continuous stocktaking


continuous stocktaking
= continuous inventory; = continuous stock-checking; = perpetual audit
A system of stocktaking designed to ensure that all the items of stock are physically counted and reconciled with the accounting records shown on the bin cards and the stock ledger within a specified period. For example, a stocktaking team may be working continuously so that all items of stock are checked four times a year, when adjustments are made to the accounting records to adjust them to the physical stock. Continuous stocktaking is useful for determining the availability of each item of stock and establishing when stock levels reach reorder levels

Accounting dictionary. 2014.

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