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What is Inventory?

The word Inventory, in general, refers to the goods and materials (stock) that an organization holds for future utilization. Inventory typically refers to stock held in inventory locations, such as stockrooms, warehouses, stores, and storage lots.

Inventory must belong to an inventory location. The business processes typically associated with inventory includes the check in and checkout of stock to/from a location, the counting of stock in a location, and the transfers of stock between locations.

Inventory is often managed with inventory control software used to manage the processes mentioned above.

See Also

Inventory Control Software, Inventory Vs Assets