Accounting Best Practices, Fifth Edition

Inventory Accuracy

16–15	Audit all inventory transactions
16–16	Compare recorded inventory activity to on-hand inventories
16–17	Eliminate the physical count process
16–18	Cycle count based on usage frequency
16–19	Lock down the warehouse area
16–20	Move inventory to floor stock
16–21	Segregate customer-owned inventory
16–22	Streamline the physical count process
16–23	Track inventory accuracy
16–24	Train the warehouse and accounting staffs in inventory procedures
16–25	Verify that all receipts are entered in the computer at once