Controlling your assets and stock through inventory management enables you to optimise your profits. However, inventory can be one of the most complex assets to track. Incorporating inventory accounting into your management process can help you adapt to supply chain changes and improve customer satisfaction.
This course targets accounting professionals and provides an overview of inventory accounting, which tracks inventory quantities. Understanding how to value inventory on a balance sheet accurately is essential to effectively monitoring inventory.
Upon completion of this course, participants will be able to:
This course is intended for
This course employs a variety of adult learning styles to ensure comprehensive understanding and retention. Participants will review case studies to highlight key areas of importance and identify potential pitfalls. They will be provided with top-tier tools for engaging in learning exercises to enhance their skills. By analysing these examples, participants will thoroughly understand how these skills, techniques, and methods can be effectively applied in the workplace.
Section 1: Overview of Accounting for Inventory
Section 2: Maintaining Accurate Inventory Records
Section 3: Inventory Counting and Reconciliation
Section 4: Estimation Methods to Calculate Ending Inventory
Section 5: The Standard Costing Method
Section 6: The Process Costing Method
Section 7: Inventory Spoilage, Rework, and Scrap
Section 8: Inventory Transactions
Section 9: Pricing for Inventory Transfers
Section 10: Inventory Policies & Budgeting
Upon successful completion of this training course, delegates will be awarded a Holistique Training Certificate of Completion. For those who attend and complete the online training course, a Holistique Training e-Certificate will be provided.
Holistique Training Certificates are accredited by the British Accreditation Council (BAC) and The CPD Certification Service (CPD), and are certified under ISO 9001, ISO 21001, and ISO 29993 standards.
CPD credits for this course are granted by our Certificates and will be reflected on the Holistique Training Certificate of Completion. In accordance with the standards of The CPD Certification Service, one CPD credit is awarded per hour of course attendance. A maximum of 50 CPD credits can be claimed for any single course we currently offer.