FnB Live: End of Stock Period Check List

Orders

• Know the cut-off times and expected delivery days to ensure the delivery is on time.
• Print the order sheet from the system (if required) as it matches the order button. This order sheet can be used to see a pattern to allow future par orders.
• Order on the system NOT via the phone where possible as this will avoid missing deliveries.
• If in doubt, print the PO after ordering to give to the goods receiver.

Deliveries

• Know all suppliers’ policies for short deliveries, returns and incorrect stock items.
• Check the physical delivery correctly against the delivery note/invoice on the sytem and make clear notes of short deliveries and returns.
• Save any physical delivery notes and invoices in a designated folder/box/area to ensure they don’t go missing. Separate not processed from processed. 
• Delegate a set amount of time on a set day(s) to check the deliveries off on the system. This can be once a week or for 20 minutes each day.
• Use the best practise method to ensure you are correctly managing the delivery and invoices. - This includes checking the date of delivery, the quantity and the cost prices. For EDI invoices, approve the deliveries first before matching the invoices. If there are any differences the system will highlight, raise credits where applicable and use invoice adjustments where required.
• Move the approved delivery notes and invoices to another designated folder/box/area so as to reduce confusion.
• Check that all the relevant deliveries and invoices have been approved before the end of the stock period.

Supplier Returns

• Know all suppliers returns policy. E.g. suppliers will credit on next invoice, or send credit separately.
• Call the supplier immediately if possible to request credit when the delivery is short and make a note on the delivery note/invoice taking the name of who you spoke to and the time.
• Delegate a set time on a set day(s) to input the supplier returns. This can be once a week or when required.
• Use the best practise method for correctly managing supplier returns. This includes ensuring the date is correct, the supplier reference is entered and the return is only approved out if the stock is physically removed.
• Approve the supplier return out immediately if the stock was not originally delivered and a credit has been agreed with the supplier.
• Mark the credit for export once the credit note is received.
• Save the paper credit notes in the designated folder/box/area as that of the approved deliveries.
• Check that all the relevant  supplier returns are approved before the end of the stock period.

Wastage

• Wastage must be recorded and accounted for.
• Ensure all staff is writing the wastage down and each night the wastage slip can be put into a designated folder/area/box.
• Delegate a set time on a set day(s) to input the wastage. This can be once a week or every night after cash up.
• Save the wastage and add to it each time there is wastage recorded or approve it immediately and create multiple wastage accounts.
• Ensure the date is checked before approving to check it’s in the correct stock period date range.
• Approve all relevant wastage before the end of the stock period.

Account Transfers

• Account transfers must be recorded and accounted for. They are needed to account for stock that has entered or left the building but hasn’t been purchased, sold wasted or transferred. For example Petty cash or Marketing.
• Ensure all staff is writing the account transfers down and each night the transfer slip can be put into a designated folder/area/box.
• Delegate a set time on a set day(s) to input the account. This can be once a week or every night after cash up.
• Ensure you check if the account transfer is to stock or from stock and use the appropriate account.
• Ensure the date is checked before approving to check it’s in the correct stock period date range.
• Approve all relevant account transfers before the end of the stock period.

Site Transfers

• All movement of stock within the organisation must be recorded in and out.
• Ensure all site transfers are recorded deciding upon a company standard. For example, the site that sends the stock creates the site transfer and the site receiving the stock approves the site transfer.
• Ensure all site transfers are checked upon receipt, exactly like a delivery from a supplier and the site transfer on the system is edited accordingly.
• Check the site transfer in the system and approve the correct quantity into stock if you are the approving site.
• Check the approved site transfer to ensure, it’s correct if you are not the approving site.
• Approve all relevant site transfers before the end of the stock period.

Stock Taking and Reconciliation

• Stock should be always be counted and entered before the beginning of business before the next stock period.
• Preparation is the key when counting stock. Ensure the store rooms are kept neat and well organised and this will make the count more efficient. 
• The quantity of stock should be at its lowest where possible, this means less stock to count and less room for error.
• The stock should be entered remembering that it’s vital that there is a zero or a value against each product.
• Once the stock has been entered, close the stock period and look at the stock reconciliation.
• Focus on the big differences first. Note the stock reconciliation report is about quantity of stock but there is a value column available to give an indication of the cost of the missing stock. 
• Double check that what is on the tally sheet is what was entered as the closing stock into the system.
• Go back and count any unexplained differences.
• If the stock is correct then the differences could potentially be explained by one of the following:
• Missing delivery, missing supplier return, missing transfer in/out  recipes being incorrect or the sales.
• All of the above, if dealt with in an organised manner throughout the period will be easy to check reducing the time that’s spent on closing the period.
• The sales can be amended by the administrator and EPOS provider

Checklist of what must be completed before the period is approved:

• Orders – All orders on the system.
• Deliveries- All deliveries matched correctly and invoices matched where applicable.
• Supplier Returns - All supplier returns created and matched correctly and credits matched where applicable.
• Wastage - All wastage on the system.
• Account Transfers - All account transfers on the system.
• Site Transfers – All site transfers on the system.
• Closing Stock - The stock counted correctly and entered correctly.
• Stock Reconciliation - The closing quantity must be checked on the stock reconciliation and if there is a variance then it could be explained by one of the above actions. If not then the sales must be checked.