Actual Costing Method
"GET COSTS UNDER CONTROL"
This module helps you to have an accurate and actual assessment of the value of your inventory.
Description
The "Actual Costing Method" is a cost accounting system that assigns the actual material cost per lot/serial number instead of assigning an average cost of all the products in stock, getting the cost based on a FIFO mechanism, or using standard costing. This cost is typically acquired from purchase or manufacturing orders and produces accurate costing reports.
While Standard Costing in Odoo sets a pre-determined value per product, and First In First Out (FIFO) uses the cost of the oldest products received, and Average Costing (AVCO) calculates the average of all relevant products in stock, the Actual Costing Method assigns the real value of the received product and saves it. That value (cost) is then used in all subsequent operations/transactions.
The Actual Costing Method is a very useful method to reduce any variances in the costing process that may arise from the default costing methods. It gives a precise, actual cost to each individual product in the inventory and assists in knowing about and analyzing the purchase and manufacturing orders' costs in real-time, even before the orders are completed.
Views
INHERIT product.category.stock.property.form.inherit (form)
Dependencies
WMS Accounting (stock_account)
Reports
Odoo inventory valuation standard report
Key Features
Ability to track costs in real-time.
Costing at the item level (Lot/serial No).
Fully integrated with other Odoo applications.
Improves forecasts based on accurate costing data.
Ability to track actual costs as products are procured.
Accurate cost reporting due to actual cost consideration.
Ability to search products with different Lots/Serial Numbers.
A preferred method for frequently changing costs & material pricing.
Support for different costing methods, e.g., Standard, FIFO, or Average.
Automatic computation for product price based on defined Lots/Serial Numbers.
Ability to apply costing method at different levels, e.g., Product or Lots/Serial Numbers.
Ability to utilize actual cost while receiving/delivering products in the Sales/Purchase process.
Actual Costing Method
"GET COSTS UNDER CONTROL"
This module helps you to have an accurate and actual assessment of the value of your inventory.
Description
The "Actual Costing Method" is a cost accounting system that assigns the actual material cost per lot/serial number instead of assigning an average cost of all the products in stock, getting the cost based on a FIFO mechanism, or using standard costing. This cost is typically acquired from purchase or manufacturing orders and produces accurate costing reports.
While Standard Costing in Odoo sets a pre-determined value per product, and First In First Out (FIFO) uses the cost of the oldest products received, and Average Costing (AVCO) calculates the average of all relevant products in stock, the Actual Costing Method assigns the real value of the received product and saves it. That value (cost) is then used in all subsequent operations/transactions.
The Actual Costing Method is a very useful method to reduce any variances in the costing process that may arise from the default costing methods. It gives a precise, actual cost to each individual product in the inventory and assists in knowing about and analyzing the purchase and manufacturing orders' costs in real-time, even before the orders are completed.
Views
INHERIT product.category.stock.property.form.inherit (form)
Dependencies
WMS Accounting (stock_account)
Reports
Odoo inventory valuation standard report
Key Features
Ability to track costs in real-time.
Costing at the item level (Lot/serial No).
Fully integrated with other Odoo applications.
Improves forecasts based on accurate costing data.
Ability to track actual costs as products are procured.
Accurate cost reporting due to actual cost consideration.
Ability to search products with different Lots/Serial Numbers.
A preferred method for frequently changing costs & material pricing.
Support for different costing methods, e.g., Standard, FIFO, or Average.
Automatic computation for product price based on defined Lots/Serial Numbers.
Ability to apply costing method at different levels, e.g., Product or Lots/Serial Numbers.
Ability to utilize actual cost while receiving/delivering products in the Sales/Purchase process.