Identify Need for Inventory Store
Identify need for inventory store
The need for an inventory store to be established should be discussed between the Departmental Administrator and the Inventory and Fixed Asset Accountant.
The management and recording of University inventory using Oracle Financials is mandatory for those departments and units with significant stock holdings where:
- The total value of stock issues per annum exceeds £50,000; or,
- The total value of stock issues per annum exceeds £10,000 and issues are made from stock to grant accounts or projects
For stock holdings below these thresholds the key financial controls identified in the Financial Control Framework should be adhered to and a manual recording system should be used rather than Oracle Financials.
In exceptional circumstances the Inventory Process Owner has the authority to allow a non-Oracle based inventory system.