PSC Exam Question - What is Inventory Record Management System? Objectives of Inventory Record Management System in Organization.

Introduction - Inventory Record Management System

Inventory systems allow you to keep track of and make sure your inventory records are up-to-date. Stock frameworks enable you to monitor and ensure your stock records are up and coming. There are two fundamental sorts of stock frameworks that you can decide for your business; either an Inventory also doesn’t include money, unless you buy and sell it as part of your business, for example, a bank or money exchange business.

Types of Inventory Record Management System

Periodic Inventory System: In an occasional stock framework, you don't refresh your stock records straight after your stock levels change. Rather, you refresh them an opportunity to-time by physically checking your stock by doing a stock take.

Perpetual Inventory System: In a ceaseless stock framework, you refresh your stock records straight away after your stock levels change. Never-ending stock frameworks are regularly electronic and utilize a state of-offer framework.