Stock Summary Report & its Advantagesadmin_logicfusion
Stock analysis is extremely crucial for any business as stock play the role of a company’s heartbeat. From stock movement to reordering to stock ageing, various reports are involved in order to get the right information about your business’ inventory. It is only with these crucial reports can one identify the important aspects of stock items and thus take business decisions worry-free. One such report is Stock Summary.
What is Stock Summary?
A Stock Summary is a statement of the stock-in-hand on a particular date. It is one of the primary inventory statements that updates the stock record in real-time as and when transactions are entered. Stock Summary provides information on stock groups and shows the quantity details, rate and closing value of the stock items under them.
Benefits of Stock Summary Report:
- You can view the entire stock flow ranging from opening stock goods inwards, goods outwards to the closing stock can be analysed in terms of its quantity.
- You can identify and view the available stock at different locations and take purchase and sale decisions accordingly.
- A clear view of purchase and sales order outstanding which will further help you decide on the actionable tasks to improve your business’ cashflow.
- It gives you an insight into the quantitative movement of each stock item.
- With details about the Nett Stock, you can even establish great relationship with your consumers by giving them suggestions and alternative choices when the demanded stock is unavailable.
The Stock Summary report with stock valuation methods can be used to view the effects of different methods on the value of stock. Each stock item can be set up to have a different stock valuation method. In some instances, a particular method of valuation may be required, for example, to assess the replacement value or saleable value of stock. Tally.ERP 9 displays stocks in any or all the valuation methods dynamically and simultaneously, without any complicated procedure. Tally’s stock summary report is so dynamic that apart from just showing you a list of inventories, you can do so much more. You can also view profitability and consumption details for each stock item and will give you a drill down of each stock item to track the micro-level details which are crucial for planning way ahead. Quite interesting, isn’t it? Take a free-trial of Tally.ERP 9 today and manage your business more efficiently.