Inventory
Policy
FIACCT 08-03_02 Inventory – Inventory Control – Stock Return (SR) Process
Effective: March 16, 1998
Revised:
Purpose
This policy describes the inventory control policies and procedures for performing the Stock Return (SN) Process.
Policy
Consumers may return items that are incorrect or that can no longer be used, using the SN transaction. Consumers should not return items that have no use to the organization. Surplus these items according to the guidelines from State Surplus Property. (NOTE: For items which no longer have any use and should be surplused, the consumer should follow State Surplus Policies and Procedures.)
Procedures
Responsibility
Action
Consumer
- Determine that the material received is incorrect or can no longer be used.
- Complete the Stock Return form including the original issue transaction number, if possible, and send to the issuing warehouse for review.
Issuing Warehouse
- Determine if the material can be used, or needs to be surplused through the Central Warehouse.
- Notify the consumer that the material can be returned along with a SN form, or direct them to surplus the product. (NOTE: For material which will be surplused, refer to the State Surplus Rules and Regulations.)
Consumer
For items that can be returned, return to the material to the issuing warehouse and obtain a signature on the Stock Return form, noting the material has been accepted by the issuing warehouse personnel.
Issuing Warehouse
- Surplus the items that are not returned.
- Process the SN transaction and return the items to stock.
- Place the returned material in the appropriate location