Physical Inventory Procedures: Cyclic Inventory Procedures
The Physical Inventory Procedures: Cyclic Inventory Procedures mobile app offers an easy way to keep track of detailed procedures for a periodic inventory.
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The app eliminates the need for paperwork or a hand receipt and offers a simple way to keep track of inventory control for those in the inventory management industry.
Specifically this app, which is accessible via mobile phone or tablet, helps with monitoring cyclic inventories which are conducted monthly, quarterly, or semi-annually, in place of an annual inventory. When using a cyclic inventory method, the DPO notifies the Property Custodian as to which specific items to inventory in a given period. The objective of this type of procedure is to have a 100 percent inventory of all items such as raw materials or stock inventory, completed by the end of each fiscal year for the purposes of inventory records.
In most cases, the State requires an annual inventory, but this may not be practical for all property management departments. Cyclic inventories may be a better alternative to conducting an asset inventory count in certain industries such as a supply chain.
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