PROCESS OF INVENTORY CONTROL
For the convenience to understand the topic, the inventory control system may be divided into three parts:
(i) Process of Purchasing of Materials.
(ii) Inventory Storing Procedure.
(iii) Process of Issue of Materials.
Process of Purchasing of Materials
Its steps are as follows:
Specimen of a PRS
The requisitions are generally prepared in triplicate the original copy is sent to the purchase department, the second copy is retained by the store or the department initiating the purchase requisition and third are is sent to the costing department.
Type of Specimen of Tenderer Table
Specimen of a Purchase Order
Specimen of Goods Received Note
Process of Issue of Materials
To control the issue of materials following procedure is followed:
Sigma Corporation Ltd.
Material Requisition Slip
Inventory Storing Procedure
Inventory storing procedure is an important part of inventory control management or materials management. Following procedure is followed in inventory storing:
Specimen of Bin Card
It any discrepancy is found in physical verification of quantity in store or other department. It is brought into the notice of top management this type of check plays a very important role in inventory control. Thus material abstract is a summary of materials received, issued and transferred, for a given time period.
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