iReckoner Inventory Management

The extensive functionality of iReckoner Inventory Management makes possible the successful planning and control of your inventory flow. iReckoner Inventory Management maintains an archive of the entire stock transactions taking place, providing the company real-time information on levels across units.

iReckoner Inventory


The objective of Inventory Management is to supply materials of the right quality, in the right quantity at the right time, both to internal as well as external customers. iReckoner Inventory Management provides a systematic approach of furnishing accurate information to the right person with a view to assist him in optimizing the available inventory resources.

It is an effective tool giving information about stock transactions, delivery dates, and historical and future anticipated consumption. Its extensive reporting system gives overall inventory status across the enterprise.

Inventory Resources of an organization consist of Raw Material, Packing Material, General stores, Semi-Finished Goods, Finished Goods and Capital Goods, which in iReckoner Inventory can be classified under Stock Group, Stock type and Stock Category in a hierarchical structure.

As soon as goods are received from an external party or internally from production in to the Godowns (storage locations) and inspected for quality assurance, a GRIN document is generated and stock ledgers are updated. Each material is allocated a separate lot number when received. Now, a requisition received for any stock group can be entertained. Material is issued to various cost centres against a requisition.

iReckoner Inventory locates the Purchase Order document and copies default data from it to form a Good Receipt document whenever goods are received against a Purchase Order.

iReckoner Inventory communicates with Material Requirement Planning to ensure that the organization has what it needs to have, ready to use, before it begins its production operations.

iReckoner Production issues finished goods to iReckoner Inventory for inspection and Goods Receipt in Godown. The Stock Ledger is simultaneously updated.

Interacts with Financial accounting system as well as costing system and marks all the stock transactions for the use they have been put to.

iReckoner Inventory is closely integrated with iReckoner Sales to manage better delivery and planned dispatch of items.

System maintains inventory structure residing at multiple locations of the organization, which enables an organization to keep track of their inventory on a regular basis, online, at any time they require.

iReckoner Inventory comprises of


Goods Receipt Inspection Note

GRIN document record storage location, quantities and value of material received. After being inspected for quality assurance, the Stock ledger is updated on a real time basis.

Requisition


Documents are initiated specifying the requirement of items from various Cost Centres.

Material Issue


When Material is issued from Godowns to different cost centres this document is initiated.

Stock Ledger


Maintains up to date information about stock with details of month wise, week wise, issued, received and Balance stock in Godown (storage location)

Features


Material classification

  • Three level framework viz. Stock Group, Stock Type and Stock Category to classify each inventory item in the organization.
  • Classification of items into stock groups using a tree hierarchy.
  • Definable inventory valuation criteria for material issue and consumption.
  • Definable stock issue schemes from the warehouse, like FIFO and LIFO.
  • Definable advanced properties of the item such as reorder level, order quantity, minimum stock level.
  • Association of accounts with each inventory item to integrate with financial accounting.
  • Association of multiple attributes with each item to define unique characteristics of the item.
  • Association of price schemes with multiple account assignments with each stock group for inventory valuation.

Material Movement Control

  • Document base recording of each material movement specifying transactions by means of Requisition, Gate Entry, GRIN, Material issue giving quantity, value, date and time of movement.
  • Definable different types of documents for Raw material, Capital Goods, Stores and spares, Miscellaneous items, Cash Purchases and Finished Goods to manage process flow and better reporting.
  • Lot level tracking for inspection, issue and valuation of materials.
  • Stock transfer functionality to manage material movement within the organization.



Godowns

  • Hierarchical Godown structure to support consolidated inventory assessment at different locations / distribution Centres.
  • Logical and Physical classification of storage locations.
  • Godown classification on the basis of Stock Groups enabling easy access and traceability of the item.

Unit of Measurement

  • Definable UOMs ranging from standard weights such as Kg, Litres, box, rolls etc.
  • Multiple Units of Measurement for single item specifying primary and secondary UOMS with definable conversion factors.

Material Information Analysis

  • Document Registers for maintaining day-to-day transactions.
  • MIS Reports such as Stock Ledger, Consumption Details, Cumulative receipts, Days Inventory.

Standard iReckoner Features

  • Online Authorization of Documents.
  • True Workflow based system.
  • In built Mail system.
  • Alerts can be set in the system to monitor exception activities or events.
  • Ensures people access only the information they need and are authorized to access.

Sub Modules & Reports List


Sub Module

  • Material Management
  • Godown Management

Forms

  • Goods Receipt Inspection Note (GRIN)
  • Requisition
  • Material Issue

Browser

  • iReckoner Item Browser

Registers

  • Gate Entry Register
  • GRN Register Complete
  • Requisition Register Complete
  • Material issue Register complete
  • Requisition Register Department wise
  • Material issue Register Department wise

Stock ledger Consumption report Complete and selected heads

  • Receipt Check List
  • Consumption Details
  • Issue consumption summary
  • Stock Entity Document Report
  • Inventory availibility for production Report
  • List of Slow/ Non moving Item
  • Material Issue (Excess/ Shortage/ Material)