X
Icon

The 21st Minute


Blog


Inventory and Stock

CaseWare IDEA Applications


Inventory and stock can vary in volume and cost within organizations.

Analyses

  • Reconcile physical counts to computed amounts
  • Analyze usage and ordering to improve turnover
  • Analyze high value transactions
  • Summarize and stratify turnover by stock item
  • Summarize stock on-hand by group, location, type, etc.
  • Create custom reports on stock and high value balances
  • Review product reordering volumes by item, warehouse, and vendor
  • Summarize products by group, location, type, etc.
  • Summarize and stratify turnover by stock item in any order
  • Age inventory (e.g. by date of receipt)

Calculations

  • Report on products in order of profitability
  • Statistically analyze usage and ordering to improve turnover
  • Test clerical accuracy of totals and extensions
  • Check product reordering volume by item, warehouse, and vendor
  • Determine the percentage change in sales, price and/or cost levels by product/vendor
  • Assess the financial viability of LIFO versus FIFO management

Exception Tests

  • Identify surplus obsolete/damaged inventory by sorted turnover analysis
  • Identify differences between standard costs and actual costs
  • Identify stock acquired from group companies
  • Segregate variances from standard pricing in amount order
  • Isolate stock lines/products with cost greater than retail price, with zero/negative quantities,or with zero/negative prices
  • Isolate items where stock exceeds maximum stock levels
  • Select items from perpetual stock for test reconciliation

Gaps and Duplicates

  • Test for duplicate parts, item numbers, prices or descriptions

Matching and Comparing

  • Compare yearly volume with on-hand quantity for stock items
  • Compare cost to retail price to look for pricing discrepancies
  • Compare the value of physical counts to General Ledger value

Sampling

  • Monetary Unit or Random samples for physical verification or checking additions

Areas of Applications , CaseWare IDEA



Posted By

By


Related Posts
Wayfair Woes One Year Later
Jul 24 The rise in online shopping has sharply impacted state sales tax revenue. Rather than increasing the tax rate, states are setting parameters to define nexus, wh...
Importing Date Fields
Jul 24 There are times when you import a date field and it just does not work out as expected. Here are ways to address the problem before or after the import.  ...
Tech Tip: Understanding Join and Visual Connector
Jun 19 Using IDEA’s Join and Visual Connector features can help you search for matches and correlations between different data sets, but they are often confused with...
BROWSER NOT SUPPORTED

This website has been designed for modern browsers. Please update. Update my browser now

×