ERP INVENTORY STATUS OR RECORDS
Name : Sushant C. Tendulkar
Course : PSM
Subject : ERP and Web Base Supply Chain Management
Roll No : SA/A14/PSM/0073
Prof. : Mr.Waghchoure
Topic : Inventory Status or Records
Institute : Welingkar Institute of Management Development & Research
What is Inventory Record ?
Inventory Record means manual or computer based record of the quantity & kind of inventory at hand, Committed to firm Orders or to work in progress & on order.It also includes history of recent transactions in each inventory item. it also known as "Stock Record".
Functions of Inventory Record
Two main functions of inventory record are as follows :
- Recording store receipts & issues to determine the stock availability at any time. in both quantity or value without the need for the physical counting for the stock.
- To continuous verification of physical stock with reference the balance recorded in the store record is convenient for the management.
- Help to stock audit.
- We need Inventory record to stock know batch wise stock availability
- To record the material which we have less quantity.
- To know the transactions.
- To know the value of Inventory Inventory record is must
- If inventory record is in proper manner, its help in physical stock audit.
- It helps the management to know store record.
Advantages & Disadvantages of Inventory Records
Advantages:
The inventory record system has several advantages for businesses of all sizes.
The inventory record system has several advantages for businesses of all sizes.
- Allows for accurate restocking.
- Uncovers shrinkage & theft.
- Produces more accurate interim financial statements.
- Closer management of inventory levels.
- High cost of Implementation
- Its More time consuming process
- Recorded inventory may not reflect actual inventory
- Greater complexity
Stock Control activities