Material Requirements Planning

12 May 2017

The main objective of any manufacturing planning and control system is to have the right materials in the right quantities available at the right time to meet the demand for the firm’s products. The material requirements plan’s objective is to determine what components are needed to meet the master production schedule ...

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Why use of inventory management software with barcodes

02 Feb 2017

Don’t wait until your business is faced with an inventory crisis before implementing barcodes along with dedicated inventory management software. There are a number of reasons why the use of inventory management software, along with barcodes, will not only improve your day-to-day operations, but boost your bottom line in ...

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How Barcode Technology Can Benefit YOU

23 Dec 2016

Ever since its entrance into the commercial scene, Barcode Technology has been transforming the business processes of every organization which embraced its use. The following are just some of the many benefits of adopting Barcode Technology in your organization: Can be used for many purposes Barcode Technology can be used ...

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Inventory Average Cost Calculations

07 Dec 2016

Inventory Average Cost Calculations The software provides for the selection of any of four methods of costing for its inventory: LIFO, FIFO, Average and Standard. The average cost method used by the software is called “rolling weighted average.” The following examples show the benefit of using this method for average cost calculations. Basic Weighted Average ...

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Calculating GST on Tax Invoices

05 Aug 2016

Calculating GST on Tax Invoices There are two ways  to compute the total GST amount on your tax invoice when several items of standard-rated supplies have been purchased: Add the GST amount for each line item; or Take the total amount payable for all items (excluding GST) x 7% The total GST ...

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Tax Invoice

05 Aug 2016

Tax Invoice A tax invoice is the main document for supporting an input tax claim. You must keep the tax invoices issued to your customers, and those given to you by your suppliers, for at least five years. You do not need to submit these tax invoices with your GST returns. When to ...

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