Best Practices for Stock Reconciliation

Stock reconciliation is an underappreciated yet critical control that helps ensure an organization’s stock integrity. Weaknesses and inefficiencies in the reconciliation process often lead to mistakes on the balance sheet and overall inaccuracies in the financial close. By the end of this workshop, participants will learn best practice in stock reconciliation, reconciliation policy and documentation supporting the account balance.

*Stock Reconciliation Introduction

- Reconciliation definition

- Reconciliation policy

- Reconciliation included in a title and description of the account

- Documentation

- Reconciliation objectives

*Stock Reconciliation Process

- Correction of the errors

- Balance sheet reconciliation

- Tracking the status of reconciliation

*Stock Reconciliations

- Stock reconciliations principles

- Historical cost, matching and full disclosure

- Stock coding

- Identification and classification

*Stock Issuing

- Picking and checking

- Reconciling

- Delivering

*Inventory Management

- Stock control

- Out of stock cost

- Why holding stock

FOR WHOM:Stores, Purchasing and Logistics Personnel in the Public and Private Sectors.

TRAINING METHODOLOGY

The training methodology combines lectures, discussions, group exercises and illustrations. Participants will gain both theoretical and practical knowledge of the topics. The emphasis is on the practical application of the topics and as a result participant will go back to the workplace with both the ability and the confidence to apply the techniques learned to their duties.