All institutions with stores must ensure an accurate record of stock is maintained and that stock is allocated accurately within the institution.

Inventory and stores checklist

• Verify stock remains physically secure (ongoing).
• Complete all inventory issues and receipts (ongoing).
• Before the month end close, undertake monthly stock take or cycle count, check against records and investigate any differences.
• Confirm stock holdings and values by running appropriate reports.

If you are a CUFS inventory user, and before the Inventory month end closes, confirm stock transactions by running the Material Account Distribution Detail report.

Refer to the Finance Training guidance for details on running the reports [1].

Latest version 21 December 2024