Managing an Inventory Store: Key Financial Controls

The Departmental Administrator has overall responsibility for ensuring that inventory is appropriately managed.

Identified below are the key financial controls that must be complied with.

  1. Accurately maintain Inventory records for both expensed stock and stock accounted for in Oracle Financials.
  2. Conduct annual stock takes or monthly cycle counting and ensure any difference between physical and 'system' stock is reviewed.
  3. Authorise and document all stock issues and adjustments.
  4. Review stock, at least quarterly, for aged or obsolete items, and process any write off and disposals in accordance with the University policy.