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Standard Operating
Procedures

INVENTORY MANAGEMENT

XYZ Processing India (P) Limited 

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Table of Contents
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Page No. 
INVENTORY MANAGEMENT .................................................................................................................................... 1

1. GENERAL ................................................................................................................................................... 4
1.1 VERSION CONROL .................................................................................................................................... 4
1.2 ISSUE AND COMMENTS LOG ................................................................................................................... 4
1.3 RELATED SOPS .......................................................................................................................................... 4
1.4 OWNERSHIP .............................................................................................................................................. 4

2. PROCESS OVERVIEW............................................................................................................................... 5
2.1 PROCESS SUMMARY ................................................................................................................................ 5
2.2 SUB-PROCESSES ...................................................................................................................................... 5

3. MATERIAL RECEIVING PROCESS .......................................................................................................... 6

3.1 PROCESS FLOWCHART ........................................................................................................................... 6
3.2 PROCESS DESCRIPTION ......................................................................................................................... 6

4. MATERIAL ISSUE PROCESS ................................................................................................................... 9

4.1 PROCESS FLOWCHART ......................................................................................................................... 10
4.2 PROCESS DESCRIPTION ....................................................................................................................... 10

5. MATERIAL SENT ON RETURNABLE BASIS ......................................................................................... 12

5.1 PROCESS FLOWCHART ......................................................................................................................... 12
5.2 PROCESS DESCRIPTION ....................................................................................................................... 12

6. LOCATION TRANSFER ........................................................................................................................... 14

6.1 PROCESS FLOWCHART ......................................................................................................................... 14
6.2 PROCESS DESCRIPTION ....................................................................................................................... 14

7. PHYSICAL VERIFICATION ...................................................................................................................... 15

7.1 PROCESS FLOWCHART ......................................................................................................................... 16
7.2 PROCESS DESCRIPTION ....................................................................................................................... 16

8. PERPETUAL INVENTORY CONTROL .................................................................................................... 18

8.1 PROCESS FLOWCHART ......................................................................................................................... 19
8.2 PROCESS DESCRIPTION ....................................................................................................................... 19

9. INVENTORY MONITORING ..................................................................................................................... 21

9.1 PROCESS FLOWCHART ......................................................................................................................... 21
9.2 PROCESS DESCRIPTION ....................................................................................................................... 21

10. DISPOSAL OF INVENTORY .................................................................................................................... 22

10.1 PROCESS FLOWCHART  (DISPOSAL OF QUALITY MATERIAL) ........................................................... 23
10.2 PROCESS DESCRIPTION  (DISPOSAL OF QUALITY MATERIAL) ......................................................... 23
10.3 PROCESS FLOWCHART  (DISPOSAL OF PRODUCTION WASTE) ....................................................... 24
10.4 PROCESS DESCRIPTION  (DISPOSAL OF PRODUCTION WASTE) ..................................................... 24

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11. RECEIPT OF BY-PRODUCTS IN STORES ............................................................................................. 25
11.1 PROCESS FLOWCHART ......................................................................................................................... 26
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11.2 PROCESS DESCRIPTION ....................................................................................................................... 26

12. EXCEPTIONS AND RESOLUTIONS ....................................................................................................... 26

13. REPORTING CATALOGUE AND CALENDER ....................................................................................... 27

14. KEY PERFORMANCE INDICATORS (KPI) ............................................................................................. 28

15. GLOSSARY .............................................................................................................................................. 28

15.1 GLOSSARY OF TERMS USED ................................................................................................................. 28
15.2 FLOWCHART GLOSSARY ....................................................................................................................... 28

16. ANNEXURES ............................................................................................................................................ 29

16.1 LIST OF ANNEXURES .............................................................................................................................. 29

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1. GENERAL
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1.1 VERSION CONROL

SOP Designed Reviewed

Version Description Date Approved By
No. By By

1 Draft

2 Final

1.2 ISSUE AND COMMENTS LOG

Target
Sr. No. Issues / Comments Raised By Recommendations
Date

1.3 RELATED SOPs

Sr. No. Process / SOP Code Process / SOP Name

1. ---  Purchases (Other Than Fruits & Fixed Assets)

2. --- Purchases (Fruits)

3. ---  Quality Assurance

4. ---  Sales Functions

5. ---  Production Controls

1.4 OWNERSHIP

Department Head Office Locations / Plants

Stores --- Mr. Santosh Pandey

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2. PROCESS OVERVIEW
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2.1 PROCESS SUMMARY

This SOP covers procedures and guidelines to be followed for management of Inventories for other than Fruits and
Capital Goods. All the goods are stored at Main Store under the custody of Store Manager. These goods are
issued based on an approved Material Requisition in ERP.
Mandatory Physical Verification is conducted for all items in presence of personnel other than the stock custodian
team as per the pre-determined plans. Further, Perpetual Inventory Controls are enabled for certain categories of
inventory.
The SOP also covers procedures for identification of Non-moving and Slow-moving Inventory. An Operation
Committee Meeting is called upon and appropriate measures are taken for such inventory.
 Apart from the above, process for Inter-Department Transfers, Inter Warehouse Transfers and Disposal of
Inventory are also covered in this SOP.
 After the material is inward, the qualitative and quantitative aspects are checked as per the laid specifications for
the material received. All technical details / results of quality checking for the specified items are recorded and
maintained in Quality Module integrated in ERP.

The objective of these procedures is to ensure correct and timely inward of materials received at the plant and
adequate documentation of supporting documents to facilitate accurate bill passing.

2.2 SUB-PROCESSES
- Receipt of Material
-  Issue of Material
-  Material Sent on Returnable Basis
-  Warehouse Transfer
-  Physical Verification
-  Perpetual Inventory Control
-  Inventory Monitoring
-  Receipt of By-Products in Stores
-  Disposal of Inventory
 

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Trigger: Arrival of Material at the plant gate
End: Document Set (Invoice, Challan, QA Slip, Weighment Slip, GRN etc.) forwarded to Accounts Department for
 Accounting

Frequency: Multiple; Each time material arrives at plant gate

3.1 PROCESS FLOWCHART

  MATERIAL RECEIVING PROCESS

Other than Fruits and Capital Goods

  e
   t   y
  a   t
   i  Allow loaded vehicles Record basic details in  Affix inward stamp on
   G  r to enter the plant on Material Inward the challan / invoice
  y   u
  r   c
Start
the basis of initial Register and issue and intimate the Store
   t   e screening unloading token Executive
  n   S
   E

Verify the material

received with the Weighment Weigh Gross Weight of
Yes
accompanied required? the vehicle
PO Creation documents
No PO in system?
Process
No

  e
  v
   i Outward Movement
Unload Material and Prepare Weigh-
   t of Vehicles / Person
verify the quantity Bridge Slip
  u manually (physical
  c delivering the Material
count, etc.)
  e
  x Prepare GRN
   E Yes
  -
  e
  r
  o
   t Weigh Tare Weight of
Unload the material
   S the empty vehicle

Intimate QA Team Quality check Forward documents to

Yes No End
 for verification required?  Accounts Department

  m
  a
  e  Approve / Reject
   T QA Process
GRN Quantity
   A
   Q

3.2 PROCESS DESCRIPTION

Process Activity Responsibility

3.2.1 Gate Entry

- On arrival of Material at the plant gate, collect purchase documents from the
person carrying the Material and verify.
- Verify Name of XYZ on the face of Purchase Documents and Physical Condition Entry Gate
of the Vehicle along with the Material Carried. Security
- Allow Material for Gate Entry and make inward entry in Material Inward Register
based on the initial screening of the material and documents and issue an
Unloading Token to the person carrying materials.
- Affix Inward Stamp on the invoice or challan mentioning the Gate Entry No. and

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Process Activity Responsibility

Related titles intimate Store Executive.

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- Entry in Material Inward Register should be made on real time (immediate)
basis.
- Intimation to the Store Department should be sent immediately after the entry in
Material Inward Register.

- Vehicle should enter through the designated plant gate only.

- Ensure Supplier's challan / invoice is in the name of "XYZ Processing India (P)
Ltd" and correct company address is mentioned on it.
- Ensure no unauthorised material (material not having adequate documents,
suspicious items etc.) enters plant without the approval of concerned authority.
- All the required details should be entered in Material Inward Register as per the
defined format.
- Once entered inside the Plant, Vehicles should be parked at the designated
parking space only, before Weighment / QA Clearance / Intimation for unloading
etc. as applicable.
- If the designated parking space is fully occupied, the vehicles should be parked
outside the plant premises and will be allowed to move inside only on availability
of the parking space.
- Vehicles should not be allowed to enter the plant premise at night or stay
overnight at the plant premise (Between 10 p.m. - 6 a.m.).

Input Data Points: Following details to be captured in the Fruit Inward Register:
- Gate Entry Number (Serial Number),
- Date of Inward,
- Name of the Vendor,
- Material Description,
- Quantity of the Material Received (As per the accompanied documents),
- Unit of Measurement (UOM),
- Transporter Name / Material Carrying Person,
- Entry Token Number,
- Inward Time,
- Outward Time,
- Signature of the Security Person,
- Remarks, if any specific to the Inward of the Materials.
Output Data Points: Entry in Material Inward Register  
Reference to Forms / Templates / Policies: 
- Inward Register Format 
- Guidelines for the plant security (w.r.t. Movement of outsiders inside the Plant
Premise, Security Gate Controls, Parking of vehicles, Stay of the vehicles &
drivers inside the Plant etc.)

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Process Activity Responsibility

Related3.2.2
titles

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Verification of Material Documents and Material Unloading
On receipt of intimation from the Entry Gate Security, Receive Material Documents
from the person carrying Materials and verify Vendor Name, Item Received,
Reference to the PO etc.

If Weighment is required:
- Instruct vehicle driver to move vehicle towards the Weigh Bridge
- Obtain Gross Weight of the Vehicle and prepare Weigh Slip
- Unload the Materials at the designated place of storage
- Obtain Tare Weigh of the Vehicle and Net Weight of the Materials
-  Acknowledge the driver’s copy of delivery challan and return with the instruction
to move outside the plant

If Weighment is not required:

- Instruct the person carrying materials to unload the materials at the designated Store – 
storage area
In-charge
- Physically verify quantity of the materials (Physical Count, Weighing Scale etc.)
-  Acknowledge the driver’s copy of delivery challan and return w ith the instruction
to move outside the plant

Material should be unloaded within 2 hours of the entry inside the plant gate.

- No unauthorised material (material not having adequate documents, suspicious

items, damaged goods etc.) should be allowed for unloading without the
approval of concerned authority.
- Ensure vehicle is properly parked and no other material, item or article is lying
on the weigh-bridge at the time of Weighment.
- Weighment of loaded vehicle and empty vehicle should be against single
reference no.
- Materials should be unloaded at the designated place only with due care.

3.2.3 Preparation of GRN

PO in ERP
-  After unloading of the Materials, Identify PO against which the material is received
and make GRN in ERP. 
- Affix ERP generated unique reference number (GRN No.) on the purchase
documents and forward documents to the Accounts Department for accounting. Store – 
- Intimate the QA Team in case a quality check is required. In-charge

No PO in ERP 
- In case the PO has not created till the time of unloading of the materials, follow-up
with the Purchase Team for PO creation in ERP.
Refer SOP for ‘ P urchase - Other Than Fruits & Capital Goods’  for PO

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Process Activity Responsibility

Related titles creation proces s .  

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- Once PO is created, make GRN against the PO; affix system generated unique
reference number (GRN No.) on purchase documents and forward documents to
the Accounts Department for accounting purpose.
- Intimate the QA Executive in case a quality check is required.
Refer SOP for ‘ Q uality A s s urance’ for QA Proces s.  
- In case QA Testing are carried out, based on the QA Results, prepare GRN in
ERP.

- GRN should be prepared within 1 day of the unloading of material.

- Similarly all Purchase Documents should be sent to the Accounts Department
within a day.

- No GRN is prepared without raising a PO.

- Goods received are as per specification and terms in PO; approval is taken in
the cases having deviations in quality specifications.
- Goods are kept at proper location till GRN is made to avoid theft / damage.  
- Multiple GRNs will be prepared in case the materials has been received against
different POs in the same invoice. 
- GRN should not be printed. Instead only GRN Number should be mentioned on
the Purchase Documents for the accounting and Future reference purposes.  

Input Data Points: Weighment Slip /  QA Slip (With desired quality specifications, if
any) 
Output Data Points: GRN in ERP (Received Quantity, Accepted / Rejected Quantity,
Invoice / Delivery Challan Date etc.)  

4. MATERIAL ISSUE PROCESS

Trigger: Material Requisition by the User

End: Issue of Material with Acknowledgement of Receipt by User
Frequency: Multiple; Each time Material Requisition is raised by the User  

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4.1 PROCESS FLOWCHART
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  ISSUE OF MATERIAL
Issue of Material and Inter-Department Transfer 

  r
  e Start
Identify the material Raise Material
End
 Acknowledge receipt
  s requirement Requisition of material
   U

  e Material Material

  v
   i Yes available at No available at Yes
   t
  u other dept.? Stores?
  c
  e A
  x
   E
  - Location /
  e
  r
A Warehouse Prepare Material Issue
  o
   t
Transfer Process Issue Material Issue the Material in Note and obtain the
 to the User Physically ERP sign of user
   S No

   l
  a
   t
  n
  e Purchase
  m    D Process (Other
   t
  r   O than Fruits &
  a   H Fixed Assets)
  p
  e
   D

  -   r
  e
  e   g
  r   a
  o
   t   n
End Reject Approve

   S  a
   M

4.2 PROCESS DESCRIPTION

Process Activity Responsibility

4.2.1 Material Requisitioning

On requirement, Raise Material Requisition in ERP by filling the following details:
- Item required, 
- Quantity Required, 
- Delivery Time, if there is any specific, 

On Material Requisitioning by the user, an ERP Alert will be given automatically

to Store - Executive for issuing material.
User
(Raising
Requisition for
- Desired specifications including priority if any is entered in ERP while raising the the Material)
Material Requisition.
- Requisition should be raised only in case the desired materials is not in hand.
- Multiple Items should not be requisitioned against the single Item Code.
Separate Item Code should be created in ERP if the Item required is not
mastered.
Refer SOP for  Master
‘  Creation ’ for Item Mas ter C reation proces s .  

Input Data Points: Item Name, Quantity Required and Desired Specifications, if any  

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Process Activity Responsibility

Related titles Output Data Points: Material Requisition 

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4.2.2 Checking the Availability of Material
- On receipt of intimation for Material Requisition, Check whether the requisite
material is available in other department.
- In case if there is idle material lying with any other department, intimate the
concerned HOD through E-Mail to return the idle material.
- In case material is not available in any other department, check the material
availability in the Store and Issue. If not available, raise a Purchase Requisition
to the Purchase Department.
(Refer the SOP on Purchase  –  Other Than Fruits & Fixed Assets for
 Materi al Purc has e Proces s .)
Store – 
In-charge
 Availability should be identified within one day of the receipt of Material
Requisition 

In case material is under testing, it should be considered as available for issue

only after obtaining written approval from QA.

Input Data Points: Material Requisition 

Output Data Points:
- Intimation to HOD, in case material is available with other department
-  Purchase Requisition, in case material is not available

4.2.3 Material Issue

- Issue the Material available in Store to the User. For issuing materials, select
Item, Quantity, Department and other requisite details in the Movement Journal in
ERP and Issue the Materials.
- Take print out of the Material Issue Note  and get it signed by user for record
purpose while delivering the material in case approval is given by the Store
Manager.

Store – 
In-charge
Material should be issued immediately on its availability at the Stores  

- Material should be issued on FIFO basis or in the order of expiry date.

- Material should not be issued without updating inventory level in ERP.
- Expiry / Validity Dates of the Materials should be tracked on regular basis and
accordingly, Materials should be issued.

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5. MATERIAL SENT ON RETURNABLE BASIS

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Trigger: Identification of the need for sending material on returnable basis  
End: Receipt of Material with the Gate Pass
Frequency: As per the requirement  

5.1 PROCESS FLOWCHART

MATERIAL SENT ON RETURNABLE BASIS

  -
  e
  r   e
Identify the need for
Material to be Raise Service Indent in
Purchase
  v
  o   t
   i
Start sending material on
sent for repairs?
Yes
system for repairs
Process
   t returnable basis (Service PO)
   S  u
   /   c
  r   e
  e   x No
  s   E
   U

Print the Gate Pass

Material
  e Prepare Returnable and send it along with
Receiving
  v
   i Gate Pass the material
   t Process
  u
  c
  e
  x
   E The date on which
  - material is returned will
  e
  r be captured in ERP Mark an entry against
 Amend as per the
  o
   t direction
the returnable Gate
Pass reference
   S Yes
No

  g   y
   t
  n   i
   i
  v   r
  o
 Approve/ Reject the Is Gate Pass
  o
  r   h Gate Pass approved?
End

  p   t
  p   u
   A   A

5.2 PROCESS DESCRIPTION

Process Activity Responsibility

5.2.1 Identification of the Requirement

Identify the Requirement for Material to be sent outside the Plant and obtain approval
from respective HOD.
Material can be sent outside the plant in the following two situations basically:
Material sent for Repairs
Raise Service Requisition in ERP and generate Service PO. In Service PO, mention User
the Item, Details of Repairs required, Expected date of Return etc. Department

(Refer the SOP for ‘Purchase - Other Than Fruits & Fixed Assets ’ for creating
 S ervic e PO)

Once Service PO is generated, sent material to the Store along with instruction to
prepare Returnable Gate Pass.

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Material sent for Other Reasons
Send material to the Store and inform the Store Executive to prepare a Returnable
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Gate Pass.

5.2.2 Preparation of Gate Pass

- Prepare the gate pass on receiving an intimation from the user department.
- Enter the Outgoing Material, Quantity, Target / Expected Date of Return, Person
Responsible for Follow-up etc.
- Once requisitioned, the request will go for an approval from the approving
authority.
- If any amendment needs to be made in the Gate Pass, amend gate pass as per
the comments of the approving authority.
- Print the gate pass, Sign it and send along with the material.
Stores – In-
charge

Gate Pass should be approved within one day of receipt of intimation from user
department. 

The Gate pass should contain the expected date of return for the outgoing
material. 

Input Data Points: Service PO

Output Data Points: Returnable Gate Pass 

5.2.3 Approval on Gate Pass

- Verify the material to be sent on returnable basis and the Gate Pass made by the
Store Executive.
- Approve the Gate Pass in ERP based on the requirement.
- Reject the Gate Pass if material is being sent for illegitimate reasons or the Gate
Pass is incomplete w.r.t. the details.

 Approving
 Authority
Gate Pass should be approved within one day of receipt of intimation from Store
Executive. 

Ensure that material is being sent for genuine and legitimate reasons.  

Input Data Points: Service PO

Output Data Points: Returnable Gate Pass 

5.2.4 Preparation of Gate-In Entry

 At the time of receiving back the material sent on returnable basis, receive the
material as per the pre-defined process (Refer  S ection 3.2 - Materi al R eceivi ng
Process )  Stores – 
Mark an entry against the Returnable Gate Pass reference in ERP. Mention actual
In-charge
date of receipt and mention remark for the Returnable Gate Pass.

Entry for receipt of material sent on returnable basis should be made within one

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day of receipt of goods. 

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- Ensure that the Gate-In Entry is marked against the Returnable Gate Pass. 
- Material sent on returnable basis should be regularly monitored and should be
received back within the pre-decided schedule. 

6. LOCATION TRANSFER

Trigger: Requirement of Material & Identification of Idle Materials Lying with the Other Location  
End: Acknowledgement of the Materials Received from the other Location
Frequency: As per requirement 

6.1 PROCESS FLOWCHART

LOCATION TRANSFER

   t
  n
  e Receive Intimation Print the Material
  r   m Transfer the material Transfer Note to obtain  Arrange necessary
  e   t Start
from the Store
through Inventory
 Amend as per the
logistics and send the
  s   r Executive for Material comments acknowledgement
   U  a
 journal material
Transfer 
  p Yes
  e
   D

  g   y Workflow

  n   t
   i    i as per the
No
  v   r
  o defined  Approve / Reject the
  o
  r   h matrix transfer (with
 Amendments

  p   t
required?
comments)
  p   u
   A   A

  e
  -    i
  v
  e    t Receive the material
  r   u End and Acknowledge
   t   c
  o
  e Material Transfer Note
   S  x
   E

6.2 PROCESS DESCRIPTION

Process Activity Responsibility

6.2.1 Transfer of Material

- On receipt of an intimation from the Store Team, identify the idle material
available at the floor.
- Transfer the Material to the Store through Inventory Movement Journal.
- Obtain approval from the Approving Authority. User

- Once Approved by the Approving Authority, Prepare a Material Return Note

with the Item, Quantity, Reasons for the Transfer etc.
- Return the material to Store Team and obtain acknowledgement. File a copy of
the acknowledged return note and give another copy to the Store - Executive.

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Process Activity Responsibility

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Material should be sent within one day of receiving an intimation form the Store -
Team. 

- Inter-departmental transfers of material should not be made directly and

should be routed through Stores.
- In case any changes are required, necessary amendments will be carried
over by the user and again the request will go for the approval of approving
authority.

Input Data Points: Intimation from Store Executive 

Output Data Points: Material Return Note 
Reference to Forms / Templates / Policies: Format for Material Return Note

6.2.2 Approval for Transfer of the Material

On receipt of intimation from the ERP, Check the Item, Location, Reasons for the
Transfer etc. and approve / reject the request. Respective
Departmental
HODs

 Approval Rejection should be given within 1 day of the receipt of the requisition
for Material Transfer.

6.2.3 Receipt of Material

Receive the material from user and acknowledge Material Transfer Note. Mention
Store -
receipt Date on the Material Transfer Note.
Executive
Keep one copy of Material Transfer Note with the Store records and Return back one
acknowledged copy for the records of user.

7. PHYSICAL VERIFICATION

Trigger: Physical Verification Plan

End: Appropriate action for Inventory Adjustments, if any and Approval of the Accounting Transactions  
Frequency: Annual 

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7.1 PROCESS FLOWCHART
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  PHYSICAL VERIFICATION OF INVENTORY
Other than Fruits and Capital Goods

   l Define the cut-off date

  a Download stock Prepare a plan for for inventory movement Intimate the schedule
  n
  r Start statement in AB C scheduling physical
Inform the concerned HOD agrees
Yes and send the plan to to the concerned
HOD about the plan with the plan?
  e   m
   t
c ategory verification physical verification HODs and plant GM
  a
  n  e
   I
team
   /    T
   t
  e   i
  c   d No
  n  u
  a   A Download inventory list Ensure all the pending
  n
   i
Revise the plan as per
the HOD’s comments
from system entries are made in
   F (without quantity) system

  m
  a A No variance
  e
   l    T Record the physical
  a Record physical count
  c   n
   i Excess and find out the short /
count and obtain sign Conduct physical
  o
  s   i
of the concerned HOD verification
  y   t
excess inventories
   h  a
  c
   P   i
   f Shortage
   i
  r
  e
   V

Evaluate the reasons Recount and re- Obtain reasons for

   t for excess inventory
Evaluate the shortage Is shortage
Yes verification of critical variance in inventories
Take appropriate
  n in inventory level critical? action for variances
  e level materials from concerned HOD
  m
   t
  r
  a
  p No
  e  Adjust inventory in
   D system
  s
   t
  n
  u
  o
  c
  c Pass inventory
   A A End
adjustment Journal
Voucher 

  g  y
  n   t
   i    i Workflow
  v   r
  o
as per the
  o
  r   h  Approve the Journal defined
  p   t Voucher  matrix
  p  u
   A   A

7.2 PROCESS DESCRIPTION

Process Activity Responsibility

7.2.1 Planning Physical Verification

- Extract the stock statement from ERP as per ABC Categorisation.
- Prepare a plan and schedule the physical verification in consultation with the
respective HOD.
- Make necessary changes if any required in the Physical Verification Plan as per
the comments of the Approving Authority.
- Define cut-off date for movement of stock at the time of the physical verification Finance /
activity and forward schedule to the physical verification team. Internal Audit
Team
- Intimate the schedule to the Plant-GM and concerned HODs.
- Download the inventory list after ensuring that all the pending entries are recorded
in ERP and handover to the Physical Verification Team.

Plan and schedule should be finalised within 7 days from the starting of the
Financial Year. 

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Process Activity Responsibility

Related titles


- Cut-off Procedure should include exact time  for cut-off of receipts, dispatches
and other movements.
- Ensure that GRN for all the materials have been accounted prior to generation
of stock report from the ERP.
- Entry for stock which has been physically transferred from one department to
another should be passed in the ERP before generation of stock report from the
ERP.
- Ensure that the inventory list does not contain quantity of stock as per the ERP. 
-  Physical Verification Team should not include the person from the same
department / Custodian of Stock to ensure segregation of duties.  

Input Data Points: Inventory Report 

Output Data Points: Physical verification schedule with inventory list 
Reference to Forms / Templates / Policies: Format for Inventory Count Sheet 

7.2.2 Carrying Out Physical Verification

- Receive Inventory List for Physical Verification and Conduct physical verification
as per the schedule.
- Mention count of the stock on the physical verification sheet and obtain
acknowledgement of the respective HOD.
- Record the physical count in ERP and Forward the Inventory Physical Verification
Sheet to the Accounts department.

 As per the requirement, members from production, quality etc. may be included
based on the extent of verification. However, the verification must be supervised by
people not normally concerned with stock keeping.

- Teams for physical verification of inventory should comprise representatives Physical

from Accounts and Custodian Departments. Verification
Team
- Finished goods for which invoices have been generated in the ERP but which
are not dispatched to customers should be kept separately and should not be
considered for the physical verification. If considered, due reconciliation should
be carried out.
- Inventory Movement should be completely stopped while conducting physical
verification.
- In case of materials to be verified with the help of equipment (weighing
machines, tapes etc.), ensure equipment used are calibrated and show correct
measurements.
- Once verified, put a distinguishing mark on inventory verified to avoid double
counting.
-  Any items found in damaged / not in usable condition should be appropriately
marked on inventory count sheets for easy reference.
- Ensure that stacking norms for storage of materials are properly adhered to.
-  Check that safety guidelines like adequate fire fighting equipment, storage of

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Related titles

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
 

Process Activity Responsibility

Related titles materials in closed area etc. are followed. 


Input Data Points: Inventory List Sheet 
Output Data Points: Physical Count of Inventory 
Reference to Forms / Templates / Policies:  Inventory Policy (Guidelines w.r.t. the
Physical Verification) 

7.2.3 Inventory Reconciliation

- Receive Inventory Physical Verification Sheet from the Physical Verification Team.
Evaluate the variances, if any between ERP Inventory and Inventory physically
verified.
- In case of no difference, the process ends here.
- In case of shortage, identify the criticality.
- If major deviations, re-count and re-verify the inventory level of critical items. In
case of Non-Critical variances:
  Seek appropriate reasons for variances from concerned departments.
  Assess the impact and evaluate reasons provided by departments.
  If shortages are reconciled, record appropriate explanations, obtain approval
from appropriate authorities and prepare necessary details for making
accounting adjustments in books.
- In case of minor deviations, adjust the inventory in ERP through Inventory Journal.  Accounts
- If there is excess inventory: Department

  Identify material accounting documents to verify issues not recorded or

receipt accounted more than actual in ERP, if any.
  If no reasons are identified for excess stock, prepare note for updating stocks
in ERP.
- Pass Inventory Adjustment Entry in ERP and obtain approval from approving
authority.

Inventory Reconciliation should be carried out within 2 days of the Physical

Verification. 
Input Data Points: Physical Count of Inventory 
Output Data Points: Inventory Adjustment in ERP 
Reference to Forms / Templates / Policies: Format for Variance Report

8. PERPETUAL INVENTORY CONTROL

Trigger: Inventory Report from ERP

End: Inventory Adjustment in ERP
Frequency: Annual / Quarterly / Monthly  

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8.1 PROCESS FLOWCHART
Related titles


PERPETUAL INVENTORY CONTROL

No Variances
  e Record the physical
  v
   i
Download stock Identify the inventory
Conduct physical count and get sign by
   t Start statement with AB C items which require
verification concerned HOD Excess
  u Categorization perpetual control
  c
  e Shortage
  x
   E
  e
  r Record the count and
  o
   t Is variance file for future
End No
   S critical? reference

Yes

  r
  e Is stock Obtain reasons for
  g No adjustment variance in inventories
  a required? from concerned HOD
  n
  a
   M
  e
  r Provide list of
  o
   t
Yes
inventory requiring
   S adjustment entry in
system

   t
  s   n
   t   e
  n   m Pass inventory
  u   t adjustment JV (at the
 Adjust inventory in Take appropriate
  o   r system action for variances
  c   a
end of year)
  c   p
   A  e
   D
  g   y Workflow
   t
  n   i
   i
  v   r
as per the
  o   o  Approve JV
defined
  r   h
  p   t
matrix
  p   u
   A   A

8.2 PROCESS DESCRIPTION

Process Activity Responsibility

8.2.1 Carrying Out Physical Verification

- Download the stock statement and identify the inventory requiring perpetual
control.
- Conduct physical verification and record the physical count.
- Obtain approval from respective HODs.
- Find out the variances in stock as per the ERP and stock as per the Physical
Count.
- Forward Physical Verification Sheet along with Variance Statement to the Store
Manager for approval.
Store -
executive

Category A – Monthly, Category B – Quarterly, Category C - Annually 

- Documents for inventory verification should be duly signed and filed.

-  Finished goods for which invoices have been generated in the ERP but which
are not dispatched to customers should be kept separately. 
- In case of materials to be verified with the help of equipment (weighing
machines, tapes etc.), ensure equipment used are calibrated and shows correct

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Related titles


 


 

Process Activity Responsibility

Related titles measurement.


- Once verified put a distinguishing mark on inventory verified to avoid double
counting.
-  Any items found in damaged / not in usable condition should be appropriately
marked on inventory count sheets for easy reference.
- Ensure that GRN for all the material should be accounted prior to generation of
stock report from the ERP.
- Entry for stock which has been physically transferred from one department to
another should be passed in the ERP before generation of stock report.  

Input Data Points: List of inventory 

Output Data Points: Inventory Counts with the Variances, if any 
Reference to Forms / Templates / Policies: Inventory Policy (Guidelines for
Perpetual Inventory Controls) 

8.2.2 Evaluation of Variances

- Receive Inventory Physical Verification Sheet along with the Variance Sheet from
the Store  –  Executive. In case variances are critical, identify the reasons and
decide whether Stock Adjustment is required in ERP.
- In case Stock Adjustment is required, forward the list of inventories requiring
adjustment to the Accounts Department.
Store – 
Manager

Variances should be evaluated within a day of the Physical Verification of

Inventory. 
Input Data Points: Inventory Stock Report 
Output Data Points: Physical verification schedule with inventory list  
Reference to Forms / Templates / Policies: Format for inventory count sheet 

8.2.3 Inventory Reconciliation

Take appropriate actions for variances and adjust inventory in ERP.
If shortages are found:
- Seek appropriate reasons for variances from departments
- Assess the impact and evaluate the reasons provided by departments.
- In case of shortages are reconciled, record appropriate explanations should be
recorded and approved by appropriate authorities and prepare necessary
details for making accounting adjustments in books.
 Accounts
If there is excess inventory: Department
- Identify material accounting documents to verify issues not recorded or receipt
accounted more than actual in ERP, if any.
If no reasons are identified for excess stock, prepare note for updating stocks in ERP.

Pass Inventory Adjustment Entry in ERP and take approval from approving authority.
Input Data Points: Variance Report 
Output Data Points: Inventory Adjustment in ERP 

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Related titles 9. INVENTORY MONITORING


Trigger: ---  

End: Monitoring of the Status of Inventory and Reporting to the Operations Committee

Frequency: Monthly 

9.1 PROCESS FLOWCHART

MONITORING NON-MOVING / SLOW-MOVING INVENTORY

  e Consolidate the

  v
   i Identify non-moving / Forward the identified
   t Start
Extract inventory
slow-moving items as list to the concerned
information for the Forward to Store
  u ageing list from ERP review of Operations Manager / GM Plant
  c per defined policies HODs
Committee
  e
  x
   E
  - Monitor the status as
  e
  r per the approved plan
End
  o
   t
and report to
   S Operations Commitee

  s Evaluate and provide

   D reasons along with the
Forward the reasons to
   O utilization plan
Store Executive
   H

  s   e
  n   t
  e
  o   t
   i
   t   i Circulate and
  a
  r   m communicate the plan
Discuss and approve Present the plan in the
  e   m to concerned persons
the utilization plan meeting
  p  o
   O    C

9.2 PROCESS DESCRIPTION

Process Activity Responsibility

9.2.1 Identification of Non-Moving / Slow-Moving Inventory

- Extract Inventory Ageing Report from the ERP and identify Non-moving and Slow-
moving Inventory as per the defined policy.
- Prepare a list of Non-moving / Slow-moving items and forward to the concerned
HODs. 

Store -
Manager
List of non-moving / slow-moving item should be prepared on monthly basis
within 7 days of the end of the month. 

Input Data Points: Inventory Ageing Report 

Output Data Points: List of Non-moving / Slow-moving inventory 

9.2.2 Evaluation and Identification of Reasons

HODs
- Receive list of Non-moving and Slow-moving Inventory from the Store – Manager.
Evaluate and identify reasons for slow and non-moving items along with the

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
 

Process Activity Responsibility

Related titles utilisation plan.


- After incorporating the replies for the Utilization Plans of the Non-Moving and
Slow-Moving Inventory, forward the reasons to Store Executive.

Utilization Plan should be circulated to the Store  – Executive within 2 days of the
receipt of list of Non / Slow Moving Inventories. 

Ensure that proper supporting and documents are maintained for the reasons
given to the Store Team. 

Input Data Points: List of Non-Moving / Slow-Moving Inventory 

Output Data Points: Reasons for Non-moving / Slow-moving Inventory / Utilization
Plan 

9.2.3 Consolidation and Final Reporting

- Receive the department wise Utilization Plan for Non / Slow Moving Inventories
and Consolidate the information received from various HODs.
- Prepare a final presentation in requisite format.
- Forward the presentation to Store Manager / Plant GM.

Store – 
Final Presentation should be forwarded to the Store Manager / Plant GM within Executive
two days. 

Input Data Points: Reasons for non-moving / slow-moving inventory / Utilization Plan  
Output Data Points: Report on non-moving / slow-moving inventory 
Reference to Forms / Templates / Policies:  Format for the Presentation to the
Operations Committee

9.2.4 Discussion and Implementation of Utilization Plan

- Present the Utilization Plan in the Operation Committee’s Meeting. 
- Evaluate the report on Slow and Non Moving items and finalize the utilization plan.
- Circulate the Action plan approved in the meeting to the concerned persons and
follow-up on previous action plans discussed with the results achieved.
Operations
Committee

Ensure that the status of the approved plan is monitored on a regular basis.

Input Data Points: Report on non-moving / slow-moving inventory 

Output Data Points: Final Utilization Plan 

10. DISPOSAL OF INVENTORY

Trigger: Rejections of goods / production waste

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End: Outward movement of rejections / waste from plant
Related Frequency:
titles  Requirement Basis


10.1 PROCESS FLOWCHART (DISPOSAL OF QUALITY MATERIAL)

DISPOSAL OF QUALITY MATERIAL

Rejections by Quality Rejections by Authorised Persons

  e
   l
   b   l
  a
  a   i
  s   r
Raw Material In-process FG Others Consumables Packing Material Spares Others
  e
  o   t
  p  a Fruits on receiving in
SFG or By-products
FG produced or
 Any other rejection Rejection based on Rejection based on Rejection based on Rejection based on
  s
   i    M Factory, Stored in
rejected by quality
stores rejected by
by quality usability usability usability usability
Quality, FG exipred
   D Silo or Crates

  n
  o
  s
  r
   /   e Tag Material Rejected
  y    P by Quality or Authorised
   t   d
   i
Start
   l   e Person as Scrap /
On Closure of Production
  a   s Reject etc.
  u   i Orders By-Product will be
   Q  r
  o
directly transferred to Stores

   h
   t
  u
   A
  e
  v
   i
  e
  r   t Move rejected
  o   u materialto designated
   t   c
   S  e
  x
 Area and tag rejected

   E
  e
  v
   i
  s   t
  e
   l   u Disposal through
  a   c sales
Sales invoicing Outward Movement End
   S  e
  x
   E
  s   e
   t   v
  n   i
   t Write-off the material in
  u  u Disposal through
  o  c write-off 
ERP and charge loss to
  c   e P/L account
  c   x
   A   E
  g  y
  n   t
   i    i
  v   r
  o
  o
  r   h  Approve write-off
  p   t
  p  u
   A   A

10.2 PROCESS DESCRIPTION (DISPOSAL OF QUALITY MATERIAL)

Process Activity Responsibility

10.2.1 Rejection of Inventories

On rejection of Materials by the Quality Assurance Team / Other Authorized
Personnel, Separate the Material from Other Good Materials and Tag the material as Quality /
scrap / rejected.  Authorised
Person

Only Non-usable Materials should be Rejected.

10.2.2 Segregation of Inventories Stores – 

- Move the rejected material at designated place. Manager

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Related titles


 


 

Process Activity Responsibility

Related titles - Evaluate whether rejected inventories have sale value.


  Inventories having sale value will be sold with Sales Invoice.
(R efer SOP for Sales for the proces s of sales invoici ng )  
  Inventories having zero sale value will be written-off from ERP with approval
of Approving Authority and disposed-off accordingly.

10.2.3 Write-off of Inventory

Write off the material in ERP with the quantity of rejection and charge loss to P/L
 Account.
 Accounts -
Executive
On write-off, an intimation will go to the approving authority for approval.  

Material should be written-off in ERP as soon as it is physically disposed.

10.2.4 Approval for Write-off of Inventory

 Approving
On receipt of intimation from ERP, Review the request for Inventory Write-off.  Authority
 Approve the Write-Off request in ERP.

10.3 PROCESS FLOWCHART (DISPOSAL OF PRODUCTION WASTE)

DISPOSAL OF PRODUCTION WASTAGE

Collect the production

Obtain Tare Weight of
Start wastage at the
  n the Vehicle
designated place
  o
   i
   t
  c
  u
   d
  o
  r
   P Obtain Gross Weight of
Re-dump the production
Waste in the Waste Enter Wastage quantity Wastage Quantity
the Vehicle
Tanks in Waste Yard updated against the
Production Order in ERP

  s   e
   t   v
  n   i
   t Write-off the Material in
  u  u
  o  c ERP and charge loss to End
  c   e P/L account
  c   x
   A   E

  g  y
   t
  n   i
   i
  v   r
  o
  o
  r   h  Approve write-off
  p   t
  p  u
   A   A

10.4 PROCESS DESCRIPTION (DISPOSAL OF PRODUCTION WASTE)

Process Activity Responsibility

10.4.1 Collection of Production Waste

- Obtain Tare Weight of the Vehicles carrying Production Waste. Production – 
Shift In-charge
- Load Vehicles with the Production Waste and obtain Gross Weight and Net
Weight.

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Process Activity Responsibility

Related titles - Re-dump the Production Waste in the Designated Tanks.


- Record the details of the Waste in the Manual Log Book.

- Production Waste should be regularly moved to the Production Waste Tanks in

the Waste Yard.
- Vehicle Loading should be monitored to ensure that the Waste is not spread
here and there in the Plant Premise. The Vehicle should be properly parked
below the Waste Bins, where the Waste is first collected and stored.

10.4.2 Waste Records in ERP

Record Waste Quantity against the Production Order in ERP at the time of Closure of
Production Order. Production – 
Shift In-charge
Waste should be recorded against the Production Order in ERP at the time of
Closure of the Production Order.

10.4.3 Write-off of Inventory

Write off the material in ERP with the quantity of Production Waste recorded against
the Production Order and charge loss to P/L Account.
 Accounts -
Executive

Material should be written-off in ERP as soon as it is moved to the Waste Tanks

in Waste Yard and recorded in the Production Order.

10.4.4 Approval for Write-off of Inventory

 Approving
On receipt of intimation from ERP, Review the request for Inventory Write-off.  Authority
 Approve the Write-Off request in ERP.

11. RECEIPT OF BY-PRODUCTS IN STORES

Trigger: Generation of By-products 
End: By-products stored in Stores
Frequency: Continuous  

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Related titles


 


 
11.1 PROCESS FLOWCHART
Related titles


RECEIPT OF BY-PRODUCTS IN STORE

  n  e
  o  v
   i    i
   t   t Intimate QA
  c   u Department for quality Enter the by-product Send the by-product
  u  c Start
check on generation of quantity drums to Stores
   d  e
  o
  r   x
by-product

   P   E
  e
  v
   i
   t
  u
  c
  e Quality Process
  x On closure of
By-products rejected by
   E Production Order by-
Quality Department will
product will be directly
   A transferred to Stores
be stored separately
   Q

  e
  v
   i
  e
  r   t
  o   u Confirm quantity Store by-products at
End
   t   c receipt in Stores designated area
   S  e
  x
   E

11.2 PROCESS DESCRIPTION

Process Activity Responsibility

11.2.1 Sending By-Products to Stores Production – 

R efer S OP for P roduction Controls   Sr. Manager

11.2.2 Receiving By-Products in Stores

- On receipt of By-Products in Store, Confirm the quantity of by-products in ERP.
- Store by-products at the designated area as per the defined guidelines.

Confirm and store the by-products received immediately on receipt. Stores – In-

charge

Ensure that the by-products are stored securely at the designated place.  

Input Data Points: Quantity of by-products

Output Data Points: Confirmation of by-products received in Stores 

12. EXCEPTIONS AND RESOLUTIONS

Sr. Resolutions and Activity

Exception Remarks
No. Actions to be Taken Reference

1. Material rejected In case the material received at the gate is Section 3.2.1 ---
while initial rejected during the initial screening by the gate
screening at the security, an approval via E-Mail is to be taken
plant gate from the plant / purchase HOD and only then the

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Sr. Resolutions and Activity
Exception Remarks
No. Actions to be Taken Reference
Related titles


vehicle will be allowed to enter the plant.
2. Material rejected In case the material is rejected during physical Section 3.2.2 ---
while verification verification by the Store Executive, an approval
by the Store via E-Mail is to be taken from the plant /
Executive purchase HOD and only then the material will be
allowed to be unloaded.
4. Material received In such cases, generally the Weighment is not Section 3 ---
by hand, courier, required. The Items will be physically counted by
etc. the Store person and accordingly GRN will be
prepared.
5. Material Issue In such case, the approval will be taken from the Section 4 Material will be
without Plant – GM and respective HOD within 1 day. issued without
Requisition raising a
requisition is
ERP only in case
of emergencies.
6. Material sent on In such cases, follow-ups will be made with the Section 5 ---
returnable basis concerned person. If not to be received, should
not received back be write-off and charged to P&L account.
Refer Material Disposal process
7. Difference in the Reconciliation will be done with the ERP Qty. Section 10.2.2 ---
quantity of by- (Production Order) and agreed differences, if
products sent by any to be approved by the Production  –  Sr.
the Production Manager.
Dept. and
received at the
Stores

13. REPORTING CATALOGUE AND CALENDER

Sr. Name of the Objective / Detailed Responsible Reporting Reference to

Frequency
No. Report Description of the Report Person To Format, if any

Monthly, ---
th
Delay in GRN prepared after two before 7  of
Stores –  Production – 
1. preparation of days of receipt of the the
Manager GM
GRN Materials succeeding
month
Delay in issues ofItem details and delay in Stores –  Production –  Same as ---
2.
materials issues along with reasons Manager GM above
Number of days of stocks ---
of raw materials / finished
Production – 
Stock Analysis goods comparison with Stores –  Same as
4. GM / Finance
Report standards and Manager above
Controller
comparison of previous 3
months
Deviation in Inventory as Production –  ---
Stock Variance  Accounts –   As per PV
5. per ERP Records and GM / Finance
Report Manager schedule
Physical Count Controller

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
 

14. Key Performance Indicators (KPI)

Related titles


Sr. Reporting
Measure Unit / Particulars Responsibility Frequency
No. To

15. GLOSSARY

15.1 GLOSSARY OF TERMS USED

Term Description

FIFO First-in-first-out

GM General Manager

GRN Goods Receipt Note

HOD Head of department

P/L Profit and loss

PO Purchase order

QA Quality assurance

15.2 FLOWCHART GLOSSARY

 Activity over
 Activity in
Start Decision E-Mail /
ERP
Phone
Workflow Workflow
Mail
as per as per
the the
Defined Defined
Pre- Matrix Matrix
Document Manual
Defined End
 Activity
Process

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Related titles


16. ANNEXURES

16.1 LIST OF ANNEXURES

Document
Sr. No. Description Document
Ref. Number
---
Inventory Management Policy
(Guidelines for ABC Classification, Inventory
1. Levels, Classification of Non / Slow Moving Items,
Physical Verification, Material Issue, Perpetual
Controls, Inventory Movement Method etc.)
---
2. Material Inward Register
---
3. Physical Verification Sheet (Material Count Sheet)
---
4. Weighment Slip

5. Item Master – Critical Parameters Appendix – I

6. Inventory Classification Appendix – II

7. Inventory Physical Verification Schedule ---

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
 

APPENDIX I : ITEM MASTER - CRITICAL PARAMETERS

Related titles


Stock Level used in Inventory Control System Formulas

The lowest level to which stocks should Normally be allowed to fall, and is
Min = Reorder Level – (average usage in average
Minimum Level held as a buffer stock to be made available in situations of Non-delivery by
delivery period)
a supplier’

  s
   l The highest level to which stock should Normally be allowed to rise,
  e Max = Reorder Level + Re-Order Qty - (minimum
  v Maximum Level otherwise too much working capital is tied up, thus sacrificing liquidity, and
usage in minimum delivery periiod)
  e there is a risk of loss through deterioration and obsolescence’
   L
  y
  r
  o
   t
  n Re-Order Level
This is the level at which an order would Normally be raised’. It takes into Re-Order = maximum usage * maximum delivery
  e account the maximum usage in the maximum delivery period period
  v
  n
   I

Safety stock is the stock held by a company in excess of its requirement for Safety Stock = (maximum daily usage – average
Safety Level
the lead time. Companies hold safety stock to guard against stock-out. daily usage) * Lead Time

EcoNomic This is the quantity which is most ecoNomical to order as it minimises the
EOQ = (2AP/S)^2
Order Quantity costs of ordering and the carrying costs

It is the time that elapses between the placing of an It is cost incurred at a time of ordering the item and
Ordering Cost
  r Lead Time
order and actually receiving the goods ordered securing its supply.
  e
   t
  e
  m
  a
  r  A B C   Classifying Inventory as per the principle of Cost incurred for holding the volume of inventory and
  a Classification  ALFREDO PARETO for selective control.
Carrying Cost
measured as a percentage of unit cost of an item.
   P
   l
  a
  c
   i
   t
   i
  r Inventory
Inventory Valuation is Important and very dynamic
Perpetual
It is the method of controlling inventory list at regular
   C Valuation
aspect as it affects the Cost of Goods Sold in
Control
interval of receipt and issue to facilitate regular
  r Company’s Income. checking.
  e
   h
   t
   O
 A: A nnual demand in Units
P: C ost of placing an Order 
 S: Carr ying cos t of One Unit for a year 

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  APPENDIX II : INVENTORY CLASSIFICATION

Related titles  ABC Classification


Classification of Inventories 
(As per VILFREDO PARETO Principles)

  s
  e
   i
  r
  o
  g Class A Item Class B Item Class C Item
  e
   t
(Close day by Day) (Regular Review) (Infrequent Review)
  a
   C

Consumption Value 80% Consumption Value 15% Consumption Value 5%

Percentage of Items 20% Percentage of Items 30% Percentage of Items 50%

List down items Determine Classify the Items Determine

and arrange them Inventory Levels  Apply AB C in AB C  Categories Inventory Items
Start
  e in descending for each Inventory Classification as per Manual required Perpetual
  v
   i order Item classification Control
   t
  u
  c
  e
  x
   E
  -
  e
  r  Amend the
Is Classification Intimate to HOD
  o
   t
Yes
approved?
No Classification as
for Approval
   S per direction

  r Workflo
  e
  g  Apply w as per
  a End Classification in
 Approved / Reject
the
  n the Classification
  a ERP
Defined
   M matrix
  -
  e
  r
  o
   t
   S

Page 31 of 31 

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