Simple 4 Steps to Track Inventory

As accountant in manufacturing company, you have to keep track of how much you've sold and how much you have on hand. In company, if material is not bought on proper time due to bad tracking system of inventory, your labors will spend more idle time and your overall cost of product will increase. So, tracking of inventory with good system is must which give you proper information of how much stock was sold and how much stock was returned by our customer and how much stock is still in store.

So, for learning best system of tracking inventory, we are giving following simple steps to track inventory.

1st Step to Track Inventory  

Classification of Inventory

In big manufacturing company, there may be large number of inventory in the form of raw material, assemblies, consumable material, scrap material, fuel and tools. For fast tracking each material, you have to do classification of inventory.  For this you can choose small code of each material. Suppose, you can classify timber as 00, plastic material as 01 and metals as 02.

 2nd Step to Track Inventory

 Use Good Accounting Software for Recording Inventory

You can MS Excel, Tally.ERP 9 or Quickbook online for recording purchasing and selling of inventory. With this you can find out what is the quantity and amount of inventory of each item.

3rd Step to Track Inventory

Track Point to Sale Inventory

For tracking point to sale inventory, you can buy barcode scanner and attach it with your accounting software. All advance accounting software have the section of inventory management and If we show this the  item of sold on point to sale, then we can fastly track it.

4th Step to Track Inventory

Inventory Audit

Like any other audit, company administration should audit each inventory by internal auditor. For this, physical quantity should be checked with book quantity of inventory. With this, all inventory fraud can be tracked. It will also helpful to reduce the cost of inventory.



access account accountant Accounting accounting definitions accounting ebook Accounting education accounting procedure accounting process outsourcing Accounting Software advance advertising africa Amalgamation amendments announcements Annuity assets audit auditing Australia B.Com. balance sheet bank Bank reconciliation banking basic accounting BBA benefits best bill black money blog bloggers book keeping bookkeeping Branch Accounting - full tutorial budget Budget variance business businessman CA calculator canada capital capital budgeting career cash cash book cash flow statement Chiense children china class coaching coins college commerce commerce students company computer computer accounting conference Contact vinod kumar corporate accounting cost cost accounting cost center cost centre CPA credit credit card cs currency data Debit and credit debit cards debt debtor degree depletion depreciation documents dollar domain Downloads Dubai e-accounting earning education Education Loans email employee EPF ERP euromoney examination excel excise duty expenses facebook factor of loan fans feature fifo FII fiji finacle finance Financial financial accounting fire insurance flickr flow forensic forex formula france fraud free fun function fund GAAP GDP gdr germany gold goodwill goodwill accounting google google apps google apps google base google buzz google calendar Google docs google finance google fusion tables google talk govt. guide health Hindi Hindi Language history holding company How to treat FBT in Tally 9 HRA ICAI ICAWI ICICI Bank IFRS income income statement Income Tax India indian railway Indonesia inflation inflation accounting infographics information inspiration insurance insurance accounting interest international Internet Introduction of Tally 9 inventory investment invoice IT Japan Job costing journal entries keyboard kindle kuwait laptop law LBT learning lease lecture ledger leducation Leverage Analysis liabilities lifo linkedin loan logical point loss loss of profit M.Com. m.phil malaysia management accounting manual accounting manufacturing account market marketing mastercard material MBA MCA media migration mobile money ms word ms. excel multi currency in tally 9 Multicurrency Accounting mutual fund national security new and sacrifice ratio new york times new zealand news NGO nonprofit-accounting North Georgia Mountains NPV NSE odbc office oman online application online accounting otcei pakistan parents pay pal pdf pie chart pie chart of income pnb podcast ppf presentation price privacy policy prize money prof. vinod kumar profit profit and loss account project management provision purchase puzzles quickbooks Quote quotes quotes of svtuition rating agency ratio analysis RBI readers real estate rectification of errors remote control reports reserves responsibility accounting retirement revenue Revenue reserves review risk rupees salary sale saudi arabia saving sbi scholarship school SEBI security service tax share share trading Shares shri lanka singapore sms social accounting society solution South Africa stock stock exchange structure student students study subsidiary company svtuition swiss bank tally tally 9 Tally 7.2 Tally 9 Tally.ERP 9 tanzania tax Tax Accounting TDS teacher teaching technology test testimonial testimonials thailand tips trading trading on equity transaction trend trial balance tuition twitter UAE UGC - NET Commerce UK United Arab Emirates university usa valuation VAT Video Voucher and vouching wikipedia working capital youtube
Accounting Education: Simple 4 Steps to Track Inventory
Simple 4 Steps to Track Inventory
Accounting Education
Not found any posts VIEW ALL Readmore Reply Cancel reply Delete By Home PAGES POSTS View All RECOMMENDED FOR YOU LABEL ARCHIVE SEARCH ALL POSTS Not found any post match with your request Back Home Sunday Monday Tuesday Wednesday Thursday Friday Saturday Sun Mon Tue Wed Thu Fri Sat January February March April May June July August September October November December Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec just now 1 minute ago $$1$$ minutes ago 1 hour ago $$1$$ hours ago Yesterday $$1$$ days ago $$1$$ weeks ago more than 5 weeks ago Followers Follow THIS CONTENT IS PREMIUM Please share to unlock