Course Objectives
- To explain the proper ways of Long-terms Assets & Inventory accounting including accounting entries.
- Proper valuation methods of Inventories in real life situations.
- Performing reconciliations in Inventories and standard costing reconciliation to Actual figures.
- Learning about how to manage various types of Assets including Cash, Accounts Receivable and etc.
Target Audience
- Finance and Accounting Personnel (Juniors and Seniors)
- Accounts Clerks
- Personnel involved in recording and accounting for Inventories
- Accountants seeking further knowledge about inventories
- Administration staff involved in Assets and inventories management
Course Overview
Inventory is a current asset to a firm. Carrying inventory comes with a certain degree of risk. This risk is a component of the cost of carrying inventory. When a company stocks items in the warehouse there is always the risk that the items may fall in real value during the period they are stored. If a company stored parts for their work centers or equipment, the parts in the warehouse could be worth far less than the price that was originally paid and any losses, excess, obsolete and mismanaged inventory means a reduction in the company equity.
When companies are looking to reduce costs, a great many times they ignore the inventory sitting in their warehouses and the cost of carrying that inventory. It is important for businesses to carefully examine all the costs of carrying inventory and determine where they can make changes to reduce that cost
The purpose of the course
- Enable delegates to evaluate Inventory visibility levels and segmentation approaches
- Examine stocking-level criteria through assignment practices
- Types of tools used for inventory optimization
- Current integration practices between materials management systems and asset management systems
- Understanding that minimizing inventory holdings reduces overhead costs and, hence, improves the profitability performance of the enterprise
- Understand and implement the “world-class” tools for managing inventory in the supply chain