Stock Movement Record

A Stock Movement Record is a comprehensive document in the Inventory Management module of an enterprise system that tracks and records the movement of inventory items within the organization. This record provides a detailed overview of the changes in stock levels, capturing various transactions such as receipts, issues, transfers, returns, and adjustments. Below are the details of what a Stock Movement Record typically contains, including the key fields involved:

Stock Movement Record Details:

Transaction Number:

• Description: A unique identifier assigned to the stock movement transaction for tracking and reference purposes.
• Purpose: Helps in uniquely identifying and referencing the specific movement within the inventory.

Transaction Date and Time:

• Description: The date and time when the stock movement occurred.
• Purpose: Important for accurately recording the timing of the movement and tracking movement timelines.

Transaction Type:

• Description: Indicates the type of stock movement (e.g., receipt, issue, transfer, return, adjustment).
• Purpose: Helps categorize and track the reason for the movement.

Source Location/Warehouse:

• Description: The warehouse or location from which the inventory is originating (applicable for issues or transfers).
• Purpose: Identifies the source of the goods within the organization.

Destination Location/Warehouse:

• Description: The warehouse or location to which the inventory is moving (applicable for receipts or transfers).
• Purpose: Identifies the destination of the goods within the organization.

Customer/Supplier Information (If Applicable):

• Description: Details about the customer or supplier associated with the stock movement.
• Purpose: Helps in identifying the source or destination of the goods, especially in transactions involving external entities.

Goods Moved:

• Description: A detailed list of the products or items involved in the movement.

Fields:

• SKU (Stock Keeping Unit) or Item Code
• Description of the item
• Quantity moved
• Unit of measure (e.g., each, box, pallet)
• Serial numbers or batch information (if applicable)

Unit Cost:

• Description: The cost per unit of each item involved in the movement.
• Purpose: Essential for calculating the total cost of the items moved and for financial reporting.

Total Cost:

• Description: The total cost incurred for all the items involved in the stock movement.
• Calculation: Unit Cost × Quantity Moved.
• Purpose: Provides the overall financial impact of the movement on the organization's budget.

Employee/User Information:

• Description: Details about the individual or department responsible for initiating or approving the stock movement.

• Purpose: Helps in tracing accountability and resolving any discrepancies during the movement process.

Movement Status:

• Description: Indicates the status of the movement (e.g., pending, in progress, completed).
• Purpose: Provides visibility into the progress of the movement and allows for tracking.

Reason for Movement:

• Description: Provides information about the reason or justification for the stock movement.
• Purpose: Offers context and helps in understanding the motivation behind the movement.

Adjustment Type (If Applicable):

• Description: In case of adjustment transactions, indicates the type of adjustment (e.g., increase, decrease, write-off).
• Purpose: Specifies the nature of adjustments made to stock levels.

Remarks/Notes:

• Description: Free-text field where additional comments, observations, or instructions related to the stock movement can be recorded.
• Purpose: Offers flexibility for including any relevant information not covered by structured fields.

Stock Movement Record Workflow:

Initiation:

A Stock Movement Record is initiated when there is a need to record the movement of inventory items within the organization.

Documentation:

Relevant details are documented, including the transaction number, date, transaction type, source and destination locations, and a list of items involved.

Verification:

The items involved in the movement are verified against the accompanying documentation to ensure accuracy.

Recording:

The Stock Movement Record details are recorded in the enterprise system, updating inventory levels and financial records.

Notification (Optional):

Depending on the organization's processes, notifications may be sent to relevant stakeholders or departments.

Integration:

The Stock Movement Record data may be integrated with other modules, such as Accounting, to ensure accurate financial reporting.

Physical Movement:

The physical movement of goods takes place based on the details recorded in the Stock Movement Record.

Status Update:

The status of the movement is updated to reflect its progress (e.g., from pending to completed).

Verification and Reconciliation:

After the movement, a verification process may occur, and the Stock Movement Record is reconciled with other relevant documents.

Reporting:

Reports related to Stock Movement Records, such as movement analysis reports, may be generated for analysis and decision-making.

The Stock Movement Record serves as a comprehensive log of all significant inventory movements within the organization, providing insights into stock flow, aiding in inventory management, and supporting financial reporting.