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Periodic Inventory Valuation in odoo

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Muhammed Bijili's picture

Periodic Inventory Valuation in odoo

In this document, we will cover how we can create the periodic inventory management entry through Odoo. The modules adds a new menu in location Accounting > Adviser > COGS Periodic Entry. We can create the periodic inventory valuation entry monthly / yearly / quarterly through this new menu. This menu list all the inventory valuations done till date and its statuses.

Tree View:

Tree view have some basic information of all the inventory valuations done in the system and its statuses. To create a new entry click on “Create” button.

Form View:

Form view provides with more detailed view of the informations provided in each valuation entry. Please find below a sample form view of the valuation.

Creating a New Valuation Entry:

To create a new valuation entry, click on “Create” button in tree view or form view. This opens a new form view view where the users can enter the details as follow:

In this user, need to enter following details:

    Date From :  From date for inventory valuation.
    Date To : To date for inventory valuation.
    Product Filter Based on :   Option to filter products that need to be considered for valuation. We have multiple options:  1) None : All products will be considered
    2) Product :  User can manually select the products to be considered for inventory valuation.
    3) Product Category :  User can select the product category. All the products under that category     will be considered.
    4) Product Brand :  User can select the product brand. All the products under that brand will be considered.
    Journal: Journal in which the valuation entry need to be passed.
    Purchase Account :  Purchase ledger
    COGS Account :   Account for COGS entry
    Opening Stock Account :  Account for opening stock entry
    Closing Stock Account :  Account for closing stock entry.

Once user has entered all the above information, please click on “Calculate” button. This will calculate the Opening Stock, Purchase, Closing Stock and Cost of goods sold value based on the above selected parameters and will be displayed in the fields shown below:

User can verify the values generated by the system and make sure the values are as expected.

Once user confirms the values are correct, we can sent it for approval. The can be done by clicking on button “Send for Approval”.

Approval need to be done by account manager. This is done by clicking on button “Approve”. Account manager have option to cancel this valuation by clicking on button “Cancel”. Once the valuation is approved by the account manager, user can generate the accounting entry by clicking on button “Post Entries”. This will generate required accounting entries. The entires generated by the system will be automatically posted by the system. A sample accounting entry created will be as follows.

Cancelling & Editing a Posted / Unposted  Entry:

There Can be situation where the user need to cancel an entry make some amendment of the entry created by the system. To do so, there is a button “Cancel” available in all stages. This will unpost and cancel all the journal entry created by the transaction. This will remove the valuation to “Cancel” state. User can change it to “Draft” state any time by clicking on button “Set to Draft”. Once the transaction is in Draft state, user can make necessary changes and post the entry again.

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