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Although construction accounting differs from accounting in many other industries, it still follows the same practices for recognizing inventory. Whether you use the perpetual or period inventory method, Spectrum’s Inventory solution can support your construction business. For inventory costing, Spectrum supports FIFO, LIFO, and average costing methods.
If you take physical inventory, Spectrum locks down all inventory entry while you take stock of items, ensuring your data is correct. Once inventory is complete, Spectrum’s Inventory solution adjusts any discrepancies and applies them to the General Ledger.
Because materials aren’t always shipped to a job site immediately after an order is placed, Spectrum’s Inventory solution handles job requisitions, so your materials are committed to a job, even though they aren’t on the job site.
"Inventory" is part of the Spectrum Construction Management Software line of products, developed by Dexter + Chaney.