It is recommended that all credit memos be used before inventory date if possible. If this is not possible, letters should be sent to all vendors with credit memos requesting they issue a check for the Credit Memo amount. By keeping like items together, grouping similar items together, and keeping inventory items orderly and easily accessible is beneficial for general inventory control as well as taking physical inventory. Reorder quantities are more easily determined, items are likely to be available when needed and easily located without keeping excessive inventory on hand. Accuracy and reliability of year end physical inventory 2.
Physical inventory is completed and submitted.
TSTC System Comptroller by required deadline 3. Number of audit findings relating year end physical inventory.