Inventory Status or records

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.

 Reasons for need inventory Record

• 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.

•  Allows for accurate restocking.
• Uncovers shrinkage & theft.
• Produces more accurate interim financial statements.
• Closer management of inventory levels.

Disadvantages:

• High cost of Implementation
• Its More time consuming process
• Recorded inventory may not reflect actual inventory
• Greater complexity

 Some Images of inventory record                               

                                                 Stock Control activities

                           
                                                Inventory List


               

                                                  Inventory Organizer deluxe
    
                                  
        
                                                        Stock Items
                                                       

                                         Thank you