Preparation and Sending monthly stock statements

1.0 OBJECTIVE
To lay down a procedure for sending monthly stock statements to Accounts
2.0 SCOPE
This SOP is applicable to Formulations unit
3.0 RESPONSIBILITY
Executive - Planning.
4.0 ACCOUNTABILITY
Manager - Production Planning and Inventory Control.
5.0 PROCEDURE
5.1. On 1st working day of every month, take required information from SAP on Raw materials, Packing materials, Under test materials and rejected materials.
5.2 Collect Work-in-Process statements from Production and Finished Goods statements from Bond Room in duplicate.
5.3 Check for concerned authorized person’s signatures on statements.
5.4 Consolidate all the statements.
5.5 Prepare an Abstract of Stock values for Raw materials, packing materials, work in process and Finished goods and get it verified and signed by an authorized signatory.
5.6 Send one hard copy of above statements, abstract with a covering letter to Senior Manager-Finance.
5.7 File the second copy of the statements and keep it as office copy.
5.8 Ensure that all the stock statements are sent within 3 days of close of each month.