Stock Records Accuracy

'Stock Records Accuracy' means: (1) a correspondence between what is present on the computer file and what physically exists, in reality, (2) that activities which have been recorded as taking place against stock are truly what in fact occurred, and (3) that no activity which took place is unrecorded in the system. As we shall see, the central stock file is a most important element of any system within the company. The records within the file are 'keyed' on each product's unique item code**. That is , specifying an item code enables the system's user to find and retreive an item's record on the VDU directly. In many companies also, it is necessary or desirable to keep track of physically discrete batches of the item in order to facilitate lot tracing or to differentiate batches of the item having different quality. In addition, in a variable (or 'random') location store or warehouse, since stock of the item is potentially stored in many locations, the stock record will consist of many groups of data under the main item key, with each group within the record showing a quantity of stock and the location where that stock quantity is stored. Many of the data fields on the stock record are unchaging - obvious examples are an item's code, name and unit of measure (eg square feet, each, kilograms). Other data elements are relatively static, but do change from time to time. Examples are annual usage, standard cost or standard purchase price. Although the concern of this on-line Course is with stock quantities, procedures should be in place to update static and semi-static data as needs be. As well, one might also regard the transactions raised in the course of maintaining the system as being part of the stock record. Although the role of transactions is to change the main record, by communicating through the system data relating to what has physically occurred so that it can be used to modify the main record, such transactions can be displayed separately and