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Temporary location for materials needed for operational purposes. Obsolete, redundant and surplus stock is simply money sitting on the shelf. This requires more money for its custody. Goods should be stored for the shortest possible time
High demand goods shortest period on shelf Unpredictable demand- store for longer periods. Since stock ties up large sums of money, it is essential to organise stores so that investment is kept at minimum
Stock Control
Most
problems occur because insufficient time is given to staff to complete the task.
Store keeping
Procedures whereby goods are received, identified, stored, issued, accounted for, and replenished in accordance with defined level of service and OHS.
Check carton quantities and sign for delivery. Only authorized persons to sign. Goods should be checked for quantity and quality.
Quality check
marks or faults on products. Label not attached properly Leakage from containers broken seal poor condition of packaging.
Receipt of Goods
Perishable goods should be tagged with date received. Meat should be weighed and temperature checked. Delivery personnel not allowed in stores.
Receiving goods
Spot check temperatures of goods delivered. Meats 2 - 4o C Seafood 1- 2o C Dairy 2 - 4o C Fruits and vegetables 5 - 7o C Frozen goods : minus 18 oC
Stock Control
Safe handling and storage is important Minimize accidents and damage to stock. Minimize loss from deterioration Rotate stock first in first outFIFO
Date and mark current purchase price of goods. This helps in stock rotation, FIFO. This routine is time consuming. Meat is tagged with a two part tagone is attached and other is passed to cost control department.(helps establish better FIFO)
Stock Records
Manual or electronic. Manual- Inventory or bin cards All incoming stock is added to total on hand and reduced as stock used. Physically counting stock on a regular basis(weekly or monthly)
Stock Records
Electronic Point of sale linked system to give immediate information on all aspects of stock. Some systems are capable of ordering when stock reaches a minimum level(PAR)
Stock Taking
Verify accuracy of stock records. Support value shown in books by physical verification. Disclose possibility of fraud,theft or loss. Reveal weakness in system for custody and control of stock.
CREDIT NOTE
Shortage due to stock delivery being short. In this case a claim should be made to the supplier for a CREDIT NOTE. Credit note covers goods that have been invoiced or paid for but did not arrive.
Stocktake
Physical stocktake is a true measure of stock on hand and allows any differences to be adjusted in the computer. Book stock is the estimated stock on hand without a physical stocktake. Add purchase to opening stock and deduct usage
Stock Records
If physical stock figures are less than computer records than you have a
If physical stock figure is more than computer records than you have excess- this also must be investigated. (May be an order was not entered in computer)
Documentation
Purchase Requisition Purchase Order Delivery Docket/Suppliers Advice Packing note/Consignment note Invoice Statement Cheque Requisition
Issuing documentation
Stores requisition Requirement voucher Stores indent Issue voucher Stores order
Inventory item
Stock # 12/7/03
4210
D ate in U nits
14/06/03
09/07/03
Level of stock needed on hand to maintain continued supply. Items needed between ordering. Bars have a certain stock level. Replace every empty bottle to maintain the par level. Count on hand and subtract from par level to establish re-order from stores
STOCKTAKING
Stocktaking is a process where all stock is physically counted, recorded and valued. This is normally done at the close of a trading period to determine trading performance and profitability. A stocktake can take place unscheduled as a spot check especially when there are problems in the organization.
Frequency of Stocktakes
Frequent: Daily, weekly, fortnightly
Advantages: pinpoints stock levels, losses and inefficiencies more accurately. Problems can be fixed before they get out of hand. Deters theft and wastage. Disadvantages: Costly, time consuming, inconvenient/disruptive.
CONDUCTING A STOCKTAKE
Prepare stock sheets in advance for all storerooms to be assessed Notify staff of a stock take Ensure all paper work is up to date Stock sheets should be numbered Name of stock takers, date and time should be on the sheets One person to write, one person to call out the stock
full bottles are counted as single unit (1) opened bottles are counted as tenths( /10) expensive stock should be estimated carefully do not jump from place to place in count stick to a pattern, left to right, top to bottom if interrupted place marker between stock check all areas carefully
check stock behind other stock, dont assume its the same stock call item name before amount i.e. J.W. 2btl careful with O.P. and U.P rums standard and deluxe brands avoid distractions, social chats, spectators beware of confusing unit descriptions and unit price i.e. cartons, cases, dozens, 2 dozen, singles, large, small etc.
Reasons for variances between book value and physical stock take
Inaccurate recording and receiving issues Theft Errors in stock taking Breakages/ discarded items not recorded Improper documentation Poor systems in place
Stores/Inventory large amount of stock, stationary, linen, cutlery etc Cash needed for all operating areas Premises damage to property, unauthorised use Staff/Guests access to staff only for business, guest details kept confidential, security of rooms and belongings, access to rooms with permission ie. Maintenance Equipment- authorised use only