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Riordan Manufacturing Inventory Control Policy Statement

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Essay title: Riordan Manufacturing Inventory Control Policy Statement

Riordan Manufacturing Inventory Control Policy Statement

With Riordans objective to implement SAP, a world leading software solution, to connect and involve all inventory processes, as well as join together inventory processes through out its neighboring plants, SAP’s ability to orchestrate information in one streamlined process will also be used to initiate an inventory policy statement.

Riordan manufacturing inventory statement will demonstrate compliance with internal business policies. Inventory Departments will follow these policies and procedures set by their Chief Legal Counsel, Mr. Lowell Bradford.

The Inventory Control Policy Statement is as follows:

It is the responsibility of Inventory department heads to assign a Barcode to all equipment and material in their possession. Each inventory department head is responsible for the equipment and materials purchased and assigned to his or her department. Inventory managers are also responsible for conducting quarterly inventory on the prescribed Inventory forms and will receive a quarterly inventory showing:

• Assigned Inventory number

• Description

• Serial Number

• Last known location

• Value of asset

In order to assure that Riordan Manufacturing inventory records are properly maintained so as to insure proper inventory control, all inventory managers are to use the proper forms. These forms state essential information for the proper handling of inventory. The follow forms are the only forms to be used to process the following:

Transfer Of Equipment

• Individuals requesting relocation or transfer of inventory to another unit must submit the appropriate form to the Inventory Department heads.

• The transfer of equipment form, which will be prepared, must be signed by the inventory head manager transferring the equipment as well as by the inventory head receiving the equipment.

• The equipment shall not be transferred until the inventory manager participating in the transfer has received approved copies of the forms. The receiving department should then be notified if their assistance is needed to physically move the equipment.

Missing or Stolen Property

Property that is missing or stolen remains on a department's inventory until approval for deletion is obtained from the inventory manager. When a department employee becomes aware that an item of equipment is missing, a thorough search must be started immediately and continued until the item is found or it is determined that the item has been stolen or is lost.

If an item or property is believed to have been stolen, the Police Department and the Inventory Department should be notified immediately. The Inventory Department must report a stolen item with a stolen property form to the Comptroller's Office within 48 hours.

Property that is missing does not have to be reported to the Police Department. However, the department must diligently search for the item. Missing items are reported to the finance as missing. After a period of two years, or two inventory cycles, the finance department will authorize removal from the inventory.

All materials is property of Riordan Manufacturing plant,

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