Adjusting an entry to correct a physical count of inventory is a common activity because the inventory account does usually not agree with the physical inventory. Retail stores take physical inventory ...

Auditors spend a substantial amount of time testing inventory because it usually makes up a large portion of company assets. Many auditors maintain a physical inventory count checklist of items to ...

Your ERP isn’t broken — it’s just outdated, because inventory accuracy still depends on stopping the factory instead of ...

6 Tips for Tackling Physical Inventory Counts presents great data on the current state of inventory management, painting a scary picture of inventory management neglect, and makes the case for the ...

Improve records The proof of the accuracy of inventory records comes with the physical count. Considerations in taking a full physical count are in the accompanying box. Planning, preparation, methods ...

Inventory is typically the largest balance sheet asset in most merchant companies. Accurate inventory is required to not only deliver timely and stellar customer service but also calculate ...

Each department with an inventory is required to take a physical count at least once a year to ensure an accurate asset value is reported on the balance sheet and that cost of goods sold is recorded ...

For those of you who still shut down your facility once or twice a year to review inventory, I have to ask why. With cycle counting, there is no need for such disruption. The best way to ensure ...

Businesses that struggle with inaccurate inventory data, large year-end adjustments of physical inventory results, or a lengthy annual physical inventory process should consider adopting a cycle ...