Accelerating Commodity Ownership Transfers in Levridge Commodity Accounting

In the latest release users can now transfer ownership by quantity on inbound tickets before the apply process. This means that as soon as an inbound ticket is created, users have the option to select a customer account and specify the quantity to transfer.

The process is intuitive and mirrors the existing ownership transfer functionality found in the inbound ticket application, but it’s now available directly within the commodity accounting inbound delivery workflow.

The Challenge of Ownership Transfers

Traditionally, transferring ownership of commodities required waiting until the apply process—when quantities were assigned to contracts or agreements. This delay often created bottlenecks, especially when multiple parties were involved or when operational needs demanded immediate action. The previous system allowed ownership transfers only if none of the ticket’s quantity had been applied, limiting flexibility and slowing down workflows.

How Does It Work?

Navigating to the inbound tickets section under commodity accounting, users will find the ownership transfer option readily accessible. By clicking on a ticket, users can view split details—such as allocations between different customers (e.g., Hidden Valley and Tommy Shaw)—and initiate a transfer. The form allows selection of any customer account and the amount to transfer, instantly updating the scale ticket split details. This seamless integration ensures that ownership records remain accurate and up-to-date, supporting both operational efficiency and compliance.

Key Benefits

• Increased Flexibility – Users can transfer ownership at any stage before quantities are applied to contracts, enabling faster response to changing business needs.
• Enhanced Accuracy – The system updates split details in real time, reducing errors and ensuring that all stakeholders have access to the latest information.
• Streamlined Workflows – Eliminate the need to wait for the apply process to accelerate transactions and improve customer satisfaction.
• User-Friendly Interface – The ownership transfer form is straightforward, allowing users to select accounts and quantities with ease.

Real-World Impact

Imagine a scenario where a shipment arrives and needs to be split between multiple customers. Previously, users had to wait until the apply process to transfer ownership, potentially delaying downstream activities. With the new feature, ownership can be transferred immediately, allowing for quicker invoicing, contract management, and inventory updates. This enhancement not only saves time but also reduces administrative overhead and the risk of miscommunication.

Additional Resources

Accompanying YouTube video

For more information on Commodity Accounting, visit Commodity Accounting Solution.