Keeping inventory records: obligations, methods and tips

Keeping inventory records: obligations, methods and tipsDo you have physical products? Then inventory records are important. Read about the legal obligations, inventory valuation and practical tips.What are inventory records?Inventory records are a registration of all goods that you as an entrepreneur have in stock: which products, how many units, the purchase price and when stock arrives or leaves. The Belastingdienst requires entrepreneurs who trade in goods to keep proper inventory records as part of their fiscal retAre inventory records required?The Belastingdienst requires entrepreneurs to keep proper records. If you trade in goods, inventory records are part of that. You must retain your records for 7 years.Inventory on the balance sheetInventory is a current asset on your balance sheet. The value of your inventory directly affects your profit and therefore your tax return:Giroo B.V. — KVK 99500256 — Stratumsedijk 6, 5611 ND Eindhoven — info@giroo.nl — giroo.nl