perpetual inventory system

This differs from perpetual inventory systems, where updates are made as seen fit.

Starting in the 1970s digital computers made possible the ability to implement a perpetual inventory system.

In Perpetual Inventory System there must be actual figures and facts.

Perpetual: The perpetual inventory system requires accounting records to show the amount of inventory on hand at all times.

A perpetual inventory system tracks the receipt and use of inventory, and calculates the quantity on hand.

There are fundamental differences for accounting and reporting merchandise inventory transactions under the periodic and perpetual inventory systems.

I apply myself to a module in which Sam Walton waxes manic about the perpetual inventory system, then I cautiously get up from the computer to see if Howard is anywhere around.

Inventory control includes a perpetual inventory system with reorder points, automatic adjustment of COGS and inventory from Sales invoices, multiple per-item vendors, customers price points, general ledger account assignments.

(See also OMB Circular A-11) MOVING AVERAGE -An inventory costing method used in conjunction with a perpetual inventory system.

By recording the cost of goods sold for each sale, the periodic inventory system alleviated the need for adjusting entries and calculation of the goods sold at the end of a financial period, both of which the perpetual inventory system requires.

Under Rickel management, the Channel stores are installing "perpetual inventory systems," in which checkout-counter scanners record what is being sold, and computers automatically notify Rickel's 750,000-square-foot warehouse in South Plainfield, N.J., to replenish those items.

Perpetual inventory systems can still be vulnerable to errors due to overstatements (phantom inventory) or understatements (missing inventory) that can occur as a result of theft, breakage, scanning errors or untracked inventory movements, leading to systematic errors in replenishment.