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What is an inventory?

2023/12/02
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What is an inventory?

Inventory is actually a French word that has been used in customs since years before the Belgians. This word means the receipt of the shipped goods in the customs warehouse. According to Article 99 of the Customs Regulations, the owner of the goods is allowed to visit the imported goods during the customs clearance process and if necessary, a more accurate tariff can be determined. Of course, the owner of the goods must consult with the dispatch agent; In this way, the customs officer must be careful and monitor so that the process is carried out based on what the owner of the goods said in his request letter. The world of exporting and importing goods is a very complex and big world; Most people hear this term when importing from China. It is natural that in order to achieve success in this field, they need to be familiar with its usage terms; In this way, in this article from Elin Trading Company, we are talking about one of the most used terms in this field.

Learn more about inventory

In the goods clearance process, the owner of the goods or his legal representative must submit the ownership documents and a written application before submitting the declaration, and with the approval of the customs, he can review his goods. In this way, at the time of clearance from China, you are allowed to weigh your packages and even open them and check their contents. In the process of receiving and reviewing the goods, a supervising officer is present to review the appearance of the goods in terms of damage, health, marks, type of package and other matters before any action. Finally, it allows the owner of the item to open it. The supervisor has the duty to make sure that the process is carried out based on what the goods owner said in his application.

Also, as the owner of the product, you can change the wrapping, dry the product and take samples. All these actions are done with the aim of obtaining specifications and information from the said product. Of course, all these works must be done after receiving permission from the customs department and under the supervision of customs officers. According to customs laws, if damage is caused to its contents during the product review process due to the opening and closing of the product, the customs has no responsibility and will not do anything to reduce customs duties and pay damages, commercial profit and other customs duties. Also, if the owner of the goods wants to inspect the contents of the packages or other actions that require changes in the packaging and the goods are tampered with, the person must clearly and separately state all the items in writing in his request.

What is meant by inventory?

Inventory refers to all the goods, items and materials that a business keeps for sale in the market for profit. For example, if a business uses a vehicle to deliver goods to its customers, only what is transported is considered goods and the vehicle is an asset.

Define inventory according to industry
manufacturing industry

In manufacturing businesses, inventory is not only the final product ready for sale and produced, but also raw materials used in production and semi-finished goods that are on the floor of the factory or warehouse are also considered inventory. For example, for a cake manufacturer, the inventory includes all packages that are ready for sale, cakes that have not yet been packaged or cooled, those that are left for quality control, and all raw materials such as flour, milk, and sugar.

service sector

Considering that there is no physical stock exchange in the service industry, inventory is completely intangible in nature; In this way, the inventory of the service industry includes most of the pre-sale steps. For example, an inventory for a business consulting firm includes all information collected for a project, or an empty room in the hotel industry is an inventory.

Summarizing the above, it can be said that intangible or tangible assets, assets that have exchange value or can generate income, or assets that have not yet finished their production but are being prepared for sale in the market, are all included in the inventory.

Different types of inventory
raw materials

Raw materials include all things that are processed to produce the final product. When talking about raw materials, it is important to understand that the raw materials needed by a manufacturing company can be a by-product of a process or purchased from a single supplier. In a manufacturing company, raw materials can come from different suppliers and even as Purchase from China.

work in progress

When raw materials have been sent for processing but are not yet known as finished goods, this part of the process is considered work in progress. For example, in a cake manufacturing company, after the raw materials are processed and the cakes are molded, before the final packaging, the cakes are checked for quality. All cakes in the quality check queue count as work-in-progress. That is, work in progress includes all items that have been processed but are not ready for sale.

Final goods

The finished products are the last items that are sent to the market for sale. These goods have passed all stages of production and quality control; In this way, for the cake manufacturer, the cake packages that go to the market for sale after the end of quality checks are the final product.

What are the benefits of inventory management?
It prevents the product from getting lost

For many reasons, goods may be lost, one of the most important of which is during transportation

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