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I. OBJECTIVE
1. To observe and promote a systematic inventory management and ordering of stocks
II. DEFINITION OF TERMS
1. Re-Order Point (ROP) – a point or level in quantity of a certain item that indicates that the item has to be reordered in order to keep a stable inventory
2. Sales Order (SO) – refers to the list of items and quantity of each item that is still to be served by the Warehouse both to company-owned outlets and to franchisees/dealers
3. Stock Card – form designated to each item in the inventory for proper monitoring of its quantity
4. Stock on Hand (SOH) – refers to the existing quantity of an item available at the Warehouse
5. Stock Status Report – report on the summary of stocks (physical counting) versus data on quorus
III. GENERAL POLICIES
For proper monitoring of the inventory of products and consumables, each item is provided with a stock card. Warehouse Staff shall update the stock card daily after dispatching (delivery to outlet) and receiving of delivery from supplier to get the item’s existing quantity.
Every Monday, Wednesday and Saturday, Warehouse conducts physical counting based on the Stock Status Report in system for variance checking. After which, all highlights of the activity shall be reported to the CEO and COO.
In ordering stocks, check the Re-Order Point, Sales Order and Stock on Hand of the item. Requestor shall decide based on those details what are the items that need to be replenished and the quantity needed to be purchased. Write the order and have it approved by Logistics.
Setting of buffers:
a. Imported – depends on lead time; at least 1 month buffer
b. Local – depends on the percentage buffer, usually 15% for perishable goods and 30% for other goods
IV. PROCEDURE FLOWCHART
Flowchart Title
(Not Applicable)
V. REFERENCE/INTERFACE PROCESS
Document Title
(Not Applicable)
VI. FORMS AND RECORDS
Form Title
1. Stock Card
2. Stock Status Report
3. Re-Order Point
4. Sales Order
5. Stock on Hand
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