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Are inventory procedures written and cascaded to inventory team?
How often should you take the physical inventory count?
Are discrepancies matched with actual count and inventory records?
Is it necessary to make a daily count of your inventories?
What other best practices that you know to make your inventory accurate or compliance with industry practices?
Daily Stock Inventory through Computerised System
Items in and out are properly managed.
Stock report on daily basis
To properly manage or control your materials inventory the team or department handling the materials should have the following:
1) Written procedures on conduct of physical inventory.
2) Method of taking the inventory; FIFO (First-in-first out)..method suited in type of business or materials being handled.
3) All materials transactions must be documented; Inbound materials should be confirm received via Receiving Report (RR), outbound materials should be documented using (MIN) or (MT) Materials Issuance Note or Material Transfer.
4) Physical inventory count MUST be conducted on regular basis, i.e., weekly, monthly or yearly.
5) Actual count must be compared with inventory records and if not matched or with variance. Extra effort must be exerted to reconcile or make tally your inventory.
6) Any variance or discrepancies observe must be documented and reported to Financial officer for proper adjustments.
Inventory will be conducted periodically on a daily,monthly & yearly basis.
ERP system ..mean inventory software
daily stock inventory through coputer
daily basics manitaing stock satus
You must always monitor the movement of the materials or product, all the movement of the product and materials must be recorded and documented. Physical Inventory count must be conducted regularly. Variance must be reconcile.
Only one thing i can say about inventory is that Inventory has to be updated end of the day on daily basis if your company is getting lot of business.
1. Material inward & consumption entries should be posted online so that MRP run will be accurate.
2. Rejected/ Expired goods to be handeled daily basis so that it will not impact MRP.
3. SOP should be available for material reconciliation. High value materials to be reconcile monthly basis and all materials inventory count to be taken yearly basis. There should be Excess/shortage limits to be defined in the SOP.
4. Reconciliation to be done at the end of each batch stock.
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