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The following procedures are offered by Financial Services as a guide to all University departments responsible for inventory. Some modification of specific procedures may be necessary in individual instances.
1. Definite plans should be developed concerning the date of the physical inventory, who is to supervise the count, the personnel of the counters and checkers, and the sequence of the counting.
2. One person having knowledge of all phases of department operations should be assigned responsibility for planning, coordinating, and supervising the entire inventory operation.
3. Written instructions should be prepared and each person connected with the inventory-taking thoroughly acquainted with them. A meeting of all persons involved in the counts should be held prior to the inventory-taking to review instructions and answer questions.
4. The complete personnel of the inventory group should be selected and their duties fixed. The personnel should include persons familiar with all materials, products, and processes. Supervisors should be persons independent of purchasing, storekeeping, and maintenance of perpetual inventory records.
A. Preliminary to count
1. Receiving and shipping areas should be cleared of merchandise before counting is begun, and the receiving and shipping documents which are prepared near the date of the inventory count should clearly indicate the date goods were received or shipped. The document for incoming goods should be marked "include in inventory" or "exclude from inventory". Please note that all inventory to which the University has title at June 30, 20XX, should be included in the inventory valuation. Thus, goods received or shipped/sold subsequent to the taking of the physical inventory, but prior to July 1, 20XX, must be reflected in the year-end inventory valuation. In other words, if the physical inventory count occurs prior to June 30, 2008, said...
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