Stock Transactions
Effective stock transaction management is crucial for maintaining accurate inventory levels, supporting seamless operations, and ensuring financial and regulatory compliance. PrismERP’s Stock Transactions module provides a complete toolkit for recording and tracking every movement of goods within the supply chain, from receipt to delivery, adjustments, and audits.
Stock In / Stock Entry
Description: Stock In or Stock Entry refers to the process of recording all incoming inventory items into the system to update available stock quantities. This includes newly purchased products received from suppliers, production output, or any other source of stock addition. Proper documentation at this stage ensures that inventory records remain accurate and reflect actual stock on hand.
Goods Receive Note (GRN)
Description: The Goods Receive Note is an official document created upon receipt of goods from a vendor or supplier. It confirms that the ordered items have been physically received, inspected for quality and quantity, and accepted into inventory. The GRN serves as a checkpoint in the procurement process, linking purchase orders to physical receipts and forming the basis for invoice matching and payment processing.
Delivery Challan
Description: A Delivery Challan is a document issued to authorize the delivery or dispatch of goods from a warehouse or storage location. It includes detailed information such as item descriptions, quantities, and destination. Unlike an invoice, the Delivery Challan primarily serves as proof of transfer of goods and is used for inventory tracking during internal transfers or customer deliveries without billing.
Stock Transfer (Inter-Warehouse / Inter-Branch)
Description: Stock Transfer enables the movement of inventory items between different warehouses, branches, or locations within the organization. This transaction is critical for maintaining proper stock distribution and availability across sites. The system captures transfer details, including source and destination locations, items transferred, quantities, and dates, ensuring full traceability and preventing stock loss or misplacement.
Stock Adjustment (Gain/Loss)
Description: Stock Adjustment transactions are used to correct discrepancies between physical stock counts and system records. These adjustments account for stock gains or losses due to reasons such as damage, theft, data entry errors, or shrinkage. Accurate recording of these changes helps maintain inventory integrity, supports audit processes, and informs management about inventory variances.
Stock Reconciliation
Description: Stock Reconciliation is the process of comparing the physical inventory with the quantities recorded in the system to identify and resolve differences. This procedure typically involves stock counting exercises, verification of stock conditions, and adjustment of records to reflect actual stock. Regular reconciliation enhances data accuracy, prevents inventory misstatements, and ensures reliable reporting.
Opening Stock Entry
Description: Opening Stock Entry refers to the initial recording of inventory quantities and values when beginning stock management within PrismERP or during the start of a new fiscal period. It establishes the baseline stock data against which all future transactions are measured. Accurate opening stock entries are essential for correct stock valuation and financial reporting.
Physical Stock Count / Stock Audit
Description: Physical Stock Count, also known as Stock Audit, involves a detailed and systematic counting of physical inventory at a given point in time. This count is compared against the system records to verify accuracy. The audit helps detect pilferage, spoilage, misplacement, or data errors and is critical for maintaining trust in inventory data, supporting financial audits, and planning replenishments.
Business Benefits of Accurate Stock Transactions
- Real-Time Inventory Visibility: Instant insight into stock levels across locations ensures optimal inventory availability.
- Reduction of Stockouts and Overstocking: Accurate data helps balance demand and supply, minimizing lost sales and excess holding costs.
- Enhanced Operational Efficiency: Streamlined stock movements reduce delays and improve warehouse productivity.
- Improved Financial Accuracy: Correct stock valuations support reliable accounting and reduce risk of audit findings.
- Compliance and Traceability: Detailed transaction records provide transparency for regulatory and internal controls.
- Data-Driven Decision Making: Inventory analytics enable strategic planning for procurement and sales.
How to Access Stock Transactions in PrismERP
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Navigate through the menu Stock Transactions
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Select the desired transaction type from options like Stock Entry, GRN, Delivery Challan, Stock Transfer, etc.
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Fill out the required details such as item codes, quantities, source/destination locations, and approval workflows.
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Submit and track transaction statuses with audit logs for transparency.
Maintain precise stock records with PrismERP’s robust Stock Transactions module — the foundation of effective inventory management, operational excellence, and financial integrity.