Inventory in logistics
What is an inventory?
What are the assets of a company? What are the debts? During an inventory, the assets and liabilities of a company are recorded at the end of an acquisition. A list of the items recorded is documented in an inventory list, which forms part of the annual financial statements. What may sound very clear and simple here is not quite so easy, especially for trading companies and the manufacturing industry. This is because it is somewhat more difficult to provide evidence of all assets, especially tangible assets. While licenses, property rights or receivables can be verified by means of a book inventory, tangible assets must be determined by counting, weighing or measuring.
What inventory procedures are there?
Versatile solutionsVarious inventory types can be used to obtain a detailed inventory of all existing stocks and assets.
The physical inventory
Physical inventory involves counting, measuring or weighing all items that are physically present – whether they are computers, printers, handheld terminals or pencils. If the items are small parts in large numbers, an estimate is often permitted, especially if the effort required for an exact determination would be too great and uneconomical.
The book inventory
This is about financial accounting. Everything that can be determined from receipts, account statements, receipts, balance lists or invoices – whether receivables, liabilities or bank balances – is recorded by the book inventory.
The asset inventory
The company’s asset register is consulted during the asset inventory. It contains precise information on the value of operating and office equipment, the vehicle fleet and machinery.
It is important that the respective asset is precisely described and that information such as acquisition or production costs, service life, balance sheet value on the balance sheet date, annual depreciation and the date of acquisition and disposal are precisely documented.
The four inventory types
For your success1. Balance sheet date inventory
The classic type of inventory, in which the assets and liabilities of a company are inventoried on a specific date at the end of a reporting period.
2. Inventory sampling
In inventory sampling, random samples are taken in order to obtain a representative selection of the stock. This is then extrapolated to the total portfolio. This type of inventory is carried out using recognized mathematical-statistical methods such as mean value estimation.
3. Permanent inventory
A permanent inventory can be carried out if a stock book and documentation of receipts and issues are available. However, it is necessary that a physical inventory is carried out at least once a year and that a comparison is made between the target stock in the stock records and the actual stock.
4. Inventory before or after the balance sheet date
If it is not possible to carry out a physical inventory on the specified key date, an early or late physical inventory can be used. The basic requirement is that a physical inventory must be carried out within three months before or two months after the balance sheet date.
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