SmartScreen Level 2 Certificate in Principles of Business & Administration Unit 206 Practice assignment Task B Your boss, Mr Cain Russell, Head of Administration, is concerned that stock is going missing. He has asked you to outline four procedures for carrying out a stock check. Present your answer in a memo. MEMORANDUM То: From: Date: Ref: Task A Complete the stock record below for A4 Wallet Files (product code WFA4), and make the following entries for last month: Max stock: 200; min stock 20 – in packs of 10 6th – Balance in stock 130 gth – Issued 20 to Sales Department on requisition number 104 14th – Issued 50 to WP pool on requisition number 294 21st – Issued 50 to Accounts Department on requisition number 281. 1 Make sure you show the balances. STATIONERY STOCK RECORD ITEM. Maximum Stock. Minimum Stock... Receipts Issues Balance Date Quantity Received Quantity Issued Requisition No. Invoice in Stock Supplier Department No
Inventory / Stock Control Management
Although they are similar, inventory management and control have different objectives. Stock ordering and forecasting are handled through inventory management. Inventory management's inventory control, often known as stock control, deals with the stock that is currently available.
The method, often referred to as stock management, entails tracking the lifespan of raw and finished items from the time a product is ordered from suppliers until it is delivered to clients and everything in between. Inventory management, a crucial component of the supply chain, makes sure there is enough inventory on hand to fulfil client requests while keeping it from being more than a company can sell. A taco truck, for instance, may accurately forecast its need for five pounds of tomatoes for a week using inventory data. By not throwing away overripe tomatoes that it can't use, the company will save money. The same goes for renting out extra space to keep paper cups that won't be used by the event planner. Find out more about inventory control methods.
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