The Stock Verification Guidelines provide a structured approach for verifying physical stock against inventory records in the system. Following these guidelines helps maintain accurate stock balances and identify inventory discrepancies.
Stock Verification Guidelines
1. Verify Product Details
Confirm that the products being verified match the records in the Product Master. Check the product name, code, unit, and other applicable details.
2. Verify Warehouse
Select the appropriate warehouse and ensure that the physical stock being counted belongs to the selected warehouse.
3. Review System Stock
Review the current system quantity for each item before performing the physical stock verification.
4. Count Physical Stock
Count the actual quantity available for each item in the warehouse. Ensure that all relevant stock is included in the physical count.
5. Compare Stock Quantities
Compare the physical quantity with the system quantity to identify any differences.
6. Review Stock Mismatches
Identify items where the physical quantity differs from the system quantity. Review the difference and investigate the reason for the mismatch.
7. Check Inventory Transactions
Review related Inventory Transfers, Inventory Adjustments, Material Issues, and Material Receives to identify transactions that may have caused the difference.
8. Perform Stock Reconciliation
Where a verified difference exists, use Stock Reconciliation to record and correct the inventory quantity based on the verified physical stock.
9. Verify Adjusted Stock
After completing the reconciliation, review the inventory balance again to confirm that the updated quantity matches the verified physical stock.
Stock Verification Review
Stock verification can be supported through:
- Inventory Overview – Review current stock balances.
- Inventory Transfers – Verify stock movements between warehouses.
- Inventory Adjustments – Review manual stock adjustments.
- Stock Mismatch – Identify differences between system and verified stock.
- Stock Reconciliation – Record and resolve verified stock differences.