Valuation of products by lot & serial number in Odoo18 | Most Needed Feature is out now

Odoo18 is here and this is my first video after odoo18 launch today on Oct 02, 2024. Odoo has finally delivered most emancipated feature - Valuation of stock by lot/serial number irrespective of valuation method FIFO or AVCO, where Each lot or serial number of the same product now has a separate valuation. In general, Stock valuation by lot and serial number can offer several advantages, especially for businesses dealing with high-value items, perishable goods, or products that may vary in cost. Here are some key benefits: Precise Cost Tracking: Valuing stock by lot and serial number allows companies to track the exact cost of each item. This is particularly useful for inventory that may have fluctuating prices due to market conditions or manufacturing changes. Enhanced Traceability: In industries like pharmaceuticals or food, tracking by lot or serial number helps ensure compliance with safety regulations. If a recall is necessary, businesses can quickly identify and remove affected items. Improved Inventory Management: Businesses can analyze the performance of different lots or batches, helping to manage stock more effectively. This aids in identifying slow-moving items or assessing which batches are more profitable. Accurate Financial Reporting: Detailed tracking supports more accurate financial statements. It ensures that the cost of goods sold (COGS) reflects actual expenses, which can improve profitability analysis. Better Quality Control: Monitoring stock by specific lots or serial numbers can help identify quality issues tied to particular batches, facilitating more targeted corrective actions. Facilitated Warranty and Service Management: For products with warranties, tracking by serial number simplifies the process of managing claims and repairs, as businesses can easily reference the original purchase details. Inventory Valuation Flexibility: Different inventory valuation methods (FIFO, LIFO, weighted average) can be applied to specific lots, offering businesses flexibility in how they assess the value of their stock. Overall, stock valuation by lot and serial number enhances operational efficiency, improves financial accuracy, and supports better decision-making for businesses. #odootutorials #odoo #odoo18 #odoocommunity #odoosupport #odoofeatures #odooimplementation