hi, m preparing report on physical verification of store. i have prepared all but dont know how to start and end it.. plz somebody suggest me to make first and last page of report..
From India, Ludhiana
From India, Ludhiana
Dear CA Gulati,
There is nothing specific about the first page of the "Store Verification Report". I recommend you putting the report under the covering letter. Let this covering report be addressed to CFO, Director or MD as the case may be. Mark copy of the report to Head Purchase or Supply Chain.
The first page of actual report can be index page. In the same page you can include "Terms and References" of audit.
By the way, was it audit or verification? Are you Chartered Accountant?
The most important thing about your report is inclusion of various ratios. May I know what ratios have you included in your report? I ask this question because I conduct the trainings on "Purchase and Inventory Management" related subjects extensively.
Thanks,
Dinesh V Divekar
From India, Bangalore
7736There is nothing specific about the first page of the "Store Verification Report". I recommend you putting the report under the covering letter. Let this covering report be addressed to CFO, Director or MD as the case may be. Mark copy of the report to Head Purchase or Supply Chain.
The first page of actual report can be index page. In the same page you can include "Terms and References" of audit.
By the way, was it audit or verification? Are you Chartered Accountant?
The most important thing about your report is inclusion of various ratios. May I know what ratios have you included in your report? I ask this question because I conduct the trainings on "Purchase and Inventory Management" related subjects extensively.
Thanks,
Dinesh V Divekar
From India, Bangalore
Thanks Dinesh for ur suggestions.. yes m ca.. but did'nt prepare any stock verification report.. so this is new one to me..
I started with different stock items and different register of stores like
1. general store
2. electric material
3. dental material
4. hospital
so these material to be taken in verification.. ya its like audit of store.. i prepared the performa under which i have taken qty as per books nd as per phy verication.. details of discrepancies nd unservicable items..
aftr that m nt gng to understand wht to prepare next..
which type of ratios??
nd tdy i will make frst page.. so tell me which ratios to be included nd any other thing??
thanks for reply...
From India, Ludhiana
I started with different stock items and different register of stores like
1. general store
2. electric material
3. dental material
4. hospital
so these material to be taken in verification.. ya its like audit of store.. i prepared the performa under which i have taken qty as per books nd as per phy verication.. details of discrepancies nd unservicable items..
aftr that m nt gng to understand wht to prepare next..
which type of ratios??
nd tdy i will make frst page.. so tell me which ratios to be included nd any other thing??
thanks for reply...
From India, Ludhiana
Dear Mr Gulati,
For physical verification person of your stature is not required. What you should be doing is an audit from the finance point of view. Measure the following in respect of your stores:
a) Inventory accuracy ratio
b) % of obsolete inventory in terms of value
c) Area utilisation in sq ft (is there under-utilisation of capacity in any way? Is capacity is too low and excess labour is utilised since the material is ordered frequently)
d) Volume utilisation in cubic feet
e) Break up of the area for running inventory, dead inventory and scrap inventory
f) Inventory Shrinkage ratio
g) has shrinkage been defined for 'A' class materials? If yes, then is the shrinkage within the specified limits? The same is applicable for 'B' class items as well.
h) Equipment utilisation ratio (like pallets etc)
i) What is the inventory turnover ratio? How can it be increased?
j) Are the bin cards used? If yes, are these updated?
k) What is the inventory carrying cost for every store?
l) Has the material classification been done? If yes, then what is the break up in terms of value? What is the break up in terms of area?
Do this audit for every store. I am the leading procurement faculty of India. You may contact me for the training of your procurement or stores professionals.
Last request: - This is a public forum. You cannot use SMS language. You are not writing a letter to your friend. There is a difference between Citehr and Facebook.
To know more about my training activities in this field, you may click the following links and download the respective documents:
Dinesh V Divekar - Procurement Faculty
Programme Structure for Various Training Programmes in Purchase and Inventory Management
Thanks,
Dinesh Divekar
+91-9900155394
dineshdivekar(at)gmail(dot)com
From India, Bangalore
For physical verification person of your stature is not required. What you should be doing is an audit from the finance point of view. Measure the following in respect of your stores:
a) Inventory accuracy ratio
b) % of obsolete inventory in terms of value
c) Area utilisation in sq ft (is there under-utilisation of capacity in any way? Is capacity is too low and excess labour is utilised since the material is ordered frequently)
d) Volume utilisation in cubic feet
e) Break up of the area for running inventory, dead inventory and scrap inventory
f) Inventory Shrinkage ratio
g) has shrinkage been defined for 'A' class materials? If yes, then is the shrinkage within the specified limits? The same is applicable for 'B' class items as well.
h) Equipment utilisation ratio (like pallets etc)
i) What is the inventory turnover ratio? How can it be increased?
j) Are the bin cards used? If yes, are these updated?
k) What is the inventory carrying cost for every store?
l) Has the material classification been done? If yes, then what is the break up in terms of value? What is the break up in terms of area?
Do this audit for every store. I am the leading procurement faculty of India. You may contact me for the training of your procurement or stores professionals.
Last request: - This is a public forum. You cannot use SMS language. You are not writing a letter to your friend. There is a difference between Citehr and Facebook.
To know more about my training activities in this field, you may click the following links and download the respective documents:
Dinesh V Divekar - Procurement Faculty
Programme Structure for Various Training Programmes in Purchase and Inventory Management
Thanks,
Dinesh Divekar
+91-9900155394
dineshdivekar(at)gmail(dot)com
From India, Bangalore
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