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  • Danga, Jeremiah R. Bshrm3A 1. Inventory System: Quickbooks

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    An inventory management system allows a company to keep track of its inventory as the business grows in complexity. Inventory includes finished goods ready for sale, works in progress being made, and raw materials used to produce more goods. A perpetual inventory system updates inventory accounts after each purchase or sale by updating the inventory subsidiary ledger. A periodic inventory system records purchases and sales but only updates inventory quantities periodically rather than after each transaction.

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    An inventory management system allows a company to keep track of its inventory as the business grows in complexity. Inventory includes finished goods ready for sale, works in progress being made, and raw materials used to produce more goods. A perpetual inventory system updates inventory accounts after each purchase or sale by updating the inventory subsidiary ledger. A periodic inventory system records purchases and sales but only updates inventory quantities periodically rather than after each transaction.

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    16 views1 page

    Danga, Jeremiah R. Bshrm3A 1. Inventory System: Quickbooks

    Uploaded by

    Marco
    An inventory management system allows a company to keep track of its inventory as the business grows in complexity. Inventory includes finished goods ready for sale, works in progress being made, and raw materials used to produce more goods. A perpetual inventory system updates inventory accounts after each purchase or sale by updating the inventory subsidiary ledger. A periodic inventory system records purchases and sales but only updates inventory quantities periodically rather than after each transaction.

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    Danga, Jeremiah R.

    BSHRM3A

    1. Inventory System

    Inventory management, or stock control, is the process by which a company keeps track of its
    stuff. For a small business, the inventory management system consists on keeping track of
    items with Excel or Quickbooks or even pencil and paper may be sufficient, but as the business
    grows so does the complexity of the task. Eventually a company adopts an inventory
    management system to bring organization and consistency to its records.

    Inventory is an accounting term that refers to goods that are in various stages of being made
    ready for sale, including: Finished goods (that are available to be sold) Work-in-progress
    (meaning in the process of being made) Raw materials (to be used to produce more finished
    goods)

    2. Perpetual Inventory System


    Perpetual inventory system updates inventoryaccounts after each purchase or
    sale. Inventorysubsidiary ledger is updated after each transaction. Periodic inventory
    system records inventorypurchase or sale in "Purchases" account. ...Inventory quantities
    are updated on a periodic basis.
    Perpetual inventory system updates inventoryaccounts after each purchase or
    sale. Inventorysubsidiary ledger is updated after each transaction. Periodic inventory
    system records inventorypurchase or sale in "Purchases" account. ...Inventory quantities
    are updated on a periodic basis.

    3. Periodic Inventory System


    Periodic inventory is a system of inventory in which updates are made on
    a periodic basis. This differs from perpetualinventory systems, where updates are
    made as seen fit. In aperiodic inventory system no effort is made to keep up-to-date
    records of either the inventory or the cost of goods sold.

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