QM-051                  Revision 
                                                                                     OOPPEERRAATTIIOONNSS  MMAANNUUAALL  
                                                                                     OOPPEERRAATTIIOONNSS  MMAANNUUAALL                                                                                00 
                                                                                Section 5: Operating Procedures                                                          Effective 
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                                                                                    Title: Inventory Management                                                                                       242 
                                                                  
                               
                              5.45          INVENTORY MANAGEMENT  
                                            5.45.1  OBJECTIVES 
                                                         5.45.1.1               To conduct physical inventory of the Property, Plant & Equipment; 
                                                         5.45.1.2               To verify that all inventoried items are in their respective location; 
                                          and  
                                                         5.45.1.3               To determine the stock of the common office supplies.  
                               
                                            5.45.2  SCOPE 
                                                         5.45.2.1               This procedure defines the actions and responsibilities of Property 
                                          Management  in  Inventory  Management  Procedure.  This  covers  activities  from 
                                          conducting  of  Physical  Inventory  Counting  pursuant  to  COA  Rules  to  submitting  of 
                                          certified Inventory Report to COA and Accounting Services. 
                                                            
                                            5.45.3  DEFINITION OF TERMS 
                                                         5.45.3.1               ○   Property Card –  it is an individual record of Property, Plant & 
                                          Equipment that has its description, acquisition, transfer/disposal and other information 
                                          about the asset. 
                                                         5.45.3.2               Stock  Card  -  A  form  that  records  the  status  and  availability  of  
                                          common office supplies in the  stockroom.   
                               
                                            5.45.4  POLICY STATEMENTS 
                                                         5.45.4.1               The  following  are  the  policies  on  Property,  Plant  &  Equipment 
                                          Inventory Management: 
                                                    
                                                                         5.45.4.1.1                   Conduct annual physical inventory of Property, Plant & 
                                               Equipment pursuant to COA Rules . 
                                                                                                                                                                          QM-051                  Revision 
                                                                                     OOPPEERRAATTIIOONNSS  MMAANNUUAALL  
                                                                                     OOPPEERRAATTIIOONNSS  MMAANNUUAALL                                                                                00 
                                                                                Section 5: Operating Procedures                                                          Effective 
                                                                                                                                                                             date:                   Page 
                                                                                    Title: Inventory Management                                                                                       243 
                                                                  
                               
                                                                         5.45.4.1.2                   Prepare  and  update  Inventory  report  to  be  reconciled 
                                               with the Accounting records. 
                                                                         5.45.4.1.3                   Submit  Inventory  report  certified  by  the  Inventory 
                                               Committee to the COA and Accounting unit. 
                                                                         5.45.4.1.4                   Determine which of the equipment are to be disposed.  
                                               Then proceed to proper disposal procedure pursuant to COA Rules and Regulations. 
                                                         5.45.4.2               The following are the policies on Common Office Supplies Inventory 
                                          Management: 
                                               
                                                                         5.45.4.2.1                   Conduct  physical inventory of  Common Office Supplies 
                                               every semester pursuant to COA Rules . 
                                                                         5.45.4.2.2                   Prepare  and  update  Inventory  report  to  be  reconciled 
                                               with the Accounting records. 
                                                                         5.45.4.2.3                   Submit  Inventory  report  certified  by  the  Inventory 
                                               Committee to the COA and Accounting unit. 
                                                                         5.45.4.2.4                   Determine which of the stocks are to be disposed then 
                                               proceed t proper disposal procedure pursuant to COA Rules and Regulations. 
                                                                         5.45.4.2.5                   Determine  which  of  the  stock  levels    are  low  then 
                                               proceed  to  the  procuring  procedure  pursuant  to  the  Provision  on  the  Revised 
                                               Implementing Rules and Regulations (IRR) of the Republic Act 9184. 
                                                                                         
                                                                                                                                                                          QM-051                  Revision 
                                                                                     OOPPEERRAATTIIOONNSS  MMAANNUUAALL  
                                                                                     OOPPEERRAATTIIOONNSS  MMAANNUUAALL                                                                                00 
                                                                                Section 5: Operating Procedures                                                          Effective 
                                                                                                                                                                             date:                   Page 
                                                                                    Title: Inventory Management                                                                                       244 
                                                                  
                               
                                            5.45.5  PROCEDURE DETAILS 
                                  RESPONSIBLE                                                                 ACTIVITY                                                                 INTERFACE 
                                                                                                                                                                                                  
                                                                                                                 Start                                                                            
                                                                                                                                                                                                  
                                                                                                                                                                                                  
                                     Inventory                                               Conduct Physical Inventory                                                                           
                                   Committee,                                                 Counting pursuant to COA                                                                       Staff 
                                      Property                                                                  Rules                                                                             
                                  Management                                                                                                                                                      
                                                                                                                                                                                                  
                                                                                                Determine which of the                                                                            
                                         NSSV                                                  stocks are to be disposed                                                                     Staff 
                                                                                                                                                                                                  
                                                                                                                                                                                                  
                                                                                                                                                                                                  
                                                                                              Refer to Property Disposal                                                                          
                                                                                                            Procedure                                                                             
                                                                                                                                                                                                  
                                                                                                                                                                                                  
                                          Staff                                                 Determine which Supply                                                                      NSSV 
                                                                                                         Levels are low                                                                           
                                                                                                                                                                                                  
                                                                                                                                                                                                  
                                                                                            Refer to Purchasing Services                                                                          
                                                                                                               Process                                                                            
                                                                                                                                                                                                  
                                                                                                                                                                                                  
                                                                                                   Prepare and update                                                                             
                                          Staff                                                       Inventory Report                                                                      NSSV 
                                                                                                                                                                                                  
                                                                                                                                                                                                  
                                                                                              Reconcile with Accounting                                                                           
                                          Staff                                                                                                                                             NSSV 
                                                                                                              Records                                                                             
                                                                                                                                                                                                  
                                                                                                Certify Inventory Report                                                                          
                                         NSSV                                                                                                                                                Staff 
                                                                                          Submit to COA and Accounting 
                                                                                                              Services 
                                                                                                                                                                           
                                                                                                                                                                          QM-051                  Revision 
                                                                                     OOPPEERRAATTIIOONNSS  MMAANNUUAALL  
                                                                                     OOPPEERRAATTIIOONNSS  MMAANNUUAALL                                                                                00 
                                                                                Section 5: Operating Procedures                                                          Effective 
                                                                                                                                                                             date:                   Page 
                                                                                    Title: Inventory Management                                                                                       245 
                                                                  
                               
                                            5.45.6  REFERENCES AND RECORDS 
                               
                                                         5.45.6.1               Property Card 
                                                         5.45.6.2               Stock Card 
                                                         5.45.6.3               Inventory Report 
                                                         5.45.6.4               Accounting Records