Review Stock Needs
1. Regular review
Stocks should be reviewed regularly (ideally daily) to ensure that adequate supplies are maintained to service regular demand.
For key items with high, regular turnover, optimal level re-ordering is recommended. The stock availability of such items should be closely monitored, and re-ordering triggered when supplies fall below the optimal level.
2. Identifying items
When identifying items to be re-ordered it is very important to note the correct item code. Item codes for stock items are specific to that item (not generic as with expense codes).
It is also very important to ensure the correct price is identified before raising a Purchase Requisition as incorrect prices can impact the average cost of an item. If you are unsure about a price you should check with the supplier and/or Review the Average Cost for Inventory Items (104kb) of the item on Oracle Financials.
3. Ordering items
For details on ordering items for stock please refer to the Purchase to Pay process.