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Introduction to inventory tracking
Inventory management is a important feature for many types of business, whether you are running a retail store or a manufacturing company handling raw materials and finished goods.
The inventory tracking feature that comes with Financio covers the basic needs for businesses tracking quantity of goods on hand. It does not support more advance tracking requirements such assembly items, raw materials, work-in-progress, multiple warehouse locations and finished goods for manufacturing companies.
Inventory tracking is currently only available to Premium plan subscribers.
What's Included?
- Tracking quantity on hand
- Integrated with the accounting system (Adjust quantity as you buy / sell)
- Ability to adjust the quantity of inventory due to stock loss / adjustments.
- Simple reporting: Inventory summary & detail reports.
The Costing Method
There's many different ways of calculating the cost of consumed inventory, such as weighted average cost, first-in-first-out (FIFO), last-in-first-out (LIFO). These methods produce different results because their flow of costs are based upon different assumptions. The FIFO method bases its cost flow on the chronological order purchases are made, while the LIFO method bases its cost flow in a reverse chronological order. The average cost method produces a cost flow based on a weighted average of goods.
Financio uses FIFO (First-in-first-out) costing method. Which means older items in the inventory will be sold first.
The Reporting
Two inventory reports are provided in Financio, namely Inventory Summary and Inventory Detail report.
Inventory Summary report shows the total quantity and the total asset value of all tracked products on a date.
Inventory Detail report shows every transactions resulting a difference in stock balance for every products in details.
Comments
7 comments
Is there a link of article to track or the movement of inventory when sales occured?
What about if I have inventories of raw materials and finished goods?
Hi Ahmad Taufiq El Azzam,
Thank you for yet another great question. I've created a separate post in our community forum to address this question. Click Here
Travis Tai | Community Manager
Hi, is it possible to add "Expiry date" for Inventory tracking ?
Hi Meat Keat,
At the moment it is not possible to add an expiry date. Probably we can consider this for future improvements. We'de love to keep track of all our users request, Kindly leave us your comment at the Feature Request page. Click Here
Also, what are your favorite features on Financio? Why not start a Forum to discuss it.
Thanks,
Ben
please help me first PAYMENT
Hi Lee Chee Keong,
Appreciate if you could drop me an email at ben.george@financio.co with the details of what you need help with and i'd be glad to assist further.
Regards,
Travis Tai
Hi, how to create inventory for repair product. As we don’t buy the product, customer send and we repair. Please advice
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