Inventory/ Understanding Lot Number

Inventory/ Understanding Lot Number

What Is The Use Of Lot Number?

Lot Number is a ‘Tag’ assigned to a stock item. It can be understood as a batch number assigned to your purchase as it will separate the costing from those without Lot Number.

Info
Location
Purchase> Supplier Invoice
Info
Action
> Click PURCHASES activity
> Click SUPPLIER INVOICE module
> Click NEW
> VENDOR select (or create)
In-Time Supplier Pte Ltd
Details:
> ITEM select Canon Laser Printer
> LOT NO. enter 2012-05-01
> QTY enter 3
> UNIT PRICE enter 400
It is limited to 10 characters.
> TOTAL check for 1,284.00
> Click ADD
For Lot No. you can enter any alpha numeric characters of your choice.

Check Stock Cost Of Item With Lot Number


Info
Location
Report> Stock
Info
Action
> Click REPORT activity
> Click INVENTORY
> Click STOCK module
> Click REFRESH
Notice that a new line of the same Item Code appears.
It bears the Lot Number you have entered.
Both and the Quantity and Cost is managed separately from those
without Lot Number.

Using Lot Number In Your Sales


Info
Location
Sales> Invoice
Info
Action
> Click SALES activity
> Click INVOICE module
> Click NEW
> CUSTOMER select
EveryDay Customer Pte Ltd
Details:
> ITEM select Canon Laser Printer
> LOT NO. enter 2012-05-01
> QTY enter 1
> UNIT PRICE enter 800
> TOTAL check for 856
> Click ADD



Info
Location
Sales> Invoice
Info
Action
Select the same Invoice
> Click EDIT
> Click GL
> ACCOUNT check for
Cost of Goods Sold is 400 Notice that the cost allocated
is $400 instead of $195 from the common pool.
This is so as the invoice has specified the Lot Number in
the sales.
> Close General Ledger module
> Click UNDO for Invoice








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