Store Procurement Process: Procedure For Store Procurement And Importance Of Stock Taking (Business Studies)

Stock Taking

Store procurement is done by the use of requisition form. However, the following procedure may be used:
1. A requisition from is completed, giving details of materials to be procured.
2. Names of department requesting goods.
3. Name of the person in the department requesting the goods.
4. Quantity required.
5. Signature and date.
Importance Of Stock Taking
1. It help to determine the maximum quantity of goods that may be kept in store in order to prevent either over stocking or under stocking.
2. Stock taking prevent fraudulent practices by store keepers.
3. It helps to know the physical quantity of goods available at any point in time.
4. It encourages planned production.
5. Stock taking enables an organization to know the quantity of damaged goods & financial loss arising there form.

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