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Download Corporate Valuation, Investment Banking, Accounting, CFA Calculator & othersInventory Record Methods
There are broadly two methods of keeping track of inventory, perpetual inventory system and periodic inventory system. Under a perpetual inventory system, every inflow and outflow is recorded in real-time as it happens, and therefore proper bookkeeping is maintained for this process.
Whereas, in the case of periodic inventory management, according to the need of the company, at periodic intervals, the inventory is calculated and tallied with sales and purchase records to get the stock of the goods. This process is a tedious and time-consuming one, and therefore many organizations implement the Cycle counting procedures, where they implement the sampling method instead of counting each unit.Types of Cycle Counting
There are several types of cycle counting processes, as described below:1. Control Group
This method is applied in the initial phases of cycle counting because this is the time when a proper counting methodology is being formulated for the specific organization under analysis. Here the same groups of items are counted several times during a short period of time to understand the in and out movements of these items and then come up with an optimum counting technique and eliminate the counting errors that are being committed over time.2. Random Sample
This practice is useful when the storage has several items of one kind stored here. If, at a time, there are several units of one kind available, then the organization gets a fair idea of how much stock it has and, therefore, can pre-empt shortage and order requirements based on the periodic cycle counts.3. ABC Analysis Cycle Counting Procedure
Having understood the concept of cycle counting, the natural question that follows is that if we are sampling inventory, then what should be the basis of doing so, and how frequently should we conduct the counting exercise to have a true and fair idea of the stock without compromising the day to day working, which is the basic premise of why cycle counting is being conducted. For these reasons, there are various techniques have been formulated over time:1. Pareto Method
In this method, those items which cost more and are used up more frequently are counted more often than others. For this purpose, the consumption is valued by multiplying the items used in a given period of time with the cost of each item, if so available, or an average cost of the items that can be derived from past purchase records. Those items which have higher value are counted more frequently, and therefore this method essentially bifurcates the inventory into two categories if high value and low-value items.2. Frequency Based Counting
In this method, those items which are used up more frequently are counted more often without paying attention to the value of these items. It is a more prudent approach that doesn’t distinguish between high-value and low-value items and works on the philosophy that each time inventory is purchased or sold, there could be a possibility of error in recording, and therefore, those which have a greater possibility of such error, are overseen with greater frequency.3. Combination or Hybrid Counting
This is a combination of the Pareto technique and the ABC counting method, where the first level of bifurcation is made based on the value of the items while the second level of categorization is made based on ABC counting wherein, further sub-categorization is made based on several criteria such as high demand item or seasonal items or low shelf life items or even based on customer urgency requirement and so on. Such categorization can’t be completely automated and requires human intervention because several items might fall in more than one category and therefore require a specific counting frequency.4. Surface Area Based Counting
At times it is also known as objective counting because here, we only look at the empty spaces which need to be filled, and in doing so, we aim at quickly filling these empty spaces. Such a method might be more suitable in a supermarket that is properly mapped out and methodically arranged.Example of Cycle Counting
Daily items: Dairy, eggs, bread, etc.
Perishable items: Vegetables
Durable items: Grains, pulses, flour, etc.
The supermarket wants to have an inventory management system in place so that it reorders quantities optimally. So the store manager has come up with the following categories and inventory management techniques:
This is quicker as compared to the physical counting of all items each day.Difference between Cycle Counting and Physical Inventory in Oracle Apps
Scheduling: Scheduling cycle counting is possible, while scheduling physical inventory is not possible
Disruption: During counting, the stack is visible in the system if the cycle counting is implemented, but it is not the case when implementing physical counting
Transaction Freezing: Inventory undercounting can be transacted upon in cycle counting, while this is not the case with physical counting
Record: Previous counting records are available in the cycle counting method but not in the physical inventory methodBenefits
Quick: In organizations that can’t manage perpetual inventory, the periodic system is followed; however, it is highly time-consuming. Therefore, Cycle counting speeds up the process.
Cost-Effective: As a perpetual inventory system requires proper accounting and bookkeeping, therefore, the method is very costly as it requires a skilled workforce and also expensive software. On the other hand, the cycle counting approach can be achieved through a lesser costly workforce by providing proper training.
Doesn’t Cause Disruption: In the case of periodic inventory management, the daily working is stopped during the period when counting takes place. This doesn’t happen in the case of cycle counting as the process is broken into parts and conducted department wise and not for all the inventory together.
Less Accurate: As this method relies on sampling, it is not completely accurate, and before achieving the desired level of accuracy, several iterations of counting are required, which might not give the required result on completion.
Procedure to Be Followed: Initially, when the cycle counting is implemented, the beta and pilot testing needs to be thorough and rigorous so that a proper sampling technique is defined because if this is flawed, cycle counting will not give proper results.Conclusion
Overall, Cycle counting is an attempt to reduce the effort of physical counting under the periodic inventory method without disrupting the day-to-day operations using the appropriate sampling technique as per the requirement of the organization under consideration. It is helpful in the case of those organizations which don’t have the resources to maintain a perpetual inventory system. However, there are chances of a lack of accuracy in this method if the sampling technique is erroneous.Recommended Articles
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What is Waterfall Model
The waterfall model is an early software development model that involves the sequential execution of tasks starting with feasibility and flowing through various stages of implementation until the final deployment in the live environment. Requirements flow into the design, which flows into building or performance, and finally into tests. Since the testing process happens at the end of the model, it has been challenging to pass feedback up the waterfall.
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To work on the waterfall model, we need to understand its application approach based on both internal and external factors, which can be as follows:
No ambiguous requirements in the application.
Stability of product definition.
It is technology understood.
It is not dynamic.
Extensive resources with appropriate expertise are available to support the product.
Concise length project.
The excellent document, clear and fixed requirements.
The history of the waterfall model dates back to 1970 when Winston W Royce introduced its first sample in an article. According to this model, one should move to the next phase only after completing the previous phase’s testing, review, and verification. It emphasizes the logical progression of phase steps. Its functionality is similar to the water flowing over the edge of a cliff.
The name ‘waterfall’ for this software development approach comes from the fact that it progresses systematically from one phase to another in a downward fashion. Since it was first published by Winston W. Royce in 1970, the waterfall model has been used widely in software development. Programming models are used in the software development process cycle to plan the various stages of application development. One such model is the waterfall model.Phases of Waterfall Model
Given below are the phases of the waterfall model:
With the above infographics, we can understand that the waterfall model has a total of 7 stages of the design and development software cycle, which are as follows:
Coding / Implementation
Operation / Deployment
So we can see that the waterfall model works hierarchy from top to bottom, with one phase completed with full verifications and then switching to another step, including phase processes like Conception, Initiation, Analysis, Design, Construction, Testing, Production/Implementation, and Maintenance. To get a more brief knowledge about the waterfall model, we need to understand its processes deeply with its work model. A primary prerequisite phase must be understood before starting the deep stages of knowledge. It is about the feasibility study for the software product. It deals with the financial and technical aspects of the project requirements. This phase deals with correcting the measures based on the analyzed benefits and drawbacks. Thus the best solution is chosen.1. Requirements
Specifically, we need to know and understand what we have to design, what we have to develop, its processes, what its functionality will be, etc. It provides input material for the developed product, and the expected impact is studied, finalized, and documented. It also gives us the extension to decide the hardware or software requirements of the product, which will be designed, developed, and captured in all phases.2. Analysis
It results in designing models, schema, and business rules.
Requirement gathering and analysis: First, all the information and need for the product development are gathered from the customer and processed for analysis. The primary role of this part is to eradicate incompleteness and inconsistencies related to software product development.
Requirement specification: Then, the above-analyzed requirements are documented in an SRS (software requirement specification ) document. It serves as a path between the customer and the SRS development team. This SRS documentation manages and settles any disputes in the future.3. Design
After completing and verifying the first phase, system design is the next crucial phase to study. It helps in specifying software and hardware requirements for product design. It also helps in the overall architecture of the system design. So the requirement specification is mainly studied and verified in this phase. It is also helpful in transforming the SRS document into a functional design and development of the software product. So we can say that in the designing phase, one makes the overall architecture for the software development project.4. Implementation
With the system design fully verified, the implementation phase comes in a row. During the development phase, small programs called units are created using system design inputs, then tested and implemented in the next phase. Each team in the implementation phase undergoes development, and its full functionality is tested, known as unit testing. This phase transforms the system design into source code containing fully functional program modules. It includes the development, proving, and integration of the software.5. Integration and Testing
In the implementation phase, we incorporate the design and development of each unit from the earlier phases into a module or system. We then test each unit before conducting various tests, such as load testing. The testing environment undergoes a constant software check to determine if there is any flow or error in the design or code. The purpose of testing is to ensure the stability and feasibility of the software and prevent any disruptions or bugs during production that may affect the client. The testing phase involves rigorous testing of the entire system to identify any faults or failures that may have occurred after implementation.
System testing consists of three different types of activities, which can be given below:
Alpha (α) Testing: The testing done by the development team.
Beta (β) Testing: It is the testing done by a friendly team of customers and users.
Acceptance Testing: It is done after the alpha testing and beta testing. The customer tests the software after delivery and decides whether to accept or reject it. This phase involves debugging any remaining issues.6. Deployment of the System / Operations
Upon completion of non-functional, functional, alpha, and beta testing, the software product is ready for deployment to the user or customer system or release to the market. The deployment phase includes the complete system’s installation, migration, and user or customer environment support.7. Maintenance
Changes during the maintenance phase primarily relate to modifications requested by the customer or users after installation and testing. These changes may include fixing bugs or addressing defects uncovered during live use of the system, or addressing customer requests. So the client is provided with timely and scheduled maintenance and support for the developed product. It may surprise you that the effort put into a software product’s design and development phase accounts for only 60% of the total effort, with the remaining 40% devoted to the maintenance phase.
There are three types of maintenance which are given below:
Corrective Maintenance: We may not discover some errors during the design and development phase. We only consider them when the customer uses the product. This is only corrective maintenance, correcting issues or errors not found in the development phase.
Perfective Maintenance: Customers request this maintenance to improve and expand the functionalities of the system or software.
So in the above discussion, we deeply know each phase of the waterfall model with full specifications. The waterfall model is more significant in the software than in the mechanical industry. Each phase has its importance, leading to more effective and stable software.Advantages:
It allows for departmentalization and control.
An individual or a team can set a schedule with deadlines for each stage of development and proceed a product through the phases of the development process model one by one.
As it undergoes easily understandable and explainable phases, it overcomes many issues, making it very easy to use.
Due to the rigidity of the workflow model, it is straightforward to manage as each phase in the waterfall model has specific review and deliverables processes.
The waterfall model works for smaller projects with well-understood requirements.
You can set a schedule with deadlines for each stage of development and then proceed with the product through each phase of the development process model one by one.
Clearly defined stages.
Easy to arrange tasks.
We document the process and results.
Reinforces good habits: define-before-design.
The model is adequate for smaller projects and projects with well-understood requirements.
Not a good model for complex and object-oriented projects.
Not suitable for projects where requirements are at a moderate to high risk of changing.
Estimating the time and cost for each phase of the development process presents a challenge.
Not a good model for complex and object-oriented projects.
We do not produce any working software until late in the life cycle.
Cannot accommodate changing requirements.
It isn’t easy to measure progress within stages.
High amounts of risk and uncertainty.
Poor model for long and ongoing projects.
Adjusting scope during the life cycle can end a project.
No feedback path.
No overlapping of phases.
It is challenging to accommodate change requests.
Risk and uncertainty are high with this process model.Where to Use the Waterfall Model?
Now, after encircling all the scenarios, we come to a point where we want to know where to use the waterfall model.
Majorly waterfall model is used in a defense project; the requirement is evident because they analyze it well before moving to the development phase.
We can apply the waterfall model to migration projects where the requirements remain the same, but we may vary or change the platform or languages.Conclusion
The waterfall model is more suitable for small software development projects than larger ones because completing each phase, including design, development, and implementation, before moving on to the next makes managing the project at a smaller scale easier. However, in larger projects, issues and errors can occur more frequently due to the complexity of the model. Implementing the waterfall model means completing the testing phase before deployment, which may result in less optimized and accurate software.Recommended Articles
Inventory Management is used to manage the inventory for the goods. It is based on several key processes. Definition of movement types, reservations, goods issue and goods receipt.
We have already done basic goods receipt process in the purchase order topic, referencing it to a PO.
There are a number of functions and transactions used in the Inventory management processes, and we will cover the most important in this tutorial.
What is Movement Type in SAP?
Movement Types are used as indicators of what is the purpose of the goods movement (e.g. from storage location to a storage location, receipt from purchase order, issue for the delivery, receipt from production).Movement types in SAP – Examples
A movement type is a three-digit identification key for a goods movement such as 101, 201,311,321.
Also, you could use the same movement type for different processes if you use movement indicators properly. For example, movement type 101 with movement indicator B is used for goods receipt from purchase order. The same movement type 101 with movement indicator F is used for production order goods receipt.
You can see on the next screen how the movement type maintenance screen looks.
Huge number of options are available to set up the movement type properly, and it’s access by the OMJJ transaction code.
Execute OMJJ transaction, and on the initial screen choose Movement type, on the next screen enter the movement type range you wish to chúng tôi will be presented a screen that looks like the next screen.
You can see a dialog structure on the left. These options are used for setting up our movement types according to our needs.
When you select any of the options the details screen on the right is updated with settings for that node.
This is not in a scope of this tutorial, as configuring the movement type requires extremely deep knowledge of the processes in MM module (inventory management component).
You just need to understand for now what does the movement type, and movement indicator represent.
Feel free to take a tour around the OMJJ transaction to get a bit more insight on the actual setting that can be made on movement type, and movement type/movement indicator level.
To summarize the lesson, movement types are used for distinction how the goods will be moved in our inventory.
We will set up our movement type 101 to be used for goods receipt.
Movement type 311 to be used for stock transfer from one storage location to another in one step.
Movement type 601 for goods issue for outbound delivery..
When you create a material document you are actually moving stock quantity in a certain way as defined by movement type.
If movement type 311 is stated in the material document, material will be transferred from one location to another (transfer process). If it’s 101, material document will not have a source storage location but will have a destination (receipt process). If it’s movement type 601, material document will only have source storage location but will not have a destination (issue process).Goods Receipt Scenarios
As I said in the previous topic, goods receipt can be done referencing a purchase order, production order, inbound delivery or without reference for other kinds of receipt processes.
We can set up our movement types behavior according to a movement indicator.
I mentioned in the previous topic that there are several indicators that can be used to specify the referencing document type, and create settings for every one of them in combination with movement type.
B – purchase order
F – production order
L – inbound delivery
Blank – no reference
Other – not that significant for now
Oracle is expanding its cloud infrastructure footprint in the U.S.
The Oracle Cloud Region in Chicago is the company’s fourth in the U.S. and serves the Midwest with infrastructure, applications, and data for optimal performance and latency, according to the company last month.Focus on Security, Availability, Resiliency
The new Chicago Cloud Region will offer over 100 OCI services and applications, including Oracle Autonomous Database, MySQL HeatWave, OCI Data Science, Oracle Container Engine for Kubernetes, and Oracle Analytics. It will pay particular attention to high availability, data residency, disaster protection, and security.
A zero-trust architecture is used for maximum isolation of tenancies, supported by many integrated security services at no extra charge. Its design allows cloud regions to be deployed within separate secure and isolated realms for different uses to help customers fulfill security and compliance requirements. It has a DISA Impact Level 5 authorization for use by U.S. government organizations to store and process Controlled Unclassified Information (CUI) and National Security Systems (NSS) information.
The Chicago Cloud Region contains at least three fault domains, which are groupings of hardware that form logical data centers for high availability and resilience to hardware and network failures. The region also offers three availability domains connected with a high-performance network. Low-latency networking and high-speed data transfer are designed to attract demanding enterprise customers.
Disaster recovery (DR) capabilities harness other Oracle U.S. cloud regions. In addition, OCI’s distributed cloud solutions, including Dedicated Region and Exadata Cloud@Customer, can assist with applications where data proximity and low latency in specific locations are of critical importance.
Oracle has committed to powering all worldwide Oracle Cloud Regions with 100% renewable energy by 2025. Several Oracle Cloud regions, including regions in North America, are powered by renewable energy.
See more: Oracle Opens Innovation Lab in Chicago Market“Innovation Hub”
Clay Magouyrk, EVP at OCI, said the Midwest is “a global innovation hub across key industries,” as it’s home to over “20% of the Fortune ‘500,’ 60% of all U.S. manufacturing, and the world’s largest financial derivatives exchange.”
“These industries are increasingly seeking secure cloud services to support their need for high-speed data transfer at ultra-low latency,” Magouyrk said.
Samia Tarraf, Oracle Business Group global lead at Accenture, said the Oracle Cloud Region in Chicago will “provide clients with more choices for their cloud deployments.”
“We look forward to collaborating with Oracle to help organizations in the Midwest more quickly and easily harness the business-changing benefits of the cloud,” Tarraf said.Oracle in the Growing Cloud Market
Oracle holds an estimated 2% of the cloud infrastructure market, as of Q3 2023, according to Synergy Research Group. AWS holds the first position at 34%.
Gartner numbers put the size of the annual cloud market at somewhere around $400 billion, with growth rates maintaining a steady climb of about 20% or more per year.
Oracle aims to carve out a larger slice of the pie. It now provides cloud services across 41 commercial and government cloud regions in 22 countries on six continents: Africa, Asia, Australia, Europe, North America, and South America.
“The days of the cloud being a one-size-fits-all proposition are long gone, and Oracle recognizes that its customers want freedom of choice in their cloud deployments,” said Chris Kanaracus, an analyst at IDC.
“By continuing to establish cloud regions at a rapid pace in strategic locations, such as the U.S. Midwest, Oracle is demonstrating a commitment to giving its customers as many options as possible to leverage the cloud on their terms.”
See more: Best Cloud Service Providers & Platforms
If you maintain inventory or stock items in lots, you can store them using the Batches feature in TallyPrime. Batches help in better management of stock items with limited shelf life or perishable goods. In TallyPrime, you can create a batch on the fly by only specifying a batch name. You can assign manufacturing and expiry dates and allocate the stock items to one or more batches as per your business need. With batches, you can identify stock items by referring to the batch details at any given time.
and expiry dates. For example, when dealing with food items or medicines you can segregate the stock items into batches or lots based on their expiry dates. This will help you to ensure that such stock items are sold out before their expiry date.
If you are maintaining stock items with a limited shelf life, you can use batches to keep them based on their manufacturing date. Such stock items do not necessarily have an expiry date mentioned on the product. However, the shelf life period is usually mentioned on the product – such as 6 months or 1 year from the date of manufacturing.
Use batches for rate-wise categorisation of stock items: When you have a stock item available at different rates, you can keep such items in separate batches based on their rates. For example, you have 100 numbers of Item A purchase from a supplier at Rs. 75 each, and 150 numbers of the same item – Item A – from a different supplier at Rs. 60 each. You can create two different batches for Item A with different prices. By doing so, you can not only decide the selling pricing for Item A for each of the batches, but also choose the stock item from the appropriate batch when recording transactions, depending on your selling price.
Identify stock item details from batches: After sales of your stock items, you may sometimes receive a return or figure out that a stock item was reported defective or expired. With batches, you can track back the batch which the stock item belonged to and find the details. In such cases, it is helpful to also verify other items from that batch before you make a sale.
batches. You can get to know how much of stock is left in a batch, and if you need to refill the stock and store enough for the upcoming sales orders.
Maintaining stock items in batches will help in ensuring old stock is moving out first. Whether it is a perishable item, or items launched recently, batches help you keep track of items and also identify which batch they belong to. You can configure your stock item master to allocate items to one or more batches. For better tracking, you can also provide the manufacturing or expiry date depending on the type of stock your business has.
If you do not see this option:
Show more configurations
Select Primary or an existing Stock Group in the Under field.
Ensure that the Unit of Measurement is selected for the stock item.
In the Batches Setup screen, select the appropriate unit and set
Maintain in Batches
Track date of manufacturing
: Track date of manufacturing to Yes. This is required if you are dealing with perishable goods (which have both manufacturing and expiry dates) or stock items with limited shelf life (which have only manufacturing date and its shelf life period).
Use expiry dates
: This is mostly required for perishable goods.
When you configure the stock item for allocating batches, before saving the batch, enter the Item allocation details.
Accept the screen. As always, you can press Ctrl+A to save.
Ensure that you have done the following:
Configure your stock item master.
In the stock item screen, specify other details as you need, and press Enter.
Stock Item Allocation
screen, specify a Batch name. You can keep it unique to avoid any confusion with other batches.
Record a sales transaction.
Complete the transaction by entering other details, and accept the voucher. As always, you can use Ctrl+A to save.
In this section
Configure your stock item master.
In the stock item screen, specify other details as you need, and press
Stock Item Allocation
screen, specify a Batch name. You can keep it unique to avoid any confusion with other batches.
Record a purchase transaction.
Complete the transaction by entering other details, and accept the voucher. As always, you can use Ctrl+A to save.
Looking for stock items details for each batch? Using reports in TallyPrime, you can view details of the stock allocated to each of the batches. You can choose to view a batch-wise summary of a particular Stock Item for a given period. If you have recorded transactions using the stock items available in batches, TallyPrime provides report of the number of stock items maintained in different batches in a periodic manner – say weekly, monthly, quarterly and so on. In addition, you can view the vouchers involving transaction of stock items allocated to different batches.
Batch Summary is a summary of all the batches of a particular Stock Item for the given period. You can select the required batch and further drill down to view the Batch Monthly Summary and then further to Batch Voucher Report of the selected batch of an item.
The Batch Summary will be available when Maintain Batches is enabled in F11 (Features) of your company.
In this section
To view Batch Summary
Drill down further to view the
Batch Vouchers report
Press F12 configurations in Batch Summary Report.
Show Quantity: Set this option to
to view the report with quantity for all transactions.
Show Rate: Set this option to
to view the report with rate for all transactions.
Show Value: Set this option to
to view the report with value for all transactions.
Show Opening Balance: Set this option to
display Opening balance in the report.
Show Goods Inwards: Set this option to Yes to display all Inward details, like inward quantities, inward rate and inward value.
Show Goods Outwards: Set this option to Yes to display all Outward details, like outward quantities, outward rate and outward value.
Show Gross Value for Outwards: Gross value of Outwards refers to that value which is inclusive of the values of VAT/any other allowed ledger under accounting allocation screen of the stock item. By default this option will be set to No, when it is set to Yes, it will display the gross value of the outwards.
Show Gross Profit on Gross Value: By default this option will be set to ‘No’. When this option is set to Yes, the gross profit will be calculated on the Gross Value which is inclusive of the values of VAT/any other allowed ledger under accounting allocation screen of the stock item.
Show Closing Balance: Set this option to
display closing quantity, rate and value.
Show Manufacturing Date: By default, this option is set to
. Set this option to
to view the Manufacturing date(s) of the batch(es) of a selected stock item.
Show Expiry Date of Batches: By default, this option is set to
. Set this option to
to view the Expiry date(s) of the batch(es) of a selected stock item.
Show Number of days for Expiry: By default, this option is set to No. Set this option to Yes to view the number of days to expire against each batch for a selected stock item.
Show Stock Items with Zero Quantity or Balance:
By default, this option is set to
. Set this option to
to view only the expired batches.
Format of Report: Display the report in Condensed or Detailed mode.
Show Base Currency: Display the values of the report along with the corresponding base currency symbol.
Sorting Method: This will help the user to sort the report based on the
all in increasing and decreasing.
F4 (Stock Group): Navigation to other Stock Group to view the Batch Summary of the same.
F7 (Show Profit):Displays batch-wise stock item profitability.
Ctrl+B (Basis of Values)
Similarly, you can enable the followings:
Expired Batches only: By default, this option is set to
. Set this option to
to view only the expired batches.
Show Batch Manufacture Details From, To
: By default, the
fields will be blank. You may filter to view the Manufacturing dates of the batches based on the date range mentioned in these fields. For example From: 1-4-2024 To: 31-7-2024 will display only those batches which were manufactured during this period.
Show Batch Expiry Details From, To: By default, the
fields will be blank. You may filter to view the Expiry dates of the batches based on the date range mentioned in these fields. E.g. From: 1-4-2024 To: 30-9-2024 will display only those batches which expire during this period.
Ctrl+H (Change View)
You can display the details of a report in different views with additional details or for a specific period. You can also view other reports related to the current report.
Ctrl+J (Exception Reports)
You can view the exceptions related to the data displayed in the current report by pressing Ctrl+J (Exception Reports), without closing the report.
Batch Vouchers provides a list of all vouchers for a stock item of the same batch for a specific period. The report comprises of both inwards and outwards transactions along with quantity, rate and closing value details for the selected batch.
The Batch Vouchers report is available when the option Maintain Batches is enabled in F11 (Features).
To view Batch Vouchers report
Alternatively, Batch Vouchers report can also be viewed from the Stock Vouchers screen. To view Batch Vouchers report
and drill down to the
the cost method.
Press F12 (Configure) for the configurations in Batch Vouchers.
You might be maintaining Stock Items in batches to ensure that the previously manufactured item moves out first, as per the First In, First Out (FIFO) method. This especially helps when you are a manufacturer of perishable goods.
It may also be possible that you do not use batches. However, batches are enabled in some stock items that are a part of the Company Data. This can happen when you are using a shared Company Data in which batches are enabled.
In any case, while the batches may be enabled for some stock items, later on, you may want to disable them, as maintaining those stock items with batches may not be required anymore.
In TallyPrime, you can disable batches for stock items at Company and Stock Item level, as per your requirement.
If you do not want to maintain batches for any stock item, then you can disable batches at the Company level in TallyPrime.
However, if you want to disable batches for specific stock items, then you will need to disable them from the Stock Item level. This will ensure that when you disable batches for a specific stock item, the other stock items in which batches were enabled remain unaffected.
In TallyPrime, batches are first enabled under F11 (Company Features) before you enable them at the Stock item level. You can disable batches using F11 (Company Features) whenever required.
However, if you had recorded one or more transactions for a Stock Item in which batches were enabled, then you will not be able to disable batches at the Company level.
Now, if you still want to disable the batches at the Company level, then you need to delete those transactions permanently from your Books of Account. It is recommended to ensure that those transactions are not essential to your business, you may need to include them in returns for a specific period.
To disable batches for stock items at the Company level, follow the steps given below.
Henceforth, batches will be disabled for all the Stock Items.
There can be a scenario wherein you are a manufacturer that produces perishable goods and non-perishable goods both. However, the batches are enabled also for non-perishable goods, which may not be required.
It is also possible that your business does not need batches for a particular set of items. However, batches are enabled for those items. In such a case, you will want to disable batches for those stock items.
In TallyPrime, you can disable batches at the Stock Item level. However, you may have already recorded one or more transactions containing the stock item for which you want to disable the batches. In this case, you will not be able to disable batches for that stock item.
To disable batches at the Stock Item level, follow the steps given below.
The Stock Item Alteration screen appears.
Under Additional Details, set Maintain in batches to No.
As in other masters, press Ctrl+A to save.
However, this action will not disable batches in the Stock Items for which batches are enabled.
You can again enable the batches for Stock Items, whenever required.
Binance has always put its efforts into developing new features, and there’s only one purpose behind it: to enhance users’ experience as much as possible. It’s already a trusted crypto exchange that offers endless opportunities to users. On the exchange platform, there’s live data on the Ethereum price, as well as that of other cryptocurrencies. Moreover, you can use Binance Pay to grow your business or simply hold your crypto funds and enjoy a seamless trading experience.
Understanding blockchain oracles
Oracles can be viewed as blockchain middleware because they unite two realms. Through that connection, smart contracts can perform transactions relying on information outside the blockchain, like temperatures and interest rates, knowing that the information hasn’t been altered. Oracles are not a real-world information source in nature; they collect the data from actual databases, communicating it efficiently to the blockchain. There’s a mutual relationship between blockchains and oracles, as oracles also receive on-chain information they later deliver to external apps like banking-related ones. This offers possible new uses for companies, like supply-chain tracking. Think of blockchains like a PC that’s not connected to the Internet. It’s impossible for this device to access real-world data; it is limited only to the files on the local hard drives.
A blockchain works similarly, as it can access only those transactions recorded on the ledger, reducing the number of applications you can use without real-world data. Oracles change that by providing an Internet connection and allowing blockchains to access external data for smart contracts. But as efficient as they are in solving this issue for blockchains, oracles pose a problem regarding centralization. Because of their decentralized features, blockchains can protect against unique points of failure. For instance, suppose a cybercriminal obtains your private crypto keys. In that case, they will access only someone’s funds.
On the other hand, if a bad actor accesses a centralized crypto exchange, multiple accounts will be compromised at once through a data breach. In other words, a decentralized system requires numerous individual hacks, but a data breach affects millions of people in a centralized one. Fortunately, decentralized oracles bring a solution to this vulnerability by utilizing distributed data sources. Decentralized exchanges enable individuals to change assets with one another through an open ledger that no one takes ownership of.
Web3 and what Binance Oracle means for it
According to Gwendolyn Regina, the BNB Chain Investment Director, the new version of the Internet implies well-connected smart contracts. Therefore, using oracles is necessary to enhance smart contracts’ knowledge about the events outside of the blockchain that will later be followed by specified actions as a response to those events. Binance Oracle is a valuable contributor to Web3, as it provides a reliable and stable Oracle network with accessibility characteristics and detailed accuracy. Through smart algorithms, the index prices on Binance Oracle are verified for consistency and veracity. There’s a unique infrastructure for each regional domain, which ensures regional calamities can’t affect the overall system. Detailed data monitoring architecture makes real-time responses and alerts possible. Binance Oracle is highly reliable, combining five resilient elements: sourcing price data from several centralized exchanges and aggregate prices by utilizing a smart algorithm and internal Threshold Signature Scheme. This signature mechanism ensures data security doesn’t allow any single point of failure, resulting in enhanced safety. Moreover, the data will be checked several times to ensure its authenticity by utilizing the Binance public key. This will guarantee that the data isn’t altered in any way.
For Binance, innovation comes first
In the crypto universe, innovation is at the core. Without its revolutionary features and updates, the industry would have never seen such growth. Binance is a top cryptocurrency exchange for a reason, as it puts innovation first. Throughout time, the company has constantly proven its unwavering commitment to enabling users to access the much-desired financial freedom. Binance has focused on expanding its product line across the exchange and facilitating access to different financial tools and new job opportunities within the blockchain.
Moreover, the company has always committed to empowering others. To this end, it has prioritized education and deepened crypto adoption in Africa by teaching people how cryptocurrencies work and how to protect themselves from common scams. Binance educated more than 600 000 Africans about crypto, which is crucial in a post-pandemic world plagued by increasing inflation and economic decline. By doing this, the company ensures users can access essential resources to help them succeed even in uncertain conditions. But the company’s product offerings are just some of the things Binance has focused on. The company has also been vocal about why regulation is crucial in boosting mainstream adoption of cryptocurrencies. During the past year, Binance has engaged regulatory bodies worldwide at unparalleled levels. This is a significant step towards building certainty around regulation in the industry. Moreover, it also emphasizes that cryptocurrencies won’t go anywhere and that mainstream adoption can become a reality.
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