Real-Time Financial Statements
To enhance the functionality of Biz-Flow and enable the generation of real-time financial statements, we have incorporated the following features:
Dynamic Inventory Tracking: As your inventory position fluctuates due to sales, production activities, and restocking, the system will seamlessly reflect these changes in the cost of sales. To facilitate this, we have implemented two specific accounts within the general ledger under the direct cost category.
"DC150 Change in Material Closing Inventory Valuation" Account: This account is designed specifically for manufacturing entities to accurately record changes in the raw material inventory position. The balance of this account will be included as part of the manufacturing cost in the profit and loss statement.
"DC250 Change in Product Closing Inventory Valuation" Account: This account caters to both manufacturing and trading entities, enabling them to effectively track changes in the finished product inventory. Similar to the previous account, the balance of this account will contribute to the cost of sales in the profit and loss statement.
Automated Entries: We have developed an automated process that will seamlessly update these specific accounts within the general ledger as inventory changes occur. This automation negates the need for manual intervention, ensuring accuracy and efficiency in financial record-keeping.
Please be advised that these refinements have been meticulously implemented to streamline your financial reporting process and facilitate real-time decision-making.
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