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Actual Costing Method | Inventory Valuation With Actual Costing Method | Effective Inventory Valuation | Product Costing Method

by
Odoo

$ 225.20

v 17.0 Third Party 8
Availability
Odoo Online
Odoo.sh
On Premise
Odoo Apps Dependencies • Inventory (stock)
• Invoicing (account)
• Purchase (purchase)
• Sales (sale_management)
• Discuss (mail)
Lines of code 171
Technical Name cr_actual_costing
LicenseOPL-1
Websitehttps://www.creyox.com
Versions 13.0 14.0 15.0 16.0 17.0 18.0
You bought this module and need support? Click here!
Availability
Odoo Online
Odoo.sh
On Premise
Odoo Apps Dependencies • Inventory (stock)
• Invoicing (account)
• Purchase (purchase)
• Sales (sale_management)
• Discuss (mail)
Lines of code 171
Technical Name cr_actual_costing
LicenseOPL-1
Websitehttps://www.creyox.com
Versions 13.0 14.0 15.0 16.0 17.0 18.0
Community Enterprise Odoo.sh

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Actual Costing Method | Inventory Valuation With Actual Costing Method | Actual Costing Method at Item Level.

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Overview

The "Actual Costing Method" is a precise cost accounting approach that tracks the exact material cost for each lot or serial number, rather than relying on average costing, FIFO (First In, First Out), or standard costing methods. By calculating costs directly from purchase or manufacturing orders, this method enables detailed and accurate costing reports. Unlike Odoo’s Standard Costing, which assigns a fixed cost per product, FIFO, which uses the cost of the oldest stock items, and Average Costing (AVCO), which calculates a weighted average for all stock items, the Actual Costing Method records the real value of each received product and retains that specific cost for all subsequent transactions.


This approach is particularly useful for reducing variances that may arise with traditional costing methods. By assigning an exact cost to each inventory item, it provides a clear and precise view of material costs, allowing businesses to analyze the costs of purchase and manufacturing orders in real-time, even before orders are finalized. This level of detail enhances cost control and overall inventory management, offering a more accurate assessment of actual product costs.



Features

  • Inventory Valuation base on Costing Level of Product Category.
  • Effectively reflect the Actual cost of goods based on actual purchase cost.
  • Easy to track the valuation of goods based on Lot/Serial Number.
  • Utilize the Actual cost of goods while generating Purchase & Sale for it.
  • User can manage the Refund functionality with the Actual Costing Method.
  • Generate Journal Entries for the Purchase & Sale with actual purchase cost.
  • Automatic calculation of product pricing based on specified Lots or Serial Numbers.
  • Support for various costing methods, such as Standard, FIFO, and Average.
  • Supported in Community Edition Only.

Inventory Valuation With Actual Costing Method Flow

  • Navigate to Inventory >> Configuration >> Product Categories.
  • Here user can create a Category or Select the Existing Category with Storeable Products.
  • User need Change Costing Method to First In First Out(FIFO) and Costing Level to Lot/Serial Number.
  • Navigate to Inventory >> Products >> Products.
  • Here user have to set the Product Type as Storeable Product & Product Category which has the costing level set as Lot/Serial Number.
  • Also user have to set the Traceability to By Lots from the Inventory Tab
  • Now Navigate to Purchase and create 2 Purchase Orders with the storeable product of previously Created or Selected Product Category and different Unit Price.
  • Clicking on Confirm Order button user will see a Smart Button of Receipt and state as Purchase Order.
  • Click on Receipt Button and enter Lot/Serial Number for the Product.
  • When user will click on Validate it will create a Inventory Valuation entry for it as WH/IN.
  • To check the Inventory Valuation entry navigate to Inventory >> Reporting and then Valuation.
  • Now Navigate to Sale and create 2 Sale Orders with the storeable product of previously Created or Selected Product Category.
  • Clicking on Confirm Button user will see a Smart Button of Delivery and state as Sale Order.
  • Click on Delivery Button and select Lot/Serial Number for the Product.
  • When user will click on Validate it will create a Inventory Valuation entry for it as WH/OUT.
  • Coming back to Inventory Valuation entry, Here user will see the entry for WH/OUT.
  • User can also create a valuation for the scrap orders.
  • User need to navigate to Manufacturing >> Operations >> Scrap and create a scrap order with a Lot/Serial and validate it.
  • User can check the valuation from Inventory >> Reporting >> Valuation.


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Impressive and Accurate Costing!
by
Liisa Virtanen
on 1/11/25, 6:50 AM

The support team responds very fast and helps us add the module to our server.

Re: Impressive and Accurate Costing!
by
Shivoham
on 1/17/25, 1:28 AM Author

Thank You for Your Wonderful Review!

We truly appreciate your kind words about our app and service.

Accurate Actual costing!
by
Renata Isabel Sánchez
on 12/25/24, 7:30 AM

Also we requested some additional features implemented quickly and efficiently.
Great support.

Re: Accurate Actual costing!
by
Shivoham
on 1/17/25, 1:28 AM Author

Thank You for Your Wonderful Review!

We truly appreciate your kind words about our app and service.

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