Perpetual inventory

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Perpetual inventory

Recordkeeping system in which book inventory is updated daily.

Perpetual Inventory

A standard of accounting inventory on a daily basis, as opposed to a weekly or monthly basis. At the end of a day, a company using perpetual inventory changes the inventory that appears on its records to reflect the most current amount. This can be inconvenient to count, but allows the company to constantly maintain accurate data.

References in periodicals archive ?

Commercial claims become inflated when too much reliance is placed on insureds' perpetual inventories. Field inventory specialists--and in some cases, those possessing contents expertise in that particular industry--are needed to conduct accurate on site inventories of all lost and damaged items.

Contents claims go commercial: fresh approaches to complex cases

It may even be considered a change in accounting in itself, but as perpetual inventories become more sophisticated and increasing pressures to improve productivity continue, some taxpayers may find the concept worth testing.

Year-end inventory shrinkage estimates

"Point-of-sale software is also being rolled out that will not only scan merchandise but will also track product movement and provide perpetual inventories," says McConnell.

Discount Drug Mart thrives despite stiff competition

446(b) discretion because Wal-Mart's inventory accounting practice was "sound," the standard for taxpayers with perpetual inventories under Regs.

Tax Court introduces financial statement materiality into the tax law

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