Glossary

Quick reference for ERP, manufacturing, inventory, accounting, and compliance terms used throughout this guide. Terms are organized alphabetically for easy lookup.

A

Accounts Payable (AP) Money owed by your business to vendors for goods or services received but not yet paid for. In Udyamo ERP Lite, accounts payable is tracked through Bills (vendor invoices) and vendor payment records. The AP aging report shows outstanding vendor balances by due date.

Accounts Receivable (AR) Money owed to your business by customers for goods or services delivered but not yet paid for. Tracked through Sales Invoices and customer payment records in Udyamo ERP Lite. The AR aging report helps identify overdue customer balances.

Approval Workflow A configurable sequence of review and authorization steps that a document must pass through before it becomes effective. In Udyamo ERP Lite, approval workflows can be set up for purchase orders, production orders, and other transactions so that designated approvers must sign off before the document proceeds.

Audit Trail A chronological record of every action performed on a record — who created it, who modified it, what was changed, and when. Udyamo ERP Lite maintains an automatic audit trail for all transactions, which is essential for internal controls, external audits, and regulatory compliance.

B

Balance Sheet A financial statement that shows a business's assets, liabilities, and equity at a specific point in time. It follows the equation: Assets = Liabilities + Equity. In Udyamo ERP Lite, the balance sheet is generated automatically from the general ledger and is available under Reports > Financial Reports.

Batch Tracking The practice of assigning a unique batch number to a group of items produced or received together. Batch tracking enables traceability — if a quality issue is found, the business can identify which batch was affected and trace all items within it. Udyamo ERP Lite supports batch tracking for raw materials and finished goods.

Bill (Vendor Invoice) A document received from a vendor requesting payment for goods or services supplied. In Udyamo ERP Lite, a Bill is the purchase-side equivalent of a Sales Invoice. Bills are recorded under Purchases > Bills and can be matched against purchase orders and goods receipt notes.

Bill of Materials (BOM) A structured list of all raw materials, sub-assemblies, and components required to manufacture one unit of a finished product, along with the quantity of each. The BOM is the foundation of manufacturing planning in Udyamo ERP Lite. It drives material requirement calculations, production order creation, and cost estimation.

Book Value The value of an asset as recorded in the accounting books, calculated as the original cost minus accumulated depreciation. In Udyamo ERP Lite, the book value of each fixed asset is updated automatically as depreciation entries are posted.

C

Cash Flow Statement A financial report that shows the inflows and outflows of cash over a period, categorized into operating, investing, and financing activities. It reveals whether a business is generating enough cash to fund operations and growth, regardless of accounting profit.

CGST (Central Goods and Services Tax) The central government's share of GST, charged on intra-state (within the same state) supplies of goods and services. When a seller and buyer are in the same state, the invoice carries CGST and SGST in equal proportions. Udyamo ERP Lite calculates CGST automatically based on the parties' state codes.

Chart of Accounts (COA) A structured list of all ledger accounts used by a business, organized into categories such as assets, liabilities, income, and expenses. The COA forms the backbone of the accounting module. Udyamo ERP Lite ships with a default Indian COA that can be customized to suit your business.

Closing Balance The balance of a ledger account, bank account, or stock item at the end of a defined period (typically a financial year or month). Closing balances of one period become the opening balances of the next. In Udyamo ERP Lite, closing balances are computed automatically from transaction data.

Cloud ERP An ERP system hosted on remote servers and accessed over the internet, rather than installed on local hardware. Cloud ERP eliminates the need for on-premises infrastructure, reduces upfront costs, and allows access from anywhere. Udyamo ERP Lite can be deployed as a cloud ERP or self-hosted on your own servers.

Composition Scheme A simplified GST compliance option for small taxpayers with turnover below a prescribed threshold (currently 1.5 crore for manufacturers). Businesses under the Composition Scheme pay GST at a flat rate on turnover and file simplified quarterly returns, but they cannot issue tax invoices or claim input tax credit.

Consumable A material that is used during the manufacturing process but does not become part of the finished product — for example, lubricants, cleaning agents, or packaging tape. In Udyamo ERP Lite, consumables can be included in the BOM and tracked in inventory.

Contractor An external party engaged to perform specific manufacturing operations or services on behalf of your business. In Udyamo ERP Lite, contractors are managed as vendors and are linked to Job Work Orders when manufacturing operations are outsourced.

Cost to Company (CTC) The total annual expenditure a company incurs for an employee, including gross salary, employer contributions to PF and ESIC, bonuses, and other benefits. In Udyamo ERP Lite, CTC is defined in the employee master and is used to derive the salary structure.

Credit (Accounting) An entry on the right side of a ledger account in double-entry bookkeeping. Credits increase liability, equity, and income accounts, and decrease asset and expense accounts. Every journal entry in Udyamo ERP Lite must have equal debits and credits.

Credit Days The number of days a buyer is allowed to pay after receiving an invoice. For example, "Net 30" means payment is due within 30 days. In Udyamo ERP Lite, credit days are configured in the customer or vendor master and are used to calculate due dates on invoices and bills.

Credit Limit The maximum outstanding balance a customer is allowed to accumulate before further sales are restricted. In Udyamo ERP Lite, credit limits can be set per customer. The system warns or blocks new orders when a customer's outstanding balance approaches or exceeds the limit.

Credit Note A document issued by a seller to a buyer reducing the amount owed. Credit notes are issued for sales returns, pricing corrections, or discounts given after invoicing. In Udyamo ERP Lite, credit notes adjust both accounts receivable and GST liability.

D

Dashboard A visual summary screen that displays key business metrics and indicators at a glance. The Udyamo ERP Lite dashboard shows pending orders, low-stock alerts, outstanding receivables, cash position, and other KPIs relevant to the logged-in user's role.

Debit (Accounting) An entry on the left side of a ledger account in double-entry bookkeeping. Debits increase asset and expense accounts, and decrease liability, equity, and income accounts. In every transaction recorded in Udyamo ERP Lite, total debits must equal total credits.

Debit Note A document issued by a buyer to a seller requesting a reduction in the amount owed — typically for purchase returns or pricing disputes. In Udyamo ERP Lite, debit notes adjust accounts payable and the corresponding GST input credit.

Depreciation The systematic allocation of the cost of a fixed asset over its useful life. Depreciation reflects the gradual consumption of an asset's economic value. In Udyamo ERP Lite, depreciation is calculated automatically based on the method (SLM or WDV) and rates defined in the asset category.

Double-Entry Bookkeeping An accounting system in which every financial transaction is recorded in at least two accounts — one debited and one credited — ensuring that the accounting equation (Assets = Liabilities + Equity) always remains in balance. Udyamo ERP Lite follows double-entry bookkeeping for all financial transactions.

E

E-Way Bill An electronic document required under GST for the movement of goods exceeding a specified value (currently 50,000 rupees) from one place to another. The e-way bill contains details of the goods, consignor, consignee, and transporter. Udyamo ERP Lite can generate the data needed for e-way bill creation.

ESIC (Employee State Insurance Corporation) A statutory social security scheme in India that provides medical, disability, and maternity benefits to employees earning below a prescribed wage ceiling. Both employer and employee contribute a percentage of wages. Udyamo ERP Lite calculates ESIC contributions automatically during payroll processing.

ERP (Enterprise Resource Planning) A class of integrated software that manages all core business processes — manufacturing, inventory, sales, purchases, accounting, HR, and compliance — in a single system with a shared database. ERP eliminates data silos and manual reconciliation by ensuring that every transaction flows automatically across all affected modules.

F

FIFO (First In, First Out) An inventory valuation method where the items purchased or produced first are assumed to be sold or consumed first. Under FIFO, the cost of goods sold reflects the oldest inventory costs, while closing stock reflects the most recent costs.

Finished Goods Products that have completed the manufacturing process and are ready for sale to customers. In Udyamo ERP Lite, finished goods are a category of items in the item master and are the output of production orders.

Fiscal Year The 12-month period used by a business for accounting and tax reporting purposes. In India, the standard fiscal year runs from 1 April to 31 March. Udyamo ERP Lite requires the fiscal year to be configured during first-time setup, and all financial reports are generated based on it.

Fixed Asset A long-term tangible resource owned by a business and used in operations — such as machinery, vehicles, furniture, or buildings. Fixed assets are not intended for resale and are subject to depreciation over their useful life. Udyamo ERP Lite maintains a fixed asset register under the Asset Management module.

G

General Ledger (GL) The master accounting record that contains all ledger accounts and their transactions. The general ledger is the single source of truth for all financial data and is used to generate the trial balance, profit and loss statement, and balance sheet. In Udyamo ERP Lite, ledger entries are created automatically from sales, purchase, payroll, and other transactions.

Goods Receipt Note (GRN) A document that records the physical receipt of goods from a vendor at the warehouse. The GRN verifies the quantity and condition of goods received against the purchase order. In Udyamo ERP Lite, goods receipt updates inventory and is used in three-way matching with the purchase order and the vendor bill.

Gross Salary The total salary earned by an employee before any deductions such as PF, ESIC, professional tax, or income tax. Gross salary includes basic pay, allowances (HRA, DA, special allowance), and any other fixed components. In Udyamo ERP Lite, gross salary is derived from the salary structure defined for each employee.

GST (Goods and Services Tax) India's unified indirect tax, introduced on 1 July 2017, replacing multiple central and state taxes. GST is levied on the supply of goods and services and is collected at each stage of the value chain with input tax credit available to avoid cascading taxation. Udyamo ERP Lite handles GST calculation, invoicing, and return data generation.

GSTIN (GST Identification Number) A unique 15-digit identifier assigned to every registered GST taxpayer in India. The GSTIN is derived from the state code and PAN of the business. In Udyamo ERP Lite, the GSTIN is stored in the organization profile and printed on all tax invoices.

GSTR-1 A monthly or quarterly GST return that reports all outward supplies (sales) made by a registered taxpayer. GSTR-1 includes invoice-level details of B2B transactions and summary details of B2C transactions. Udyamo ERP Lite generates the GSTR-1 data from sales invoices and credit notes.

GSTR-3B A monthly self-declaration GST return summarizing outward supplies, inward supplies, input tax credit claimed, and net tax payable. GSTR-3B is due by the 20th of the following month (with variations for QRMP filers). Udyamo ERP Lite computes the values needed for GSTR-3B filing.

H

HSN Code (Harmonized System of Nomenclature) An internationally standardized system of numerical codes used to classify traded goods. In India, HSN codes are mandatory on GST invoices for identifying the category of goods and determining the applicable tax rate. In Udyamo ERP Lite, HSN codes are assigned to items in the item master.

I

IGST (Integrated Goods and Services Tax) The GST component charged on inter-state (between different states) supplies of goods and services, and on imports. IGST is collected by the central government and apportioned between the central and destination state. Udyamo ERP Lite applies IGST automatically when the seller and buyer are in different states.

Input Tax Credit (ITC) The credit that a registered GST taxpayer can claim for the GST paid on purchases (inputs) used in the course of business. ITC reduces the total GST liability on outward supplies. In Udyamo ERP Lite, ITC is tracked automatically from purchase bills and reconciled against GSTR-2B data.

Integration The connection between two or more software systems that allows data to flow between them automatically. In the ERP context, integration refers both to the internal integration between modules (where a sales invoice automatically posts accounting entries) and external integration with banks, GST portals, or other third-party services.

J

Job Work A manufacturing arrangement where raw materials or semi-finished goods are sent to an external contractor (job worker) for processing and then received back. Job work is common in Indian manufacturing, particularly for specialized operations like electroplating, heat treatment, or printing. Udyamo ERP Lite manages job work through Job Work Orders and Job Work Receipts.

Journal Entry A record of a financial transaction in the accounting system, specifying the accounts to be debited and credited along with the amounts. Journal entries are the fundamental building blocks of double-entry bookkeeping. In Udyamo ERP Lite, many journal entries are created automatically (from invoices, payments, and payroll), while manual journal entries can be recorded for adjustments.

L

Lead Time The total time between placing an order for materials and receiving them at the warehouse, or between starting and completing a production order. Lead time is a critical factor in inventory planning. In Udyamo ERP Lite, lead times can be configured for items and are used to determine when reorders should be triggered.

Ledger An account in the chart of accounts that records all transactions of a specific type — for example, a Sales Revenue ledger, a Cash-in-Hand ledger, or a specific vendor's payable ledger. Each ledger maintains a running balance. In Udyamo ERP Lite, ledger entries are viewable under Accounting > Ledger Entries.

LIFO (Last In, First Out) An inventory valuation method where the most recently purchased or produced items are assumed to be sold or consumed first. Under LIFO, the cost of goods sold reflects the newest inventory costs. Note that LIFO is not permitted under Indian Accounting Standards (Ind AS) and is mentioned here for completeness.

Location A specific storage area within a warehouse — such as a rack, bin, shelf, or zone. Locations allow granular tracking of where items are physically stored. In Udyamo ERP Lite, locations are defined under Inventory > Warehouses & Locations and can be assigned when recording stock movements.

M

Master Data The foundational, relatively static records that define the business entities used across the ERP system — such as items, customers, vendors, employees, accounts, and warehouses. Master data is set up during implementation and updated infrequently, in contrast to transaction data which is created daily.

Material Issue The process of issuing (withdrawing) raw materials or components from inventory to a production order for consumption on the shop floor. In Udyamo ERP Lite, material issues reduce stock from the warehouse and link the consumed materials to the corresponding production order.

Material Requirements Planning (MRP) A planning methodology that calculates the quantity and timing of raw material purchases needed to fulfill production orders, based on the BOM, current stock levels, and lead times. MRP ensures that materials are available when production needs them, without overstocking.

Migration The process of transferring data from an existing system (spreadsheets, legacy software, or another ERP) into Udyamo ERP Lite. Migration typically involves importing master data (items, customers, vendors, accounts) and opening balances. Careful data cleaning and validation are essential for a successful migration.

Module A functional component of an ERP system that handles a specific area of business operations. Udyamo ERP Lite includes modules for Manufacturing, Inventory, Sales, Purchases, Accounting, Tax & Compliance, HR & Payroll, and Asset Management. Modules share a common database and pass data between each other automatically.

MRP (Material Requirements Planning) See Material Requirements Planning (MRP).

MRP II (Manufacturing Resource Planning) An extension of MRP that goes beyond material planning to include capacity planning, shop floor scheduling, and financial integration. MRP II is the predecessor to modern ERP systems and represents the evolution from materials-only planning to full manufacturing resource management.

Multi-tenancy A software architecture in which a single instance of the application serves multiple organizations (tenants), with each tenant's data logically isolated from the others. Multi-tenancy is common in cloud ERP and SaaS deployments, where the infrastructure is shared but each business sees only its own data.

N

Net Salary The amount an employee actually receives after all deductions (PF, ESIC, professional tax, income tax, and any other deductions) are subtracted from the gross salary. Also known as take-home pay. In Udyamo ERP Lite, net salary is calculated on the salary slip.

Number Range A sequential numbering scheme used to assign unique identifiers to documents such as invoices, purchase orders, production orders, and journal entries. Number ranges ensure documents are uniquely and consistently numbered. In Udyamo ERP Lite, number ranges are configured per document type during setup.

O

On-Premise A deployment model where the ERP software is installed and runs on servers physically located at the business's own premises or data center. On-premise deployments give the business full control over its data and infrastructure but require in-house IT expertise for maintenance and updates.

Opening Balance The balance of a ledger account, bank account, or stock item at the beginning of a defined period (typically a financial year). When setting up Udyamo ERP Lite for the first time, opening balances must be entered to reflect the business's financial position as of the go-live date.

P

PAN (Permanent Account Number) A unique 10-character alphanumeric identifier issued by the Indian Income Tax Department to individuals and entities. PAN is required for tax filings, TDS compliance, and is embedded within the GSTIN. In Udyamo ERP Lite, PAN is recorded in the organization profile and vendor master.

Payment Terms The conditions under which a seller expects payment from a buyer, including the due date, any early payment discount, and the credit period. Common examples include "Net 30," "Net 60," or "50% advance, 50% on delivery." In Udyamo ERP Lite, payment terms are configured and assigned to customers and vendors.

Production Order A document that authorizes the manufacturing of a specified quantity of a finished product. The production order references a BOM, specifies the planned quantity and dates, and tracks the progress of production from planning through material issue to completion. In Udyamo ERP Lite, production orders are managed under Manufacturing > Production Orders.

Professional Tax A state-level tax levied on salaried individuals and professionals in India. The tax amount varies by state and is typically a small monthly deduction (up to 200 rupees per month in most states). In Udyamo ERP Lite, professional tax is deducted automatically during payroll processing based on the employee's work state.

Profit and Loss Statement (P&L) A financial report that summarizes a business's revenues, costs, and expenses over a specific period to show whether the business made a profit or a loss. Also known as the income statement. In Udyamo ERP Lite, the P&L is generated automatically from the general ledger under Reports > Financial Reports.

Proforma Invoice A preliminary document sent to a prospective buyer quoting prices, quantities, and terms before a confirmed sale. A proforma invoice is not a demand for payment — it serves as a quotation or estimate. In Udyamo ERP Lite, proforma invoices can be converted into sales orders and then into tax invoices once the customer confirms.

Provident Fund (PF/EPF) A statutory retirement savings scheme in India managed by the Employees' Provident Fund Organisation (EPFO). Both the employer and employee contribute 12% of basic salary (subject to statutory rules). In Udyamo ERP Lite, PF contributions are calculated and deducted automatically during payroll processing.

Purchase Order (PO) A formal document issued by a buyer to a vendor authorizing the purchase of goods or services at agreed prices and terms. The purchase order serves as a binding commitment. In Udyamo ERP Lite, purchase orders are created under Purchases > Purchase Orders and can be linked to goods receipt notes and bills.

Q

Quality Inspection A formal evaluation of materials or products against defined quality parameters to ensure they meet specifications. Quality inspections can be performed on incoming raw materials, in-process goods, or finished products. In Udyamo ERP Lite, inspections are recorded against production orders with pass/fail outcomes.

R

Raw Material A basic material that is consumed in the manufacturing process and transformed into a finished product or semi-finished good. Examples include steel sheets, chemicals, yarn, or electronic components. In Udyamo ERP Lite, raw materials are a category of items in the item master and appear as inputs in the BOM.

Reconciliation The process of comparing two sets of records to ensure they agree — for example, matching the bank statement against the cash/bank ledger in the ERP, or matching purchase bills against vendor statements. In Udyamo ERP Lite, bank reconciliation is available under Accounting > Bank Accounts.

Reorder Level The inventory threshold at which a new purchase order should be placed to replenish stock before it runs out. The reorder level accounts for lead time and consumption rate. In Udyamo ERP Lite, reorder levels are set per item, and the system generates low-stock alerts when stock falls to or below this level.

Reverse Charge Mechanism (RCM) A GST provision where the liability to pay tax shifts from the supplier to the recipient of goods or services. RCM applies to specified categories of supplies (such as services from unregistered persons or certain notified goods). In Udyamo ERP Lite, transactions subject to RCM can be flagged so that the tax liability is recorded against the buyer.

S

SAC Code (Services Accounting Code) A classification code used under GST to identify and categorize services, analogous to HSN codes for goods. SAC codes determine the applicable GST rate for services. In Udyamo ERP Lite, SAC codes are assigned to service-type items in the item master.

SaaS (Software as a Service) A software delivery model in which the application is hosted by a provider and accessed by users over the internet, typically on a subscription basis. SaaS eliminates the need for local installation and infrastructure management. Udyamo ERP Lite can be used as a SaaS product or self-hosted.

Safety Stock An additional quantity of inventory kept on hand as a buffer against unexpected demand spikes or supply delays. Safety stock reduces the risk of stockouts. In Udyamo ERP Lite, safety stock levels can be configured per item and are factored into reorder calculations.

Salary Slip A document issued to an employee each pay period detailing the components of their earnings (basic, allowances) and deductions (PF, ESIC, professional tax, TDS). In Udyamo ERP Lite, salary slips are generated during payroll processing under HR & Payroll > Salary Slips.

Sales Order A confirmed order from a customer specifying the products, quantities, prices, delivery date, and payment terms. A sales order represents a commitment to deliver. In Udyamo ERP Lite, sales orders are created under Sales > Sales Orders and can be generated from proforma invoices.

Salvage Value The estimated residual value of a fixed asset at the end of its useful life. Salvage value is subtracted from the original cost when calculating depreciation under the Straight Line Method. In Udyamo ERP Lite, salvage value is configured in the asset record.

Scrap Waste material generated during the manufacturing process that has little or no value. Scrap may be sold to scrap dealers or disposed of. In Udyamo ERP Lite, scrap quantities can be recorded against production orders to maintain accurate yield and cost calculations.

Semi-Finished Good A product that has undergone partial manufacturing and requires further processing before it becomes a finished good. Also known as a work-in-progress item or intermediate product. In Udyamo ERP Lite, semi-finished goods can be stocked as inventory items and used as inputs in subsequent BOMs.

SGST (State Goods and Services Tax) The state government's share of GST, charged on intra-state (within the same state) supplies of goods and services. SGST is always charged alongside CGST in equal proportions. Udyamo ERP Lite calculates SGST automatically based on the parties' state codes.

Shop Floor The area in a manufacturing facility where production activities take place — where machines operate, assembly happens, and goods are fabricated. In ERP terminology, shop floor management refers to tracking and controlling production activities at the operational level.

Stock Keeping Unit (SKU) A unique identifier assigned to each distinct product or item variant for the purpose of inventory tracking. An SKU distinguishes items by attributes such as size, colour, or grade. In Udyamo ERP Lite, the item code serves as the SKU and is used across all inventory transactions.

Stock Ledger A detailed record of all stock movements — receipts, issues, transfers, and adjustments — for each item, showing the running balance and valuation. In Udyamo ERP Lite, the stock ledger is the authoritative record for inventory quantities and values, accessible under Inventory > Stock Ledger.

Stock Movement Any transaction that changes the quantity of an item in a warehouse — including goods receipt, material issue, stock transfer, sales dispatch, and stock adjustment. Each stock movement creates an entry in the stock ledger. In Udyamo ERP Lite, stock movements are recorded automatically from related transactions or manually via stock adjustments.

Straight Line Method (SLM) A depreciation method that allocates an equal amount of depreciation expense to each year of an asset's useful life. The annual depreciation is calculated as (Cost - Salvage Value) / Useful Life. Udyamo ERP Lite supports SLM as one of the available depreciation methods for fixed assets.

T

TAN (Tax Deduction and Collection Account Number) A unique 10-digit alphanumeric number issued by the Indian Income Tax Department to entities responsible for deducting or collecting tax at source (TDS/TCS). TAN is mandatory for filing TDS returns. In Udyamo ERP Lite, TAN is recorded in the organization profile.

Tax Invoice A document issued by a registered GST taxpayer to a buyer that details the goods or services supplied, their value, and the tax charged (CGST, SGST, or IGST). A tax invoice is the legal document that enables the buyer to claim input tax credit. In Udyamo ERP Lite, tax invoices are generated under Sales > Invoices.

TDS (Tax Deducted at Source) A mechanism under the Indian Income Tax Act where the payer deducts a prescribed percentage of tax from specified payments (such as contractor fees, rent, or professional fees) and remits it to the government on behalf of the payee. In Udyamo ERP Lite, TDS sections and rates can be configured and applied to vendor bills automatically.

Three-Way Matching A verification process that compares three documents — the purchase order, the goods receipt note, and the vendor bill — to ensure that the quantities and amounts are consistent before authorizing payment. Three-way matching prevents overpayment and fraud. Udyamo ERP Lite supports this matching during bill processing.

Transaction Data The records generated from day-to-day business operations — such as sales invoices, purchase orders, production orders, journal entries, and payments. Transaction data is created continuously and in high volume, in contrast to master data which is relatively static.

Trial Balance A report listing all ledger accounts and their debit or credit balances at a specific date. The total of all debits must equal the total of all credits. The trial balance is used to verify the accuracy of bookkeeping before preparing financial statements. In Udyamo ERP Lite, the trial balance is available under Reports > Financial Reports.

U

UAN (Universal Account Number) A unique 12-digit number assigned to each member of the Employees' Provident Fund (EPF) by EPFO. The UAN remains constant throughout an employee's career, even when they change employers, and is linked to all their PF accounts. In Udyamo ERP Lite, UAN is recorded in the employee master.

V

Voucher A document that authorizes or records a financial transaction. In Indian accounting practice, vouchers are categorized by type — payment voucher, receipt voucher, journal voucher, contra voucher, and so on. In Udyamo ERP Lite, the term refers to the underlying accounting entry created for each financial transaction.

W

Warehouse A physical location where inventory is stored. A business may have multiple warehouses — for example, a raw material warehouse, a finished goods warehouse, and a dispatch area. In Udyamo ERP Lite, warehouses are defined under Inventory > Warehouses & Locations, and stock is tracked separately for each warehouse.

Weighted Average An inventory valuation method where the cost of each unit is calculated as the weighted average of all units available for sale or use, recalculated after each purchase or production receipt. This method smooths out cost fluctuations. Udyamo ERP Lite uses the weighted average method for inventory valuation.

Work-in-Progress (WIP) Goods that are in the process of being manufactured but are not yet complete. WIP represents the value of raw materials, labour, and overhead that have been invested in partially completed products. In Udyamo ERP Lite, WIP is tracked through open production orders and the associated material issues.

Workflow A defined sequence of steps, approvals, and actions that a business process follows from initiation to completion. In Udyamo ERP Lite, workflows govern how documents move through stages — for example, a purchase order may go from Draft to Pending Approval to Approved to Received.

Written Down Value (WDV) A depreciation method where a fixed percentage of the asset's remaining book value is depreciated each year. This results in higher depreciation in the early years and lower depreciation in later years. WDV is the method prescribed by the Indian Income Tax Act for most asset categories. Udyamo ERP Lite supports WDV as a depreciation method.

Y

Yield The quantity of finished goods actually produced from a production order, expressed as a percentage of the planned or expected output. A yield of less than 100% indicates material loss due to scrap, evaporation, or process inefficiency. In Udyamo ERP Lite, yield is tracked by comparing the completed quantity against the planned quantity on a production order.