Description

The "Actual Costing Method" is a cost accounting system that assigns the actual material cost per lot/serial number instead of assigning an average cost of all the products in stock, getting the cost based on a FIFO mechanism, or using standard costing. This cost is typically acquired from purchase or manufacturing orders and produces accurate costing reports.

While Standard Costing in Odoo sets a pre-determined value per product, and First In First Out (FIFO) uses the cost of the oldest products received, and Average Costing (AVCO) calculates the average of all relevant products in stock, the Actual Costing Method assigns the real value of the received product and saves it. That value (cost) is then used in all subsequent operations/transactions.

The Actual Costing Method is a very useful method to reduce any variances in the costing process that may arise from the default costing methods. It gives a precise, actual cost to each individual product in the inventory and assists in knowing about and analyzing the purchase and manufacturing orders' costs in real-time, even before the orders are completed.

The landed cost process is usually used when the organizations want to add business operation costs such as freight charges, insurance, transportation, and other additional costs, on the product. This module provides a landed cost feature that works with the Actual Costing Method, which can be applied at the item level. Using the "Actual Costing Method (Landed Cost)" will be more accurate and enables you to calculate the landed cost at both Product/Serial Number level.

Dependencies

• WMS Landed Costs (stock_landed_costs)

• Actual Costing Method (oi_stock_account_actual)

Reports

• Odoo inventory valuation standard report.

Key Features

• Costing at the item level (Lot/serial No).

• Ability to track landed costs in real-time.

• Accurate stock valuation with landed cost.

• Fully integrated with other Odoo applications.

• Accurate cost reporting due to actual cost consideration.

• Ability to track actual landed costs as products are procured.

• Ability to search products with different Lots/Serial Numbers.

• A preferred method for frequently changing costs & material pricing.

• Support for different costing methods, e.g., Standard, FIFO, or Average.

• Automatic computation for product price based on defined Lots/Serial Numbers.

• Ability to apply costing method at different levels, e.g., Product or Lots/Serial Numbers.

• Ability to utilize actual landed cost while receiving/delivering products in the Sales/Purchase process.

Demonstration