Stock cards

Stock cards

Abida are you refering to stores ledgers where you keep a record of the value of issues and stock balances as each new delivery is received and each issue takes place?<BR><BR>If so, try thinking about how you might do this at work. You have an in tray of goods received notes and requisitions, and you may have deliery notes and invoices and purhase orders too.<BR>Start off by writing AVCO FIFO or LIFO on the top of your card - this reminds you what approach you should use.<BR>Then look through the GRNs and requistions and put down the date order.<BR>Then start to enter the amount received or issued onto the stores ledger card in date order.<BR>Now you can start to enter the stock balances - just the end-of-day stotal stock remaining.<BR>Then enter the receipt cost per units and the total value of each receipt and the stock values.<BR>It is only when you start to enter the first issue that the valuation policy matters<BR>If it is FIFO, you merely look at the stock balance see how many of each price are in the balance and issue the oldest prices first and the second oldest second etc<BR>If it is AVCO you issue all at the average price of what is in stock weighted according to how many of each are there<BR>If it is LIFO you issue the most recent prices first and work back to the older prices<BR>You can then enter the stock balance and value after the issue and work yoiur way through the card.<BR><BR>Once you finish, I strongly recommend that you add up the value of receipts and add up the value of issues and then carry out thje following check on your arithmetic<BR><BR>Opening stock<BR>+receipts<BR>-issues<BR>= a value that should be the same as the closing stock<BR>(occassionally where you have rounded the AVCO cost per unit there may be a small rounding error) but otherwise this cross-check is valuable<BR><BR>AAT will generally allow you an error in your stores record card so long as the arithmetic is logical and has been cross checked, but arithmetical errors will not normally be condoned.<BR><BR>Abida, it is far easier to actually go through an example than try to describe the procedure in general terms, so if this sounds like gobbledegook, either ask someone in your lecturer to show you the approach or send me an email and I will try to find an example for you<BR><BR>sandy.hood@chichester.ac.uk