An accounting system should accommodate both lotted and
serialized inventory control. Serialized inventory is used most
often when tracking small quantity big ticket items. Examples
are: automobiles, boats, jewelry, etc.
Each item is assigned a unique serial number. It is important than the order maintenance process be able to track the serial number and save it to sales history for possible recall once it is invoiced.
Lotted inventory is more often used where government mandates
the keeping of records of the lot number of the product. This is
especially important when selling food and other perishable items
such as chemicals. It is common to track the expiration dates on
lotted inventory. There may be several individual pieces of the same inventory number assigned a common lot number.
Some businesses use lot numbers to identify inventory held in
stock for specific customers. This is in an environment where the
customer expects the supplier to warehouse their inventory
until it is needed.
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