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Costing Module - Cost sheet and estimates.

ERP designed by Zaveri integrates the cost sheet module with BOM master.

  • Tight linking of BOM, overhead master, item master, and export expense master is in ERP Cost sheet module.

  • Costing to arrive at the ex-factory price (can be based on BOM).  Preparing estimate in multiple currency (US $, Euro, etc.).  Option of saving of costing / quotation suggested price with markup instantly in MS Excel Sheets.

  • Each cost sheet will be automatically numbered and and can be recall from cost sheet register.

  • Ex-factory cost is computed for the 'father item'.

Topics discussed: Costing Module - ERP Cost Sheet - Estimates, Costing, ERP, Bill of Material, BOM, ERP Module, Landing Cost, Landed Cost, Weighted Average Rate, Rate, WIP Valuation, Valuation, and FICO – by Jyotindra Zaveri. Contact for ERP Training and implementation support.

1.    Specifications:

 1.1.  Masters

1.1.1.    Overhead Master.

1.1.2.    Export / Domestic Expense Master.

1.1.3.    County / currency master.

 1.2.  Transactions

1.2.1.    Enquiry (optional link).

1.2.2.    Cost sheet for the product.  Raw Material / Packing Material costing / Labour Material.

1.2.3.    Quotation (optional link).

 1.3.  Key MIS reports

1.3.1.    Cost sheet Register.

 1.4.  ERP features

1.4.1.    Costing to arrive at the ex-factory price (can be based on BOM).

1.4.2.    Preparing estimate in multiple currency (US $, Euro, etc.).

1.4.3.    Option of saving of costing / quotation suggested price with markup instantly in MS Excel Sheets.

  • Valuation:

            Typical logic for the valuation procedure is as follows:  There are many kinds of rate on item master:

 1.           Closing balance rate.

2.            Pure purchase rate.

3.            Cost Rate (or landed cost).

4.            Weighted Average Rate (WAR)

5.            WIP Rate.

  • Closing balance rate:  It is necessary to enter the ‘closing stock’ along with ‘closing balance rate’; as on date when ERP goes live.  E.g.  as on 31 March 06 (or any date when physical stock is taken of a given location), xyz item closing balance is 25 nos. and closing balance rate is Rs. 23.00.  From 1 April onwards, ERP will capture new rate (if any), by GRN / GIN, etc. and compute the other rate as explained below:

1.      For Raw material, bought out items, consumables (these items are purchased from the market), normally there is no BOM, in other words these are child items.

  •  Concept for the landed cost calculation (Or cost rate) is as follows:

  •  ERP stores the pure purchase rate in the item master.  In GRN, VAT, Excise, Cess etc., are also captured.

  •  While preparing the GRN, additional amount is also entered, such as freight, insurance, other charges, etc.

  •  Usually ERP software will compute two kinds of rate as follows:

 1.  Cost Rate = Pure purchase rate + VAT, Excise, and all other charges.  This will be used for computing valuation.

 2. Pure Cost Rate = Pure purchase rate + all other charges excluding VAT, Excise, Cess).  This will be used for preparing quotation, to compute ex-factory price of a given father item.

  • Weighted Average Rate (WAR) is computed and stored separately by applying WAR logic, which takes care of different quantities, purchased at different rates.  For computing WAR rate if item is new the landed cost itself will be WAR rate, thereafter as and when the GRN is made, the rate will change.

 For manufactured items, for these items BOM is created.

1.    Factory made items, semi-finished goods (SFG), sub-assemblies, WIP stock.

2.    Finished Goods (FG), final product.

  •  ERP will compute the WIP rate by exploding the BOM and adding all the child items.  WIP rate is stored on the item master.  Total material cost is thus calculated.  Overhead is added to the material cost to compute the WIP rate.

  •  Valuation of all item (including SFG and FG) is computed by using WIP rate.

  • Method:

1.  Click on Inventory -> report -> item ledger with value

2.  This will generate WAR rate for all raw material, bought-out items, etc.

3.  Click on Account -> transactions -> WIP Rate generation.

4.  Click on WIP Rate generation button.

5.  This will update WIP Rate (as per BOM) on item master for all father items, in ‘WAR rate’ field.

6.  Click on Inventory -> report -> stock statement value.

7.  This will give WIP valuation.


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