Every company has a different philosophy on inventory management that guides how and why it sets certain policies, and an organization's policies can vary based on the type of product managed. Product Type The type of product greatly influences the inventory control policies assigned to manage the product. Short shelf life products must rotate based on expiration date.
SCOPE This policy pertains to all property, real and personal, under the control of the University of Massachusetts, including all such property to which the Commonwealth of Massachusetts or the University of Massachusetts holds title, or for which the University has custodial responsibility.
TITLE Title to or ownership of all Commonwealth or University property shall be deemed to be vested in the University of Massachusetts unless stipulated otherwise by the funding source. Title does not rest with a department or an employee, regardless of source of funds or donation associated with the acquisition.
Custodial responsibility for other property rests with the Board of Trustees to the extent that the University has explicitly agreed to accept such responsibility. The Board of Trustees hereby assigns to the Chancellor of each campus general responsibility for the care and custody of property belonging to or in the care and custody of the University of Massachusetts.
The President shall formulate guidelines to assist the campuses in implementing this policy. It is the responsibility of the Chancellor to implement and administer the provisions of this policy in all areas under his or her jurisdiction.
At a minimum, the Chancellor shall: INVENTORY Each campus is responsible for maintaining inventory records for all capital and sensitive non-capital equipment as defined in this policy, performing or coordinating periodic physical inventories, reconciling physical inventories to the related records and reconciling additions and deductions on the inventory system to the general accounting system.
All such equipment shall be inventoried according to federal guidelines.any equipments purchase of $1,, SEE CAPITALIZATION POLICY Section 4) Prepares and orders items needed from purchasing request of maintenance and administrative office of their necessary needs Responsible to order, stock and monitor office supplies Inventory Control.
capitalization and inventory control policy I. PURPOSE (a) To ensure compliance with Generally Accepted Accounting Principles (GAAP) through a uniform policy regarding capitalization and valuation of plant and related assets.
Inventory Control Policies and Procedures by Osmond Vitez - Updated September 26, Inventory management is the process companies use to order, receive, account for and manage the various products sold to consumers.
Inventory management is an important small business function. Inventory is usually the second largest expense for a business, outside of payroll. Business owners create processes for managing. Inventory Management Procedure. The Inventory Management Procedure minimizes inventory and costs of inventory ownership.
The procedure ensures the best inventory practices are employed and align with overall company financial objectives and meet operational needs. Arguably, this is the most important aspect of inventory control, so you may want to spend extra time on this step when drafting your standard operating procedure for inventory control.