ERP Modules | Functional Modules Of ERP Software
List of Core ERP Modules – Types of ERP Modules.
- Sales and Invoices – Typically handles Sales Orders, Invoices and Sales Returns. These are integrated transactions and helps to manage Inventory and Customer receipts. Helps to identify which are fast moving items and what are slow moving items. Helps to analyse the Purchase to Sales cycle and see inventory turnover features.
- Purchase and Goods Receipts – To procure the materials, we need to place an Order (Purchase order) that helps vendor to send the quantities as per the PO. Once the material comes, we take it to Stores (Inventory) and pay the money as per the stock received. These Raw materials are either issued to Production or Sold to another Customer for a profit
- Inventory Control – Any movement of materials from a company to its subcontractors or sellers have to be tracked as per the statutory needs. So you need to generate Delivery Challans or Invoices etc to meet these requirements. What is essential is to update the stock details, inward and outward movements etc.
- Payments – All the payments towards Suppliers, Service providers, expenses are booked under this category
- Receipts – All Customer receipts and other incomes are booked here.
- Manufacturing – if you are manufacturer of a product then you need these modules. Manufacturing basically covers three segments in any factories.
- In-house production – Here it takes care of Bill of Materials, Finished Goods receipts, Work Orders etc.
- Subcontracting Operations – Mainly takes care of outward of Raw Materials and inward the finished goods. Post this, vendor would raise an invoice and we do the payment against the same.
- Jobwork – Mainly takes care of Inward of Raw Materials from a Customer and send the finished goods as its ready. Post this we raise an Invoice to collect the money from the Customer for the service rendered by us.
Sometime based on the kind of manufacturing process like Discrete, Process or Staged manufacturing process, you might need to map the modules to fit your needs too.
- General Ledgers – All the transactions that are originated from Inventory Transactions, Goods Receipts or Shipment / Invoicing, Financial transactions have an impact on Financials. These transactions are consolidated to generate Balance sheet, Profit and Loss sheet etc.
- Financial control and reports – All the reports like Cash-flow reports, Financial Ratios, Debtor Creditor reports etc. need to be checked regularly.
- Taxes – Purchase receipt or Invoicing, Payment and Receipt have an impact on the taxes as we have to either Pay taxes or collect and Pay taxes to govt. Many times, we can pay the net amount based on the tax collections.
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