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Continuous Stock Verification

Continuous stock verification is that technique of material control in which company appoints some experts who verifies all the stock physically with its record. It is just like internal audit of store. These experts are independent from store and they have right to check the material at any time without providing advance information to store staff. This surprise checking through continuous stock verification makes store staff more responsible for duty. There are also other benefits of continuous stock like it will make store keeper more sober and moral to do the duty. He knows that the store is also controlled by experts. He tries to best to reduce all inherent shortcomings.

Continuous stock verification will also helpful to remove all discrepancies between actual stock and book record of stock and expert can identify for this mistake and take action against him.

Steps in Setting Up an effective stock verification system

1. To appoint technical expert personalities for this work, who have knowledge the measurement system of material of stock. For example, method of measuring cable will be different to measuring milk.
2. Direction of surprise checking should be given by heads.
3. Stock in transit should not be mixed in normal stock at the time of checking.
4. To make stock verification sheet after actual verification of stock and in this sheet, experts should record the results of verification.

Results of Stock Verification

Following result can be found during stock verification.
1. Stock is less due to theft
2. Pilferage
3. natural losses
4. loss stock due to changing in temperature
5. errors in counting
6. loss due to careless handling and careless measurement
7. Any other losses may be the nature of unavoidable or avoidable

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Accounting Education: Continuous Stock Verification
Continuous Stock Verification
Accounting Education
http://www.svtuition.org/2010/08/continuous-stock-verification.html
http://www.svtuition.org/
http://www.svtuition.org/
http://www.svtuition.org/2010/08/continuous-stock-verification.html
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