INVENTORY VALUATION AND ACCOUNTING PROCESS

Created by ChecklistGuro (https://checklistguro.com)

[ ] Fetch Current Inventory Levels: Retrieve all active entries from the Inventory Data Model to identify stock availability.
[ ] Fetch Purchase Orders: Retrieve all pending and completed purchase orders from the Procurement Data Model.
[ ] Fetch Unit Costs: Retrieve the latest unit price records for each SKU from the Costing Data Model.
[ ] Calculate Total Stock Value: Sum the product of (Quantity * Unit Cost) for all retrieved inventory entries.
[ ] Calculate Weighted Average Cost (WAC): Perform the calculation of total cost divided by total units available for periodic valuation.
[ ] Update Inventory Valuation Record: Update the 'Current Valuation' field in the Monthly Valuation Data Model with the new calculated totals.
[ ] Create Journal Entry: Create a new entry in the Accounting Ledger Data Model to reflect the change in inventory value.
[ ] Assign Audit Verification: Create a task for the Finance Manager to verify the accuracy of the calculated valuation.
[ ] Generate Valuation Report: Create a detailed PDF report summarizing inventory value, discrepancies, and cost movements.
[ ] Notify Accounting Department: Send an email to the accounting team with the summary of the completed valuation process.

--- END OF TEMPLATE ---
Transform this text into a digital, automated, and trackable mobile app!
Visit: https://checklistguro.com/workflow-templates/accounting-management/inventory-valuation-and-accounting-process
(Click "Install Template" to launch your digital inspection tool immediately)