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Inventory Management Inventory management is the process of planning, controlling, and monitoring the flow of goods and services into, within, and out of an organization. The goal is to ensure that the organization has the right products in the right quantities at the right time to meet customer demand. Key Elements of Inventory Management: 1. […]

Definition: An invoice is a document issued by a seller to a buyer requesting payment for goods or services provided. It typically includes the following information: Essential Elements: Seller’s name: The name of the company or individual who issued the invoice. Buyer’s name: The name of the company or individual who is billed. Invoice number: […]

Definition: Write off is a accounting entry that reduces the accounts receivable or accounts payable balance to zero, typically when the account is considered uncollectible or unpayable. Reasons for Writing Off Accounts: Accounts that are considered uncollectible or unpayable Accounts where the customer or supplier has declared bankruptcy Accounts where the customer or supplier has […]