Inventory

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inventory

[′in·vən‚tȯr·ē]
(engineering)
The amount of plastic in the heating cylinder or barrel in injection molding or extrusion.

Inventory

 

the control of the presence and condition of material values (fixed and working capital) in kind as well as monetary resources, balances in bank accounts, and accounts with debtors and creditors. Taking inventory is one of the most important methods of control over the safeguarding of socialist property, over the qualitative preservation of raw and other materials and finished goods, and over the accuracy of warehouse management and current accounting. In the USSR, taking inventory is obligatory for all state, cooperative, and public enterprises, organizations, and institutions.

Inventories may be complete or partial, planned or unexpected. A complete inventory includes checking of all resources of the enterprise and of all its accounting relations; it is held on the basis of the Statute on Accounting Reports and Balances of State, Cooperative (Except Kolkhoz), and Public Enterprises and Organizations (this statute was confirmed by the Council of Ministers of the USSR of Sept. 12, 1951, with subsequent amendments and supplements). The purpose of a complete inventory is to ensure that the bookkeeping balances as of the end of the year are real and by the same token to prove the reality of the financial results of the enterprise’s activity as shown in these balances. Such an inventory is taken also at the time of organization or liquidation of an enterprise. Partial inventories are taken to check the existence of those resources which according to their physical properties are subject to natural loss when stored; they are also taken when writing off goods that have become worthless and when hiring personnel responsible for material values. Planned inventories are taken during the whole year according to a calendar chart confirmed by the manager of the enterprise or of the economic organization. Unexpected inventories are made to prevent embezzlement and misappropriation of material or monetary resources and to establish the extent of losses in case an embezzlement has taken place. Dates and the number of inventories during the year are established with due regard to different kinds of resources.

The taking of inventories is entrusted to a commission that is appointed by the manager of the enterprise and in which the chief (senior) accountant takes part. This commission is headed by the manager of the enterprise or by his deputy. The procedure of taking the inventory is determined by ministries and government departments.

References in periodicals archive ?
By bringing this functionality to the cloud, organizations can leverage the Syncron inventory management functionality quickly and easily with no capital expenditure for hardware or software installation, and no maintenance or future upgrade project requirements.
Take advantage of the inventory management, contract compliance, and other tools and systems available from the provider and wholesaler, and make sure that the appropriate staff in your facility are trained in their use.
The chemical inventory management system approach is to track each chemical container, from the point of ordering (cradle) to the point of disposal (grave), on a mass balance basis.
Further, the retail companies are adopting new technologies such as Inventory Management Software to improve efficiency of their customer services and operations in the retail market.
The Inventory Management System, developed in conjunction with Boston Scientific, tracks stock levels by product code of all manufacturers and provides suggested reorder points based on desired on- hand quantity levels.
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The Symbol Spectrum One network provides real-time data communication with the IBM Inventory Management for Stores system for greater accuracy of direct store delivery (DSD) receiving operations and more efficient management of DSD merchandise.
NCR's inventory management application with high availability supports Huhtamaki America's goal of continuous uptime and superior performance in case of a hardware or software failure, while providing automatic load balancing during periods of heavy usage in the plant and warehouse.
UPG's supply chain services include procurement, warehousing, inventory management, distribution, fulfillment, and value-added services such as sourcing, custom battery pack assembly, coordination of battery recycling efforts, custom kitting, and product development.
Dashboard Reporting - Dealers using the AAX used-vehicle inventory management system will be pleased to see the addition of a reporting Dashboard that graphically highlights the most critical department measurements and allows the user to get a quick overview from one page.
The Tomax approach to retail software, integrating merchandise planning, demand forecasting, and inventory management, is truly refreshing.
The new release provides ambulatory surgery center(ASC) customers with a number of enhancements to improve their billing, scheduling and inventory management processes, as well as other improvements.

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