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Accurate reporting, classification, and valuation of inventory are critical elements of internal controls because any changes in inventory and assets can have a dramatic and material impact on the balance sheet and income statement. The following procedures should be utilized to account for and control all of the company’s various assets.


    Procedures

  • Customer Property Procedure | INV104

  • Fixed Asset Capitalization Depreciation Procedure | INV105

  • Fixed Asset Control Procedure | INV103

  • Inventory Control Procedure | INV101

  • Inventory Counting Procedure | INV102


    Forms

  • Asset Disposition Report Template | INV103-2

  • Bill of Sale Template | INV103-3

  • Capital Asset Requisition Template | INV103-1

  • Inventory Count Worksheet Template | INV102-1

  • Inventory Requisition Template | INV101-1

  • Inventory Tag Template | INV102-2

  • Material Return Notice Template | INV104-1