POLICY
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6.1 Key policies pertaining to issuance of inventory items are summarized below:

• Issuance of requisitioned items to the requisitioning function is the responsibility of the Store Function.
• Items are issued to functions upon furnishing the approved requisition.
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PROCEDURE

6.2 The approved requisition slip is received from the user department for the issuance of the items requisitioned. The requisition is checked by Stores Function and signatures are verified prior to the issuance of the items requisitioned. The availability of the item is checked and the available items are issued. The requisition slip is signed by both the issuing authority and the person receiving the items. The non-available items are intimated to the Head of Stores Function for procurement from the market. The issues are recorded into the stock register to update the records accordingly. The specific steps involved in the issue of stores are given below:
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Responsibility/Action

Stores Function

Receives Requisition Slip for issuance of the items requisitioned.

Checks and verifies the signatures of the approving authority and authorises the issuance of the requisitioned items.

Checks the availability of the items requisitioned. Issues the items available in the stores and intimates the non-available items to the Head of Stores Function for procurement from the market.
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Receives the acknowledgement from the person receiving the material on the slip and counter signs it to verify the issuance of the items to the respective function.

Enters the particulars of the issued items in the stock register to record the issuance and subsequent updation of the inventory record. Files the requisition slip in the respective department’s file.

SPECIMEN REPORTS/DOCUMENTS

1.  Requisition Slip Admin – 23A
2.  Stock Register Admin – 24
 Register  Statement/Report  Document

C) PHYSICAL VERIFICATION OF INVENTORY
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6.1 Stores Function undertakes monthly physical verification of inventory items in consultation with Finance & Accounts Function and prepares Monthly Stock List. It includes physical verification of items and its reconciliation with the inventory records. In case any store item is found excess or short during physical counting, the Head of Store Function records the excessive/short quantity on the Stock Ledger. The stocks are valued in accordance with the valuation policy adopted by the AL-IKHWAN GROUP.
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