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Physical Stock Verification at a Construction Site
Following points need to be taken care of whenever physical stock verification is carried out:
- System should be updated upto last inward and outward movement;
- All queries of Inward and outward should be resolved. (Quantitative and item queries must be resolved)
- Negative items should be identified, reconciled and resolved.
- Detailed printouts must be taken including Opening Qty., Inward Qty., Outward Qty. and Closing Qty., Material group wise and alphabetic with Material code.
- Material movement should be stopped before taking physical stock.
- To ensure proper and easy physical verification, material should be arranged / stacked;
- All valuable items of stock must be verified first and must tally;
- Quantities need to be mentioned on items by chalk / marker, column and row wise to facilitate recount and to avoid any confusion. Physical quantities should be mentioned beside the closing stock with exact location of rack / site and break up of column & row should be counted to avoid any error.
- Identify discrepancies with suitable justification and reconciliation;
- Physical stock of principal items should be taken on quarterly basis and 100% on six monthly basis.