This article looks at the meaning of the perpetual inventory. It’s also important to understand the relationship of the physical inventory in real time compared to the general ledger book value. This article also looks at the inventory process and how a perpetual inventory is maintained in general terms.

What is a Perpetual Inventory Control System?

In accounting terms the word perpetual means continuous. Normally a perpetual inventory is updated in real time. As a product is sold, the inventory is updated instantaneously. Likewise when the product is receipted, the stock record is updated at the moment of receipt. In contrast, an inventory that is only updated with a physical count would not be considered a perpetual inventory control system.

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