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Consult Construction

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Physical Stock Verification at a Construction Site

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Following points need to be taken care of whenever physical stock verification is carried out:

  1. System should be updated upto last inward and outward movement;
  2. All queries of Inward and outward should be resolved. (Quantitative and item queries must be resolved)
  3. Negative items should be identified, reconciled and resolved.
  4. Detailed printouts must be taken including Opening Qty., Inward Qty., Outward Qty. and Closing Qty., Material group wise and alphabetic with Material code.
  5. Material movement should be stopped before taking physical stock.
  6. To ensure proper and easy physical verification, material should be arranged / stacked;
  7. All valuable items of stock must be verified first and must tally;
  8. 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.
  9. Identify discrepancies with suitable justification and reconciliation;
  10. Physical stock of principal items should be taken on quarterly basis and 100% on six monthly basis.
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Guest Sunday, 20 August 2017

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