise/ Stock Groupwise)
  • Profitability Analysis (Stock Groupwise / Stock Itemwise / Invoicewise / Locationwise)

# Stock Query

Stock query offers an option for the user to get a good idea of what is the stock position of a par- ticular item as well as items that belong to the same category or group. The stock query report displays not only the item but also items within the same category or group. It displays the Stock Item details such as closing stock quantities and value and also in which Godown it is available, standard selling price, Last purchase and sale quantity and prices, batch details. The user can configure the screen to show remarks also.

# Multiple Warehouses / Locations

A Warehouse/Godown is a place where stocks/materials are stored. It could be either locations or even Storage racks. Your company could be maintaining multiple warehouses/godowns and hence would require stock statements for the individual warehouses. Akaunt offers you the capability of maintaining multiple Godowns/Locations (Warehouses). It allows you to create multiple Godowns (warehouses) and at the time of accounting an inventory transaction (sales, purchase, stock Journal etc), you can specify Godowns for stock items to be stored or des- patched.

For Example., if you enter a purchase transaction, you will have to specify the Godown where the item will be stored and in the similar manner while entering a sales transaction, you will have to specify the godown from where the goods are issued. Akaunt also allows you to transfer materials from one godown to another. You can view stock reports for a godown or compare a godown with another and also get a consolidated stock report.

You can also create godowns to keep track of items issued for job works / Sub-contracts and record the items issued to and received from job works. Each Job Work / Sub-Contract is treated as a godown. You can also track the third party stocks viz., details of stocks sent, consumed and balance lying with the Job Work Godown.

# Sub-Godowns

Using Akaunt, you can create Sub-Godowns (multiple levels of Godowns). While creating sub-Godowns you have to specify name and the parent Godown under which it has to be created. Akaunt also allows you to create Virtual Godowns. Virtual Godowns do not allow storage of materials. They are useful when a city has more than one warehouse Godowns, e.g. in a city where you have 2 warehouses you can have Godown such as Jayanagar or Indiranagar and Bangalore being the city is setup as Godown where Allow Storage of Material is set to No. In this case, Bangalore is a virtual godown, logically as it does not exist, but still you can generate a stock statement for Bangalore godown.

# Stock transfers to Godowns

Akaunt allows you to transfer materials from one Godown to another. The transfer of materials is done using Stock Journals. Akaunt also provides you the facility to create voucher class, which help in simplifying the transfer of materials between godowns.

# Multiple Stock Valuation

In Akaunt, you can evaluate the value of inventories using multiple Stock Valuation methods viz., Average Cost, Average price, Last Purchase cost, Last Sales price, FIFO etc. Akaunt offers you the flexibility to have different stock valuation methods for every item or the entire stock of the company which is valued based on the specific type of costing method, chosen at the time of reporting. The user is allowed to view different methods of stock valuations in multiple columns.

# Batch-wise / Lot-wise & Expiry Date Handling

Akaunt allows you to specify the Batch/Lot details for stock items in order to identify and track the required inventory, as and when required for any kind of reference/verification/sale/query and so on. it also allows you to specify the expiry dates and manufacturing dates for stock items. This feature is extremely useful in Pharmaceutical, Chemical, Food and other industries which deal in perishable / life saving items. Additionally, you can ensure that expiry date items are not available for invoicing.

# Sales and Purchase Order Processing

Akaunt facilitates Order processing right from placing the order for supply of materials and receiving an order from the customers. It provides all the required vouchers, features and options to process Purchase Orders as well as Sales Orders. Using the Order Processing functionality of Akaunt, you can also generate reports for outstanding purchase and sales orders. You may also e-mail the PO to suppliers from within Akaunt using e-mail option.

# Tracking Inventory

Generally, Invoices are sent along with the goods sold. However, there are certain instances, where the goods are despatched first and then the invoices are sent later or vice versa. In such cases, the stocks balances are not updated simulnateously with the books of accounts. Akaunt 9 provides facility to use tracking numbers, wherein you can enter Receipt Note and Delivery Notes with tracking numbers and track the receipt and despatch of goods. Although these vouchers do not affect your accounts they are displayed in the Profit and Loss A/c under the heading Purchase Bills to Come under Purchase Accounts and Sales Bills to Make under Sales Accounts.

# Rejection In and Rejection Out

Materials that you purchase or sell might be returned due to damages or other reasons. Akaunt 9 handles rejections from the customers or to the supplier with the help of Rejections In (Sales returns) and Rejections Out (Purchase returns) Vouchers. These rejection entries update only the inventory books. But in some cases, you would like to scrap those materials which are Rejected In (i.e. Sales returns), in such cases you can activate Treat all Rejection Inwards as Scrap to Yes, during stock item creation / Alteration screen.

# Additional Costs Incurred on Purchase

When you make a purchase, you may incur additional expenses like freight, handling charges, taxes and so on. This cost is also referred to as Landed Cost, Akaunt allows you to add these costs to the value of the product during voucher entry or later. These expenses are sometimes included in the Supplier Invoice or directly borne by the buyer, in such cases you have to book these expenses in order to ascertain the landed cost of the product and ultimately which will help in determining the Item pricing and your margin. In Akaunt, you may book additional cost incurred on purchases in two ways :

# Unlimited Stock Item Classification

Akaunt provides the flexibility to maintain unlimited stock item classification for your invento- ries. depending upon your nature of business / needs. If you are a manufacturing concern, you may primarily require three broad classfiications of the Stocks Groups i.e., Raw Materials, Work- in-Progress & Finished Goods. Depending upon the nature of business, you may create any number stock groups and classify stock items under them at point of time. When Integrate Accounts with Inventory is enabled, the closing values of inventories under each of the stock groups are automatically reported in the financial statements. However, If you have not opted to Integrate Accounts with Inventory, you can created Ledgers as Raw Materials, Work-in-Progress and Finished Goods Stock-in-Hand group and generate balance sheet as of a particular date.

# Bill of Materials

In many segments of the industries, especially in Manufacturing/Assembling organisations, there are number of components/inputs/spares that go into the manufacturing/assembling of finished Goods. Each process of manufacturing of raw materials to finished goods / intermediate goods comprises of a List of components known as Bill of Materials (BoM) containing the list of com- ponents involved in the manufacturing/assembling of the finished goods. In Akaunt, you can create a bill of materials and specify the list of items (alongwith the Godown and Quantity details) that are required for manufacturing the finished / intermediate product. Once, the Bill of materails is created, you can use Manufacturing Journal and specify the quantity of finished goods that are to be manufactured. Akaunt, immediately selects all items required to manufacture the finished product and automatically adjusts (decreases) the stocks. You can also enter additional costs like wages, power, water charges etc, to the cost of the items used in manufacturing.

# Tracking Additional Cost of Manufacturing

When you manufacture a product, you have to consider certain other costs like water charges, wages and electricity in addition to the cost of the component, which are added to the product cost during the process of manufacturing. In Akaunt , you can record additional costs in % or as notional value to the product cost, while entering a manufacturing Journal. To track Additional Costs of manufacturing, create a Manufacturing Journal with BoM in the manner, as explained in the previous section.

# Job Costing

Akaunt facilitates tracking of cost and revenue information down to the smallest detail for any Job Work/contract undertaken or outsourced to third parties. In order to ascertain the actual costs incurred for each job, each job is assigned a job number or Job name and then Job costing systems accumulate costs separately for each product or service, based on the jobs/tasks under- taken or materials consumed, for each such product or service. In Akaunt each Jobwork / sub-contract is created as Godown and Cost Centres are deployed to accumulate Cost / revenue for each job. You can use Stock Journals to transfer materials from your company's godown(s) to job workers / sub-contractors location and track the consumption of goods sent for processing. This helps to keep track of the materials issued and consumed at the job work units. Additionaly, you can also account for costs incurred using purchase / payments / journal vouchers.

# Stock Ageing Analysis

The Stock Ageing Analysis report is significant report, which is very useful to you to know, how fast the inventory of various stock items is moving. This allows your management to decide the production plan and its schedule. The report by default shows you the ageing period for each and every stock item, by date of purchase. However, you can select the style of ageing, by selecting the option Ageing Style (i.e. By date of Purchase, By Mfg date, By Expiry Date, To be expired). You can also change the period of ageing, by selecting the F6 option. Akaunt provides you flexibility to specify combination of expiry date and ageing for monitoring goods of perishable nature / pharmaceutical industry.

Akaunt has a facility to generate batch related stock reporting. If you look at the ageing analysis you can view items with their batches references, dates of Mfg and Expiry dates. You can also get a report on those items whose shelf-lives have expired or likely to expire. You can move those fast by offering discounts or returning to the manufacturers (as in the case of food and medicine stocks). You can also view ageing reports for all batches.

# Price List with Multi Price levels

Akaunt allows you to predefine multiple levels of price lists. For e.g. you can define price lists for Distributors, Dealers and Retailers. While defining the price lists Akaunt displays the cost price as well as last price (historical data) for that particular stock item. This simplifies and expedites invoicing and also eliminates the possibilities of errors at the time of Invoice entry. You can predefine price levels for parties at the time of their ledger accounts creation. When you select a particular party during entry, you have to select only the stock items and enter the qty. The related price is prefilled automatically based on the levels defined.

# Reorder Levels

It is essential for your company to maintain sufficient inventory levels to cater to the growing needs of your customers and smoothly run your business. In order to have adequate stocks, you have to maintain information in respect of consumption pattern and reorder levels.

Akaunt provides you facility to maintain reorder level details for each stock item. You can define reorder levels as well as minimum order quantity for stock items based on the consumption pattern and as per requirements for a specific period (i.e. Days, Months, Weeks, and Years). Akaunt also provides you information on stock items whose balances have gone below specified reorder levels.

# Movement Analysis (Partywise/ Itemwise/ Stock Groupwise)

Akaunt offers you yet another important inventory management tool called Movement Analysis. With this report you can analyse the movement pattern of materials either party wise, group wise or item wise. Using this report you can analyse the price at which each supplier has supplied a particular item. Movement Analysis of a stock group shows the total inward and outward movement of stock items with their effective rates and values for that particular group. The Movement Analysis for a party shows the inward and outward movements of all stocks with effective rate and value. Select an item to drill down further and Akaunt displays transaction wise details along with a separate column for additional cost.

# Profitability Analysis (Stock Groupwise / Stock Itemwise / Invoicewise / Locationwise)

Using Akaunt, you can automatically calculate the gross profit for an item based on its sale price and consumption cost. Gross profit is the difference the between sale price and the con- sumption value. The consumption value is calculated based on the purchase price. You can calculate gross profits for each invoice, stock item, stock group as well as items and location wise.

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