Bookkeeping

If you get 12, for example, that means you turned over your inventory 12 times in a year. If your inventory turnover ratio is 12, then your days on hand is roughly 30. This is a powerful number for determining how good of a job you and your team are doing in managing inventory. Do […]

Think of interest payments or one-time losses that could be a result of missing or overcharged inventory. Asset accounts are comprised of the resources your business owns that will have value in the future. This includes cash, inventory, owned equipment, and real estate, just to name a few. Thus, various adjusting entries include entries for […]