Inventory Control Procedure | INV101
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Inventory Control Procedure
The Inventory Control Procedure outlines guidelines for controlling inventory stock for ultimate salability, usability and traceability, and ensuring efficient selection and delivery of products.
This Inventory Control Procedure should be utilized by purchasing, shipping, receiving, warehouse and accounting personnel. (8 pages, 1990 words)
Be sure to rotate inventory on a first-in, first-out (FIFO) basis, particularly food products and other perishables, when stocking shelves. It’s common to put newly purchased items on the shelf in front of the older items. Instead, remove the older items from the shelf first, and then place the new items on the shelf followed by replacing the old items to the shelf but now in front of the new items. This will help keep the inventory fresh.
Inventory Control Responsibilities:
The Purchasing Manager is responsible for maintaining the investment in inventory at the lowest level, consistent with operating requirements, economy of procurement, financial plan requirements and sound business practices.
The Shipping Manager, the Receiving Manager, and Warehouse Personnel are responsible for the custody and safekeeping of inventory. This includes ensuring that all items in inventory are properly accounted for, that proper procedures are followed for the movement of all inventory, and that all paperwork is forwarded to the Accounting Manager in a timely manner for the proper recording of all inventory transactions.
The Accounting Manager is responsible for processing all paperwork received in a timely manner in order to maintain an accurate inventory status.
The Controller is responsible for revaluing certain inventory items to their Net Realizable Value and for ensuring proper inventory control.
Inventory Control Procedure Activities
- Inventory Stocking and Storage Control
- Inventory Usage Control
- Inventory Protection
- Inventory Obsolescence
- Inventory Disposal
Inventory Control Procedure References
- Food and Drug Administration (FDA) Food Code
Inventory Control Procedure Forms
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