Production Reporting (Finished Goods Receipts)
As part of the Production Reporting (Finished Goods Receipts), we follow multiple steps to achieve it. When we say, Finished Goods Receipts, its not just the FG alone, it could be Work In Progress (WIP), Configured Product, Assembly etc.
In Factory, we use the Raw materials to convert to Finished Goods or Semi Finished Goods based on the demands. We use Resources like Machine, Men and other overheads to produce. So the cost of the Finished Goods consists of multiple factors like
- Raw Materials costs
- Consumables like Greece, Oil etc
- Electricity or Cost of OIL / Diesel
- Labour costs
- Machines or equipments used
- Overheads like Management salary, Factory rent etc
- Other Costs.
All the above are added to form the COST for ONE PROCESS at ONE STAGE. As the RM converts to Work In progress (WIP1) stage, input cost is the total of RM and LABOUR costs. As part of this, we follow Activity Based Costing approach (ABC), that helps to add the Raw Materials, Labor, Machines and Overhead costs to Finished Goods cost.
We use this menu to report Work In progress items (WIP) or Finished Goods (FG).
In AcTouch.com, you can do the following.
- Select a Finished goods ID from the drop down.
- Select a BOM ID – You can select any BOM which is used to report FG or WIP.
- Choose the date of production reproting
- Enter FG / WIP quantity received – Based on this quantity and BOM, list of the raw materials will be shown with the quantity to consume.
- Enter reject quantity, if any
- We can see the product unit costs and costs that are shared between FG or by product, if any
- Select “Save” or “Save and print”.
Refer to the attached video for more details. Here we do the following as Finished Goods Receipt is just a small portion of the entire workflows.
- Create a Sales Order for a Finished Goods.
- Covert it into a Work Order
- Report Production as part of the Reporting.
More information, click here
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