"Really Simple Inventory" is an acronym that translates into the steps for an efficient inventory tracking process. RSI is associated with receiving, storing and issuing. These are the procedures followed to manage stockroom inventory. Receiving is the unloading and recording of incoming inventory. Storing simply involves knowledge of what inventory is on hand. Finally, issuing is the tabulation of inventory that is removed from the stockroom for business use.
Things You'll Need
- Receiving report forms
- Bin cards
- Requisition order forms
- Requisition summary journal forms
Tracking the Inventory
Identify unloaded inventory items received in the stockroom. Prepare a receiving report stating a description and quantity of each item. Reports may also include a purchase order number, the vendor name, the shipper, and an account number applicable to the type of item acquired. After inspection of the shipment, forward a copy of the receiving report to the accounting department for posting to the appropriate ledgers.
Place received inventory items in appropriate bins or storage spaces until required for production. Attach a bin card or stock card to storage bins, shelves, racks, or other space containing each type of inventory item. These cards indicate quantities of each inventory item received, removed for use in production and remaining on hand. Figures on the cards match records in the accounting department.
Obtain written requisition orders for release of specific inventory items from the stockroom. In some cases, a computer system provides requisition orders entered by authorized personnel.
Issue inventory items from the stockroom into the production area specified on the requisition order. Update the bid card for the item quantity issued.
Send a requisition summary journal to the accounting department indicating the items issued as instructed. The accounting department posts withdrawals from inventory to the appropriate ledgers.
Tips & Warnings
- In accounting parlance, items received are a debit to the inventory ledger. Items withdrawn from the stockroom result in credit to the inventory ledger and debit to cost of goods sold or work in progress. Knowing these terms can help stockroom personnel communicate with accountants.
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