How Do You Properly Verify Store Inventory? Seeking Advice from Experienced Peers

Dear,

I have been overseeing the stores for the past five years. I used to conduct the physical verification of stores annually, but I suspect that I may not be using the correct method. Therefore, I kindly request you to please send me detailed information on the correct method for physical verification of stores to my email address sprakash_oudh@yahoo.co.in.

Regards,
S.P. Singh

Hello S.P. SINGH,

Physical Verification on Stores Every year - Year-end 31st March. The following steps to do the Physical Verification.

1. First, stores holiday on 31st March.
2. No purchases and issues on that day.
3. 5 to 6 members take the physical stock availability of your stock.
4. Count the stock manually, write down the part number and physical quantity on white paper.
5. On 31st March, run the System stock and stores in Excel Sheet.
6. System Stock Format in Excel Sheet - Part no, Part name, Sys qty.
7. Enter data entry physical stock in the Excel sheet - Part no and Physical Qty.
8. Lastly, compare two Excel sheets - Physical stock vs. System stock with the help of Vlookup Excel formula. Then we identify excess and shortage stockage.

All the best.
If there is any clarification, write to my email address: aruljd2009@gmail.com.
Yours Friendly,
Arul