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Process: Inventory Valuation
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Responsibility area: Physical inventory count



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Scope
 
Frequency

References
Warning
titleTask to be filled when creating a new Operating Procedure
  •   Name the Operating procedure: OP.xxx - description of the operating procedure
  •   verify the appropriate Scope(s): PF1Image Removed, WP1Image Removed, WorldwideImage Removed (remove the icon(s) not appropriated)
  •  verify the appropriate Frequency: Image Removed , Image Removed , Image Removed , Image Removed , Image Removed (remove the icon(s) not appropriated)
  •   fill the associated Process Name from the Costing - Process Space: copy the url of the costing process page from the list of Process Workflow and Operations
  •   fill the Responsibility Area from the Costing - Process Space: copy the url of the costing responsibility page from
the list of Costing Responsibility Areas
or from the list of Costing Responsibility Customers 
  •   replace the SAP Transaction tag op_xxx by the appropriate op tags
  •   verify the appropriate tags to the page (remove the tags not appropriated):
    •   add the OP number (op_xxx),
    •   Scope (wp1, pf1, ww),
    •   Frequency ( yearly, quarterly, monthly, weekly, on-demand , ...),
    •   Responsibility Area (maintain_assessment_cycles, maintain_costing_master_data, manage_activity_type_price, monitor_consitency_monthly_cost_calculation, perform_costing_monthly_closing, supervise_product_costing, requester, ...),
    •   costing process (assessment_cycle_maintenance, product_costing, monthly_closing, master_data_management ...)
  Create the corresponding Operating Procedure (OP.xxx) in the the Costing - Process Space
Create Operating Procedure (Costing process)
  •  Remove this warning box when all items are done

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Prerequisite

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Info

Operating Procedure applicability   

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process name 

Area: Responsability Area  

previous Operation(s): (warning)  

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Rules & Glossary: Costing - Rules Costing - Glossary Costing - SAP Operations

Additional information  

 


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titleSAP Transactions

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titleCosting rules

Content by Label
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operatorAND
cqllabel = "

sap

op_

transaction

042" and space = "

SAPCost"

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Attachments

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Page_title
>> I prepare the physical inventory count



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  Guideline  

Guideline

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titleI define responsibilities

Finance responsible assigned (FRA)

  • Determines the annual schedule in conjunction with the inventory manager and ensures schedule adherence,  
  • Prepares a site inventory procedure,
  • Validates the inventory discrepancies analyzed by the inventory manager,
  • Prepares and sends inventory reports. 

Inventory manager or his representative (PIM)

  • Participates in the preparation of the physical inventory and in the inventory counts,
  • Analyses and justifies any significant discrepancies. 

Inventory count team 

  • Performs an accurate count in accordance with the safety rules and must be familiar with the specific counting procedures.
 
Responsibilities can be adapted for each plant according to the segregation of duties, but any modification should be written in a procedure.
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titleI prepare annual planning

The annual planning includes:

1. A list of the inventory storage location:

  • On site
  • Off site: inventory on consignment, held in third parties facilities or by toll manufacturers.

2. Frequency of cycle counts

3. A planning by type of inventories taking into account the following objectives:

  • Except for industrial supplies:
    • A complete count of the items included in the inventory records of each warehouse should be done for 31st December.A count of items representing 90% of the value of prior end inventory should be done as of 30th September, each year.
  • A special time-frame is applied for industrial supplies:
    • All references must be checked over a 3-year period.
    • By December 31st, references counted must represent at least 80% of the total value of the industrial supplies inventory.
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titleI prepare the site procedure

The site procedure has to include: 

  • The name of the Finance responsible assigned who is authorized to validate physical inventory discrepancies. 
  • Particularities linked to the segregation of duties
  • A reference to applicable safety procedure. 
  • Determination of a threshold for the value of discrepancies above which a second count must be performed. A 0.5 % threshold of the total amount of the inventory concerned is recommended, it will be applied as such if the site inventory procedure doesn't specify otherwise. 

Determination of a threshold for the value of discrepancies above which the finance manager or the business controller, the plant manager and the enterprise supply chain director are informed, 
Specific scenarios in which no recount is required:

  • Meter readings or print in continuous production environments,
  • Scenarios specific to the site's activities.

Reference

 

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