Outside of payroll, inventory is a very large expense for firms. Identify and discuss at least...
Outside of payroll, inventory is a very large expense for firms. Identify and discuss at least three things you can do to ensure that processing inventory transactions are handled efficiently and effectively in QuickBooks. Justify your response.
Homework Answers
Three measures which can ensure that processing inventory transactions are handled efficiently and effectively in QuickBooks -
1. A proper and timely checking by an authorised person or staff should be done on timely basis. He should check whether inventory books and records are kept correctly and there is proper processing in the Quick Books.
2. Ensure that inventory account figures reconcile with particular creditor's accounts or cash / bank account and in Balance Sheet.
3. There should be policy and practice followed to account for defective inventory separately. And stock should be sold on the basis of sequence of purchase.
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Outside of payroll, inventory is a very large expense for firms.
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