What Information Should Inventory Records Contain?
Effective inventory records should include the following information:
Item Description: Detailed information about each item, including SKU, model number, and description. Quantity: The exact number of each item currently in stock. Location: Where the item is stored, which can be crucial for larger businesses with multiple warehouses. Cost: The cost price of each item, which is essential for financial reporting and profitability analysis. Supplier Information: Details about the supplier from whom the item was purchased.