Stock availability is an important budget item. In this context, the inventory accounting, that is the collection of assets movements, is crucially important in determining the qualitative and quantitative composition of the company's inventories and their control. Effective warehouse management must indeed keep track of quantities and stock movement: this allows you to monitor your remaining goods, stocks already ordered but not yet received and goods subject to quality control.
In Mago4, the module devoted to these aspects (Mago4 Inventory Accounting module) allows you to record inventory transactions with appropriate accounts, values and compensation: whenever a transaction occurs, Mago4 updates the inventory value, records costs and corresponding budget accounts. , This allows you to know the availability of the items at any time of the activities and to manage stocks and inventories according to the most appropriate approach to your needs, properly valuing your company’s asset.
Mago4's Inventory Accounting is one of the features that make your ERP a solution with a strong international vocation: just think that the module was born following the first localization of Mago, created for Hungary in 2004. Given the importance of its functionality for many countries, the field of Mago4 Inventory Accounting influence has been expanded to allow proper management in different Nations; today the module is available for Hungary (optional and available in Console), Poland, Romania and Bulgaria (in the last three countries it is included in the Warehouse Management). The analysis of potential markets for expansion abroad has also revealed that the United States and Germany use this type of management to account goods movements: it is therefore easy to see how the Inventory Accounting functions are essential for all companies wishing to move on the international stage. For example, it is not foreseen for countries such as Italy and Switzerland, as they do not need to post each warehouse entry in the accounting process, but normally run the inventory valuation at the end of the year.
The main strength of Mago4's Inventory Accounting is represented by the flexibility of management, along with the ease of use it can offer you.
The fully parameterizable module structure is capable of adapting to various contexts and thus to the various inventory transactions that a company can carry out. No less important is the use of symbols, which allows flexible accounts management to be used in accounting records. The symbols, in fact, point to a proposition priority scale of the accounts, starting from the more detailed records to the parameters’ generic ones. The use of formulas also allows flexible accounting of the values contained within a warehouse movement (often the value to be reported depends on the type of movement and the context in which it is inserted).
All this with a full ease of use: by uploading default data, Mago4 pre-sets predefined templates with pre-defined symbols and formulas based on the known accounting requirements for major stock transactions and for each country. The automatic generation and updating of accounting records takes place not only from stock movements but also from sales and purchase documents.
For more information and to find out which Warehouse and Logistics capabilities are most suitable for your business, please contact your reseller or fill in the form to be contacted.