An stock control system where a running record is kept of the amount of stock held for each item. Whenever an issue is made, the withdrawal is logged and automatically re-ordered.
Inventory amounts on hand determined by what was sold. Does not account for theft, spillage, and overpouring.
System that requires a continuous record of all receipts and withdrawals of each item of inventory.
See perpetual system of inventory. To Top
The record of parts in inventory valued at standard cost and updated when parts are added and removed.
The book inventory calculated as a result of all issue, receipt and adjustment transactions, as opposed to verification by physical count.
An inventory system whereby the inventory quantities and values for all purchases and issues are recorded directly in the inventory system as they occur.
a method of keeping up to date records on all inventory items by recording every time an item enters or leaves inventory.
Inventory method where a running record of inventory is kept by monitoring inventory and cost of goods sold. This method allows for the greatest level of control.
An inventory management technique that constantly monitors and maintains on-hand quantities at optimal levels.
A Perpetual Inventory is one whose balance is updated after each and every transaction. See Inventory .
The system whereby the inventory quantities of a company are maintained on a continuous basis as opposed to resorting to a physical count at any particular point in time.
A system whereby the inventory of units of property or product at any date may be obtained directly from records, without resorting to a physical inventory, that show quantities; descriptions, including units of measure and price; and value of property or products.
A perpetual inventory is an inventory that has been set up in a database to subtract recipe ingredients from the inventory each time a menu item is rung, thus giving the manager a running count of what he should have left on his shelves.Example: If a server orders a chicken sandwich, the computer will subtract 1 hamburger bun, 1 chicken breast, 1 oz. onion, 1 leaf lettuce, and 1 oz. tomato from the inventory and will total what should be left on the shelves
