Continuous stocktaking is a system of inventory management designed to regularly verify stock levels by counting and reconciling physical stock with accounting records.
Inventory accounting refers to the accounting records and systems used for the ordering, receipt, issuing, and valuation of materials bought by an organization for stock. It includes the recording of entries on bin cards and in the stock ledger as well as the procedures adopted to carry out effective stocktaking.
A perpetual inventory system continuously tracks and records the amount of inventory in stock, allowing companies to maintain accurate and up-to-date inventory records at all times.
The accounting book in which the movements of inventories are recorded. The stock ledger records the receipts and issues of material as well as the balance in hand, in terms of both material quantities and values.
The stock record is an essential element in an inventory control system, documenting the movements in items of stock. This record can encompass entries in the stock ledger, which tracks stock movements in both quantities and values, or on bin cards, which focus on quantities alone.
