Odoo 9 Terminologies
Warehouse / Inventory Terminologies
- TRACEBILITY : 1) Lots: Lots are a batch of products identified with a unique barcode or serial number. All items of a lot are from the same product. (e.g. a set of 24 bottle) Usually, lots come from manufacturing order batches or procurements. 2) Serial Number:A serial number is a unique identifier of a specific product. Technically, serial numbers are similar to having a lot of 1 unique item. 3)Package: A package contains several products (identified by their serial number/lots or not). Example: a box containing knives and forks.
- PRODUCT TYPE : 1) Consumable: A product for which you do not want to manage the inventory level (no quantity on hand or forecasted) but that you can receive and deliver. When this product is needed Odoo suppose that you always have enough stock. 2) Stockable: A product for which you want to manage the inventory level.
- ROUTES: Routes define paths the product must follow. Routes may be applicable or not, depending on the products, sales order lines, warehouse,… To fulfill a procurement, the system will search for rules belonging to routes that are defined in the related product/sale order.
- RULES & GROUP : 1) Push Rules: Push rules trigger when products enter a specific location. They automatically move the product to a new location. Whether a push rule can be used depends on applicable routes. 2) Pull Rules: Pull rules describe how procurements on specific locations should be fulfilled e.g.: where the product should come from (source location), whether the procurement is MTO or MTS,..3) Procurement Group: Routes and rules define inventory moves. For every rule, a document type is provided: Picking, Packing, Delivery Order, Purchase Order,… Moves are grouped within the same document type if their procurement group and locations are the same.
- STOCK QUANTITY MANAGEMENT : 1) Quantity On Hand: The quantity of a specific product that is currently in a warehouse or location. 2) Forecasted Quantity: The quantity of products you can sell for a specific warehouse or location. It is defined as the Quantity on Hand – Future Delivery Orders + Future incoming shipments + Future manufactured units. 3) Reordering Rules: It defines the conditions for Odoo to automatically trigger a request for procurement (buying at a supplier or launching a manufacturing order). It is triggered when the forecasted quantity meets the minimum stock rule.
- CROSS DOCKING: Cross-docking is a practice in the logistics of unloading materials from an incoming semi-trailer truck or railroad car and loading these materials directly into outbound trucks, trailers, or rail cars, with no storage in between. (does not go to the stock, directly from incoming to packing zone)
- DROP SHIPPING: move products from the vendor/manufacturer directly to the customer (could be retailer or consumer) without going through the usual distribution channels. Products are sent directly from the vendor to the customer, without passing through your own warehouse.
- STRATEGIES : 1)Removal Strategies: the strategy to use to select which product to pick for a specific operation. Example: FIFO, LIFO, FEFO. 2) Putaway Strategies: the strategy to use to decide in which location a specific product should be set when arriving somewhere. (example: cables goes in rack 3, storage A)
- SCRAP: A product that is broken or outdated. Scrapping a product removes it from the stock.
Accounting Terminologies
- JOURNAL: A journal is like a folder in which you record all transactions of the same type: all the statements of a bank account, all customer invoices, all supplier bills. It’s used to organize similar transactions together. Journal Entry :A journal entry is an accounting transaction, usually related to a financial document: invoice, payment, receipt, etc. A journal entry always consists of at least two lines, described here as journal items, which credit or debit specific accounts. The sum of the credits of all journal items of a journal entry must be equal to the sum of their debits for the entry to be valid. Journal ItemA line of a journal entry, with a monetary debit or credit associated with a specific account.
- RECONCILIATION:Journal items reconciliation is the process of linking several journal items together like an invoice and a payment. This allows you to mark invoices as paid. It is also useful when comparing values of ‘goods received not invoiced’ and ‘goods shipped not billed’ accounts. Bank Reconciliation: Bank reconciliation is the process of matching transactions from your bank records with existing journal items or creating new journal items on the fly. It is a process of verification to ensure that your bank and your records in Odoo say the same thing.
- SALES RECEIPT: A receipt or other slip of paper issued by a store or other vendor describing the details of a purchase (amount, date, department, etc.). Sales receipt are usually used instead of invoices if the sale is paid in cash in a store.
- FISCAL POSITION: Define the taxes that should be applied for a specific customer/vendor or invoice. Example: If some customers benefit from specific taxes (government, construction companies, EU companies that are VAT subjected,…), you can assign a fiscal position to them and the right tax will be selected according to the products they buy.
- ANALYTICAL ACCOUNTING : Analytic Accounts Sometimes called Cost Accounts, are accounts that are not part of the chart of accounts and that allow you to track costs and revenues. Analytic accounts are usually grouped by projects, departments, etc. for analysis of a company’s expenditures. Every journal item is posted in a regular account in the chart of account and can be posted to an analytic account for the purpose of reporting or analysis.Analytic Entries Costs or revenues posted to analytic accounts, usually related to journal entries.
- DEPOSIT TICKETS: Deposit tickets group several payment orders (usually checks) that are deposited together at the bank at the same time. This allows an easy reconciliation with the bank statement line if the line has one line per deposit.
Recent Posts
