An inventory system whereby the agency performs a physical count of its inventory periodically, at least annually at fiscal year end.
a physical count of all stocks to determine what is on hand.
(Cycle Count)--A physical inventory taken at some recurring interval such as monthly, quarterly, or annually. Often, "" inventory items are cycle counted monthly, "B" items quarterly, and "C" items annually.
Inventory method that does not require continuing monitoring. The calculation is done at the end of a period based on a manual inspection.
A Periodic Inventory is one whose balance is updated on a periodic basis, ie. every week/month/year. See Inventory .
Usually only done twice a month, a periodic inventory requires the manager to count what is on his shelves to see what he has in inventory. This type of inventory is not subtracted from when menu items are rung. It is balanced by the manager counting and figuring a relationship based on what he had at the last inventory, plus what he purchased, minus what he has now.
An inventory control system for which a maximum stock level has been calculated based on usage during the lead-time and order interval. Stock is reviewed at specified time periods and subsequent order size equates to the difference between the maximum stock level and the current inventory position. Thus, the order size will vary according to usage between reviews.
