Inventory Management System And Accounting Management System
- To start with, the accounting of all the transaction is maintained entity wise, i.e. separate accounting of each and every company.
- When required, a consolidated Balance Sheet and Profit & Loss Account is generated for the group as a whole. Here a point to be noted that since different companies will have different master definition, either same will be displayed or same needs to be mapped for different companies. But it is always preferred that there should be single master definition for the whole group.
- A copy of the Purchase Order is received from the Materials Department. .
- The Stores Department forwards the Goods Receipt Note along with the Delivery Challan. The invoice is also received from the Stores Department in case if it is received along with the Delivery Challan.
- Before preparing the Purchase Voucher for that Delivery Challan, the Purchase Order is verified with the approved price list of each item with each vendor. .
- If the price is as per the approved price list then it is verified as to whether the Invoice sent by the Vendor is as per the Purchase Order. In case of any variation then the invoice is not booked at that stage, but it is sent back to the Materials Department.
- In case of any variation then the invoice is not booked at that stage, but it is sent back to the Materials Department.
- In case if the Invoice is as per the terms and conditions mentioned in the Purchase Order, then it is checked whether the quantity billed is equal to the quantity accepted in the Goods Receipt Note.
- In case if there is variance as to the quantity accepted and quantity billed then at the first stage, entire bill is booked in the name of the vendor, but immediately a Debit Note is raised as to quantity rejected. However, no debit note is made for the rejected material that is to be replaced by the vendor. The Finance Department forwards a copy of Debit Note to the vendor. .
- In case of Line Rejection from the Shop Floor, goods are sent back to the Stores. The Debit Note is prepared by the Finance Department on the basis of inter office communication sent by the Stores Department about the rejection made.
- In case of Instruments purchase, if the Quality Assurance rejects them, then the Debit Note is raised by the Finance Department on the basis of the markings about the rejection made on the Goods Receipt Note.
- In case of Tools purchase, if they are rejected by the Production Department, then the Debit Note is raised by the Finance Department and forwarded to the vendor. This debit note is prepared by the Finance Department on the basis of marking made on the Goods Receipt Note.
- In case of Administrative Purchase, if they are rejected by the Human Resource and Administrative Department, then the Debit Note is raised by the Finance Department and forwarded to the vendor.
- The Inspection Report prepared by the Quality Assurance is not forwarded to the Finance Department. It is sent to the Finance Department only when the vendor forwards the invoice for the test charges. .
- In case if all the matters mentioned above are verified, then Purchase Invoice is booked in the system. .
- The Finance Department is taking the print outs of creditors outstanding at the month end to inquire whether the payment is ready, depending upon that the cheque is made according to the bill getting due. .
- Before preparing the cheque, vendor’s account is confirmed in the system as to his dues. .
- Age wise monthly statements are generated to analyse the total payments getting due during the month. .
- The adjustment of ledger account of the vendor as to writing off the miscellaneous amount is done at the end of the month, when account is checked or at the time of payment.
- At times, advance payments are required to be made procure certain material. .
- To obtain the advance from the Finance Department, the respective departmental personnel authorised by the department head file the Advance Requisition Slip in. .
- In case of Advance payment made previously, it is adjusted at the time of making next payment by checking the ledger account of the vendor before preparing the cheque.
- Similarly vendor account is also adjusted against on account payments made.
- Besides sales collection there is some miscellaneous receipts like interesting income or taxing refunds etc.
- At times advance or on account payments are also received those are adjusted against the debts due.
List of Masters
|Ledger Account Master|
|Cost Category Master|
|Cost Centre Master|
|Sales Tax Master|
|Group / Subgroup Master|
|Bank Cheque Master|
|Asset Group / Sub Group Master|
|Asset Rate Master|
List of Transaction
|Bank Payment Voucher|
|Bank Receipt Voucher|
|Purchase Voucher With GRN|
|Purchase Voucher Without GRN|
|Cash Payment Voucher|
|Provisional Payment Voucher|
|Reversal Journal Voucher|
|TDS Challan Entry|
|Cash Receipt Voucher|
|Budget Amount Allocation|
|Add Back / Buyer Charges|
Following are the benefits identified for the end users
- Increases efficiency & productivity.
- Less dependency on the information of other Departments.
- Improve access to information.
- Improves workflow and efficiency.
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