Scribd
Upload
398 views2 pages

Stock Verification - 1

Stock verification involves checking physical stock quantities against recorded amounts to ensure materials and goods are properly accounted for according to company records. It also evaluates whether material management functions are being followed correctly. Stocks are generally verified on a periodic basis according to a schedule, such as stores with imprest holders verified once every two years, category A stocks in depots every six months, and tools, plants, and machinery verified every three years.

Uploaded by

Jaikanthan Dasaratha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
398 views2 pages

Stock Verification - 1

Stock verification involves checking physical stock quantities against recorded amounts to ensure materials and goods are properly accounted for according to company records. It also evaluates whether material management functions are being followed correctly. Stocks are generally verified on a periodic basis according to a schedule, such as stores with imprest holders verified once every two years, category A stocks in depots every six months, and tools, plants, and machinery verified every three years.

Uploaded by

Jaikanthan Dasaratha
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 2

STOCK VERIFICATION

STOCK - Materials / Goods in the custody of the Stock-holder

VERIFICATION - Checking / Compare of physical stock as per record

Stock Verification does not mean only the checking of Ground Balance abd Book Balance. It
does mean whether the functions of Material Management are being followed or not.

Frequency of Stock Verification

The stores, whether in a store depot or with a department are verified by the Stock Verifier
(SV) of the Accounts Department. Generally, the programme of inspection is to arrange that
all the materials are verified as shown below:

1. Stores with Imprest holders - Once in two years

All tools & plants with Imprest holders - Once in three years

2. All materials in a depot as under:

‘A’ Category - Once in Six months

‘B’ Category - Once in a year

‘C’ Category - Once in Two years

‘D’ Category - Once in a year

3. All Tools, Plants, Machinery, Dead stock,


Printings & Stationeries, Inventory in

Workshop, and Production Units - Once in Three years

You might also like