Inventory Glossary

Terms related to stock management, warehousing, item tracking, batch management, and inventory control used by Indian businesses.

21 terms

Inventory Accounting Sales Purchase GST Manufacturing All Terms

ABC AnalysisAn inventory classification method that ranks items by their value contribution BarcodeA machine-readable code printed on products for quick identification Batch Tracking / Lot TrackingTracking inventory by batch or lot number for traceability and expiry management Dead StockInventory that has not been sold and is unlikely to be sold Expiry Date / Shelf LifeThe date after which a product should not be sold or used GodownA warehouse or storage facility used for keeping goods and inventory Goods in TransitGoods that have been shipped by the seller but not yet received and accepted by the buyer InventoryAll goods and materials a business holds for sale or production Item Category / Product CategoryA classification system to group similar products together Item LedgerA complete transaction history of an item including sales, purchases, adjustments, and returns Lead TimeTime between placing an order with a supplier and receiving the goods Low Stock / Low Stock AlertWhen item quantity falls below minimum threshold, triggers reorder alert Reorder LevelThe stock level at which a new purchase order should be placed Safety StockExtra inventory kept as a buffer against unexpected demand or delays Secondary UnitAn alternate unit of measurement used alongside the primary unit for an item SKU (Stock Keeping Unit)A unique alphanumeric code assigned to each product for tracking Stock AdjustmentA correction made to inventory records to match the actual physical stock count Stock Audit / Inventory AuditA physical verification of actual stock against recorded book balances Stock RegisterA record book or digital system to track all inventory movements Stock Summary ReportA snapshot of all items with current quantity, value, and category Stock TransferMoving inventory from one store or godown to another within the same business

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