What is the purpose of the Assets and Inventory module?
The admin of the society will procure assets such as lifts, generators, even paper clips etc, for the society to operate. Asset management is the process of managing and maintaining all of these assets in a functional manner, which can vary from a generator to a paper clip.
Asset module will help the committee to manage and maintain and to track various asset and their details such as asset name, cost, date of purchase, custodian, brand/name, supplier/vendor, etc.
Inventory is the stock of available material in the society such as bulbs, diesel, broomsticks, housekeeping materials etc. The inventory management feature helps us keep track of all the available inventory in society.
The society can add inventory with details such as stock name, category, stock id, no of units, price, measurement, amount, custodian, cost & date of purchase. With the help of the Asset and Inventory module, admin can keep updating their stocks or usage details to have a better understanding of the available stock.
Since the Asset and Inventory module is linked to the Accounting module, the balance sheet is also updated with the Assets & Inventory values.