OPEN ITEM Definition

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OPEN ITEM is a contractual or scheduled commitment that is not yet reflected in Financial Accounting but will lead to actual expenditures in the future, e.g. a purchase order that is not shipped in full will list those unshipped items as open items within the shipping invoice.

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YTD is Year To Date; meaning the period beginning of the calendar year, January 1st of the current year, or the fiscal year up until todays date.

LOT COSTING see BATCH COSTING.

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