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Purchased stock is such an important asset for any business, with the monetary value of products providing key financial information for necessary accounts reporting and insurance purposes. However, with stock often being purchased from numerous suppliers, at various rates with differing transportation costs for each item, obtaining an accurate stock valuation figure can be problematic. Add in businesses holding stock across multiple locations and regularly transferring between these sites and tracking truthful stock valuations becomes that much more difficult with goods in transit.
Without visibility of this stock in transit and precise records for how much it is worth, businesses can often find their stock valuations are not offering a true financial representation of their assets as these goods are left out of the calculations. Even with stock valuations for goods in transit available, it is likely that staff will have to manually add these figures to their overall totals, which is not only time-consuming but leaves the opportunity for miscalculations to be made. The result of all this is lost time, incorrect stock valuations and possibly less favourable rates from insurance providers.
Solving these issues, OrderWise already provides comprehensive Stock Valuation functionality, with estimated and actual cost totals produced for all stock, stock within a certain location, a particular bin or even stock currently being transferred. Now this month sees the OrderWise Stock Valuation functionality extended with the option to now include transfers in the main stock valuation.
With the new include transfers in main stock valuation system setting enabled, running a stock valuation will include the value of stock that is currently on a transfer. This allows users to save time by removing the need to complete a full stock valuation by combining the standard stock valuation with the transfers stock valuation. For each product/stock location combination returned to the grid, a new row will be added with the in-number set to In Transit. This represents the quantity and cost of the item being received in the stock location. This row will then be decremented accordingly as it is booked in to its destination stock location, with the stock valuation figure consequently updated to reflect this adjustment.
Thanks to the addition of this new functionality, businesses can now benefit from even more accurate insight into the value of their stock by ensuring that stock in-transit is included in their main stock valuation. This not only allows OrderWise users to save time when doing their stock valuations but also ensure the greatest accuracy is achieved for their accounting purposes.
For more information on OrderWise, download our brochures or watch our videos.
To discuss your requirements in more detail contact us on 01522 704083.
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