Specific Identification Costing & Landed Costs
by Viindoo https://viindoo.com/apps/app/17.0/viin_stock_specific_identification_landed_costs$ 274.06
| Availability |
Odoo Online
Odoo.sh
On Premise
|
| Odoo Apps Dependencies |
•
Inventory (stock)
• Invoicing (account) • Discuss (mail) • Purchase (purchase) |
| Community Apps Dependencies | Show |
| Lines of code | 496 |
| Technical Name |
viin_stock_specific_identification_landed_costs |
| License | OPL-1 |
| Website | https://viindoo.com/apps/app/16.0/viin_stock_specific_identification_landed_costs |
| Versions | 13.0 14.0 15.0 16.0 17.0 |
| Availability |
Odoo Online
Odoo.sh
On Premise
|
| Odoo Apps Dependencies |
•
Inventory (stock)
• Invoicing (account) • Discuss (mail) • Purchase (purchase) |
| Community Apps Dependencies | Show |
| Lines of code | 496 |
| Technical Name |
viin_stock_specific_identification_landed_costs |
| License | OPL-1 |
| Website | https://viindoo.com/apps/app/16.0/viin_stock_specific_identification_landed_costs |
| Versions | 13.0 14.0 15.0 16.0 17.0 |
Demo video: Specific Identification Costing & Landed Costs
What It Does
In inventory management, manually calculating the cost and allocating additional expenses for goods after receiving them can be time-consuming, especially when dealing with large quantities from diverse sources, resulting in varying purchase prices and incurred costs. This process becomes even more complex for high-value products or those requiring detailed traceability.
To address these challenges, Odoo Community Edition provides features for automatic inventory valuation and landed costs allocation for products using two costing methods: First In, First Out (FIFO) and Average Cost (AVCO). However, for products requiring management of costs under the Specific Identification Costing method, the landed costs allocation feature is not yet supported.
Therefore, the solution Specific Identification Costing & Landed Costs has been developed to overcome these limitations, ensuring accuracy in cost management and efficient traceability for specialized products.
Key Feature
Allow the allocation of landed costs for products configured with automatic inventory valuation using the Specific Identification Costing method.
Benefits
- Simplify the calculation of inventory costs for products: Automatically allocate incurred costs to the cost of goods, helping to reduce the complex calculation process, especially for products requiring management by lot or serial number.
- Save time, improve management efficiency: Eliminate manual operations in calculating and allocating costs, allowing management staff to focus more on strategic tasks, thereby improving productivity and efficiency.
Who Should Use This Module
- Enterprises managing specialized products that require detailed cost tracking by lot or serial numbers.
- Organizations sourcing from multiple suppliers, resulting in varying transportation and incidental costs.
- Businesses handling high volumes of incoming inventory, particularly for high-value products or those requiring accurate and detailed cost management.
Supported Editions
- Community Edition
- Enterprise Edition
Installation
- Navigate to Apps.
- Search with keyword viin_stock_specific_identification_landed_costs.
- Press Install.
Instruction
Instruction video: Stock Specific Identification & Landed Costs
1. Configure the product category
On the product category interface, select the costing method Specific Identification, Automated Inventory Valuation and fill the suitable accounting accounts for this category.
2. Configure the products
In the system, you can create a product from different modules such as Inventory, Sales, Purchase, etc. The product should be configured as follow:
- Product type: Storable;
- Inventory Tab: Tracking by unique serial number;
Do the same steps to create a landed cost product. For example Shipping fee. On the Purchase tab, select Is a Landed Cost, default split method, and the control policy on ordered quantities.
3. Create purchase order and receive products
Navigate to Purchase > Orders > Request for Quotation, press Create to create a new request for quotation for a vendor. Select the storable products and press Confirm to change it to purchase order.
On the receipt interface, fill the serial number and press Confirm to process the receipt in the Inventory app.
4. Create vendor bill and allocate the landed cost
When receiving Vendor bills for the shipping fee, navigate to Accounting > Vendors > Vendor bills, press Create and select the product Shipping fee. Press Save to save the information.
Press Create Landed costs. The system will create a warehouse expense slip. You need to select the receipt and press Compute to calculate the landed cost of each serial number according to the configured split method.
Switch to the Valuation Adjustments tab to check the computed allocation amount. After that, press Validate to post this expense slip.
Navigate to Inventory > Reportings > Stock Valuation, the shipping costs are already added to each selected serial number of products.
Note: Do the same steps with the product tracked by lot.
Odoo Proprietary License v1.0 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). It is forbidden to publish, distribute, sublicense, or sell copies of the Software or modified copies of the Software. 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.
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