CSBM 1216 Inventory Control for Small Business

Description

Inventory Control for Small Business teaches the correct type of inventory method that the company needs to use, FIFO, LIFO, Average Cost, or Standard Method. The student will learn to enter a complete record of each inventory item. The student will learn how to enter, and process purchase orders, receiving reports, and how to convert purchase orders to accounts payable invoices. The student will understand physical inventory, and maintain the perpetual inventory based on actual amounts, and correct prices for each item.

Management Credits

3

Prerequisite

Student is a business owner, employee or entrepreneur or by special permission of the instructor.

Topics to be Covered

1. Set-up inventory items, implement and maintain an inventory computerized recordkeeping system

Learning Outcomes

1. Install and configure an inventory computerized software system

2. Develop procedures for entry of purchase orders into the software system

3. Develop procedures for entry of inventory items into the software system

4. Process purchase orders on the software system

5. Prepare receiving reports and convert the PO into an accounts payable in the software system

6. Review software system reports to determine inventory levels and reorders

7. Use software system aging reports to pay bills in a timely manner