Revision

OPERATIONS MANUAL QM-051

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Effective
Section 5: Operating Procedures date:
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Title: Inventory Management

5.45 INVENTORY MANAGEMENT

5.45.1 OBJECTIVES

5.45.1.1 To conduct physical inventory of the Property, Plant & Equipment;

5.45.1.2 To verify that all inventoried items are in their respective location;
and

5.45.1.3 To determine the stock of the common office supplies.

5.45.2 SCOPE

5.45.2.1 This procedure defines the actions and responsibilities of Property

Management in Inventory Management Procedure. This covers activities from
conducting of Physical Inventory Counting pursuant to COA Rules to submitting of
certified Inventory Report to COA and Accounting Services.

5.45.3 DEFINITION OF TERMS

5.45.3.1 ○ Property Card – it is an individual record of Property, Plant &

Equipment that has its description, acquisition, transfer/disposal and other information
about the asset.

5.45.3.2 Stock Card - A form that records the status and availability of
common office supplies in the stockroom.

5.45.4 POLICY STATEMENTS

5.45.4.1 The following are the policies on Property, Plant & Equipment
Inventory Management:

5.45.4.1.1 Conduct annual physical inventory of Property, Plant &

Equipment pursuant to COA Rules .
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OPERATIONS MANUAL QM-051
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Section 5: Operating Procedures date:
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Title: Inventory Management

5.45.4.1.2 Prepare and update Inventory report to be reconciled

with the Accounting records.

5.45.4.1.3 Submit Inventory report certified by the Inventory

Committee to the COA and Accounting unit.

5.45.4.1.4 Determine which of the equipment are to be disposed.

Then proceed to proper disposal procedure pursuant to COA Rules and Regulations.

5.45.4.2 The following are the policies on Common Office Supplies Inventory
Management:

5.45.4.2.1 Conduct physical inventory of Common Office Supplies

every semester pursuant to COA Rules .

5.45.4.2.2 Prepare and update Inventory report to be reconciled

with the Accounting records.

5.45.4.2.3 Submit Inventory report certified by the Inventory

Committee to the COA and Accounting unit.

5.45.4.2.4 Determine which of the stocks are to be disposed then

proceed t proper disposal procedure pursuant to COA Rules and Regulations.

5.45.4.2.5 Determine which of the stock levels are low then

proceed to the procuring procedure pursuant to the Provision on the Revised
Implementing Rules and Regulations (IRR) of the Republic Act 9184.
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OPERATIONS MANUAL QM-051
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Effective
Section 5: Operating Procedures date:
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Title: Inventory Management

5.45.5 PROCEDURE DETAILS

RESPONSIBLE ACTIVITY INTERFACE

Start

Inventory
Conduct Physical Inventory
Committee, Staff
Property Counting pursuant to COA
Management Rules

Determine which of the

NSSV Staff
stocks are to be disposed

Refer to Property Disposal

Procedure

Staff Determine which Supply NSSV

Levels are low

Refer to Purchasing Services

Process

Staff Prepare and update NSSV

Inventory Report

Staff Reconcile with Accounting NSSV

Records

NSSV Certify Inventory Report Staff

Submit to COA and Accounting

Services
 Revision
OPERATIONS MANUAL QM-051
00
Effective
Section 5: Operating Procedures date:
Page
245
Title: Inventory Management

5.45.6 REFERENCES AND RECORDS

5.45.6.1 Property Card

5.45.6.2 Stock Card

5.45.6.3 Inventory Report

5.45.6.4 Accounting Records