Maintain Stock (Data Integrity)

Inventory Process Overview

It is essential that physical stock levels are regularly compared with the stock levels shown on Oracle Financials, to ensure ongoing integrity of the data.

1. Transaction review

Ideally on a daily basis you should compare receipts recorded on the system with the GRN (Goods Received Note) log using the Receiving Transactions Register. (Refer to the Reports Library/Inventory for guidance on running this report.)

The previous day's transactions should be reviewed via the OX Materials Account Distribution Detail Report. (Refer to the Reports Library/Inventory for guidance on running this report.)

Accuracy of transactions should be monitored by regular queries of Check the On-Hand Availability (180kb) data. This will also be needed when changing locators (see below).

Best practice should be followed by Departmental Administrators - to at least quarterly review stocks and remove those items not used/rarely used to make more space for active stocks. (Refer to the Reports Library/Inventory for guidance on running the Ox Item Demand History and Value Report.)

2. Managing discrepancies

If any discrepancies are identified it is important that all associated documentation and the goods themselves should be checked to identify the cause of the difference.

Where the GRN log is found to be at fault correction of the log may require authorisation, as per local procedures.
Where the quantity receipted on the system is incorrect it should be corrected. Process a Purchase Order Receipt for Inventory Items (143kb)
If items need to be receipted on the system, but without matching to a PO, refer to: Process a Miscellaneous Receipt (104kb)
Where items need to be 'returned to receiving' to resolve a purchase order error, but without impacting stock levels, refer to: Process a Return to Receiving (Inventory ONLY) (173kb)
When an incorrect price on a PO causes an average cost to be incorrect, it must be changed as soon as possible. Manually Amend the Average Cost of an Item (66kb)

Note: this can only be done by individuals with the INV Accountant responsibility

3. Storing items

If necessary, items may need to be moved to new locations and system 'locators' changed. Change Locators (191kb)

Security of stores is key. Considerations may include use of safes, access to the stores, etc. as per local policies.